Enough to Retire?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I find this this OP to be insincere. It is impossible that anyone could be savvy enough to accumulate $7.5 million in net wealth by age 55 and yet be unsure about how they will survive in their retirement years.

This is a false thread created by Certified Financial Planners for the purpose of selling theirs services.

But I don't get who the target audience would be? You sort of said so yourself: who has $7 million and doesn't know how they will do in retirement? No one, I'd guess. So not much of a sales tactic. But I agree that it does sound off.

There are a lot of people in this targeted market who have a net wealth of $0 - $7.5 million who may read thread and believe if of person with such wealth needs a CFP, then maybe they do too. The only scenario I could imagine for a person of such wealth tone so clueless would be in the unlikely case of a lottery winner or some truly unexpected inheritance.

[Anonymous]

You have a net worth of $7M+ and you are seeking financial advice from an internet chat-board? How exactly did you aquire your fortune?

[Anonymous]

Sorry for the typos

[Anonymous]

Anonymous wrote:

Anonymous wrote:Really? Someone on this board thinks you can't live on $150K a year when you no longer have a mortgage, college savings or retirement savings to worry about?

What the HELL do you people spend your money on?

I wouldn't want to. We make a little over $400K now, no mortgage, but are still saving a bit for college and retirement. If we wanted to live on $150K, one of us would SAH.

So, to reiterate the PPs question, what the hell do you spend your money on? If you have no mortgage what on earth woudl you spend $150k a year on?

[Anonymous]

Keeping in mind that your $150K does NOT have to cover:
- Mortgage
- Retirement savings
- College savings
- Kid expenses (presumably, if you're 55)
- Commuting expenses
- Work clothes/upkeep
AND it's taxed at 15% (long term cap gains).

Many of us pay all of the above on an HHI less than $150K that's taxed as ordinary income.

[Anonymous]

Anonymous wrote:I'm curious if those responding all have or plan to have more than $7 million at 55 or when they retire? Or are you all joking?

I'm planning to retire at 62 with 4 million.

[Anonymous]

Anonymous wrote:Keeping in mind that your $150K does NOT have to cover:
- Mortgage
- Retirement savings
- College savings
- Kid expenses (presumably, if you're 55)
- Commuting expenses
- Work clothes/upkeep
AND it's taxed at 15% (long term cap gains).

Many of us pay all of the above on an HHI less than $150K that's taxed as ordinary income.

That's interesting. At 55, our kids will be 16 and 14, so kid and college expenses are still around.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Really? Someone on this board thinks you can't live on $150K a year when you no longer have a mortgage, college savings or retirement savings to worry about?

What the HELL do you people spend your money on?

I wouldn't want to. We make a little over $400K now, no mortgage, but are still saving a bit for college and retirement. If we wanted to live on $150K, one of us would SAH.

So, to reiterate the PPs question, what the hell do you spend your money on? If you have no mortgage what on earth woudl you spend $150k a year on?

Alcohol, dinners out, entertainment.

[Anonymous]

Hookers

[Anonymous]

Anonymous wrote: I'm planning to retire at 62 with 4 million.

That's right around what I'm thinking as well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I find this this OP to be insincere. It is impossible that anyone could be savvy enough to accumulate $7.5 million in net wealth by age 55 and yet be unsure about how they will survive in their retirement years.

This is a false thread created by Certified Financial Planners for the purpose of selling theirs services.

But I don't get who the target audience would be? You sort of said so yourself: who has $7 million and doesn't know how they will do in retirement? No one, I'd guess. So not much of a sales tactic. But I agree that it does sound off.

There are a lot of people in this targeted market who have a net wealth of $0 - $7.5 million who may read thread and believe if of person with such wealth needs a CFP, then maybe they do too. The only scenario I could imagine for a person of such wealth tone so clueless would be in the unlikely case of a lottery winner or some truly unexpected inheritance.

Ouch. It's not everyday I get to feel like an idiot savant.

No lottery tickets or inheritance - just a fair amount of wealth accumulated over a 30-year career doing something fairly remunerative reasonably well. If I did it worse, I'd probably have made less over the years and spent more time thinking about personal finances. If I'd done it better, I'd probably be planning to do it for another 10 years and not thinking about retirement. Is that situation so unusual for people in their mid-50s around here?

People on this forum, when they aren't in attack dog mode about schools or real estate, seem generally to be reasonably helpful, so I thought I'd toss our situation out and get some feedback. I do think the idea of consulting with some planner makes sense. As I mentioned, the only person I know currently who falls in that category is our CPA, and I don't want to speak with him/her, because he/she works with my colleagues and is a bit of a gossip, and I'm concerned that he/she might try to get me invested in some financial product(s) that would earn him/her a commission.

[Anonymous]

Look for a fee-only financial planner. Today. NAPFA.com or similar website where you can search for someone to help you out. Today, really.