Reply to Walk away from $1 million a year?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here.  I should add that all the kids are out of college and married.  We have a mortgage of about 2k a month and no other debt.  [/quote]

You can afford to do it but why not find a job you'd like even if it pays a lot less. This will enable your nest egg to grow for another 5 years. If you are making a million a year you obviously have some type of skill. When I retired at 60 after making more than $1M a year, I set a five year goal of making enough money to cover our overhead so we didn't have to live off our investments. During the five years our investment portfolio almost doubled in value because I didn't have to touch it. Now I'm winding down this work and having a lot of fun. [/quote]

+1. This is huge. Retiring is not just about finances, it's also hugely about the major psychological shift of no longer working, regular social interactions with colleagues, loss of status in the professional community, and lots and lots more time with your spouse. I think if you can downshift to a part-time gig, or take a sabbatical and return part-time, that might be a much better way to ease into retirement and to give you some sense of how you want to spend your time. I know of several couples that separated in retirement because work no longer functioned as a buffer in the marriage. Having earned $1M annually, it strikes me that you probably spent a considerable time at work. How will your wife deal with your new lifestyle?[/quote]

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