Realized I’m over saving.

[Anonymous]

Similar position, $1.2 mil at 32. Few things wrong with your thinking: you automatically assume you’ll have 4 mil by your mid 40’s. You can’t bank on this. Job loss, divorce, lawsuit, cancer, bad market returns, etc can ruin your plans and make you wish you saved more.

$1 mil early 30’s is great but if you lose your income and start burning through it, your retirement will be severely impacted.

[Anonymous]

I'm in a similar boat, though a bit further along the cycle (- a bit older, with more assets), but our overall savings position (retirement accounts + pensions) is pretty good. I want to keep saving, but I don't think that we need to keep pushing quite as hard- we should have enough to have a reasonably comfortable retirement, even using very fiscally conservative projections.

I'm slowly transitioning to a semi-coast FIRE mentality and over the next year will be switching to a lower paid career that allows me more time with my kids. My spouse wants to continue in their career, which is fine. Both jobs can provide health insurance for the family, so we're covered even if my spouse wants/needs to pull back a bit as well.

[Anonymous]

I don’t know why but there is a dcum epidemic of people who can only conceive of getting a w2 or kicking back in The Villages.

The point of having enough money to “retire” when you’re young is to go and do another great work. It can be staying in your career, making a new one, or pursuing a passion including those that cost money rather than make it. Sometimes a lot. So how much you need depends on what you want to do next.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Get a boat or a plane and you'll be rid of this problem in no time.

Im a saver, not a consumer. Consuming is for the sheep. Do people just undo all their progress by buying things they don’t need?

Ever think people actually want and enjoy the things they buy?

[Anonymous]

Anonymous wrote:Gosh, this is such a difficult problem. I’m so sorry you have been going through this, and have been struggling. I’ll pray for you that you find peace with your riches, and don’t strain your back carrying your gold bars.

Why are you so obnoxious?

You sound envious.

[Anonymous]

It's called FIRE, OP. Financial Independence Retire Early. It's a whole thing. FatFire, Leanfire, BaristaFire. Search reddit.

[Anonymous]

Oh, you poor boy! My heart bleeds for you. You’ve got $1 million at age 30 which is nice but $4 million in 15 years is going to be equal to about $2 million today. If you have kids your expenses are going to escalate over the next 15 years. You’d better get real and forget about retiring at 45. Maybe you’ll get lucky but unless you accomplish something big in your career you’re just one of millions. .

[Anonymous]

We always over saved in order to have FU money. That FU money gave us the opportunity to make big career bets. By the time I was 50 our net worth was about $15 million which was definitely retirement money. But I still had kids in HS so why retire. So I took a good 10-15% of the money and started another business with some partners. It was very successful and I retired from full time at 60 tripling my net worth. Along the way I had a lot of fun. You’re still a babe in the woods. So much crap can happen to you over the next 15 years that thinking about retiring at 45 is wasted energy. $4 million in 15 years will not be enough to retire on for another 45 years. Focus on succeeding big over the next 20 years and the money will follow.

[Anonymous]

It’s not that much. You are dividing it across two people. Keep working.

[Anonymous]

Anonymous wrote:

Anonymous wrote:^sorry I meant to write 50k. I think I’m good. I’m not gonna have them do horseback riding or stuff like travel sports. More simple hobbies like hiking and hunting in public land

Where do you live that “hiking and hunting in public land” are extracurricular activities that kids participate in to the exclusion of things like sports- or say, music, art, theatre, dance, debate, robotics, or a plethora of other activities that, yes, cost money. If your kids want to go to good colleges, they’ll need more activities than just hiking and hunting.

No they will be DEI candidates at any Ivy for geographic and lifestyle diversity. Clinched.

[Anonymous]

Uncle SAM will take 35 to 50 % so no worries!

[Anonymous]

I'm turning 47 next month and now have investments worth just over $4M. My condo is fully paid off. I just transitioned to part-time employment this month and plan to do that for two to three years to retire at 49 or 50. I don't have a family to support, so $4M is enough for me.

I'm not sure what I'll do in retirement yet. I may end up volunteering a few days each week at church and then hangout with my older friends who have already retired.

[Anonymous]

Being on track is a comforting thing, but you arent there until you are there. If things are going really well I might up my spending some, but I wouldn't consider early retirement in my 40s unless i had a lot more money than $4m and no kids because expectations are there will be very high inflation and market stagnation. Plus life events happen that can derail your plans.

[Anonymous]

Do you live in a high COL area? Do you have kids? How old?

You're doing great don't get me wrong. But 4m in today's money in 10-12 years isn't exactlt Ferrari/stop working money for people who expect to live a long life, send kinds to college and/or grad school, travel, perhaps care for parents and live the kind of life they want to without austerity.

[Anonymous]

Continue working and saving and stop working in your 50s.