Reply to Why do people with millions of dollars still work?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You people are all insane to keep working with these amounts of money unless you have easy-peasy, seven-figure jobs that you absolutely love.

And/or kids totally change the picture.  I am single and will be retiring in a few years at age 45 with around $1.5 million and a paid-off condo (which I will be selling and then getting tf out of DC).  Even now with inflation, life for a single person is just not that expensive unless you have real luxury tastes, and trading away the vibrant years of your life for some luxury is one of the stupidest decisions imaginable.[/quote]

So you will have 20 years to pay for health insurance.  Right now that will be $10-15K/year for just decent insurance. If you live in a HCOL area (DCUM area) you will pay high HOA fees and property taxes.  So lets say another $20K.  So you are at 35K/year with just that.  Add in another $5K for maintenance as your condo gets old, and continue that.  You will likely need $60K+ just to live at a minimum.

Unless you live really cheap, you will not have enough to retire at 45, unless you plan to die by 65. 
[/quote]

+1 This is the problem. Retiring with $1.5M at 65 as an empty nester with social security/Medicare is very different from retiring with $1.5M as a single mom with a kid at home and having to pay out of pocket for health insurance and possibly living for 40+ more years.[/quote]

What you desire to do in retirement matters as well, but yes, health insurance is a huge issue.

We want to travel, attend events, eat out, and continue to live a full life on a higher end budget.  So we know how much we need at a minimum. But even at 65, $1.5M does not get you very far with doing/spending much if you live until 90 (my family tends to do so). So we will wait until 57/58 to retire when we have enough[/quote]

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