Reply to How much to retire at age 55? We are 50

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You don’t have five million if majority is in 401k. You can’t touch it really till 59.5.

Plus I am 59 now and trust me older kids are expensive. Plus there is “failure to launch” risk and possible grad school.

Also early retirement really sucks. I was laid off at 57 for six months and it was just me roaming around house getting in wife’s way. I had a severance package but still nothing to do.

Inflation is coming. Wait till a BIG Mac is $40 dollars, a Pizza $75 and a gallon of gas $25 dollars.

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Can you say more about older kids being expensive?  If by this you mean young adults, this is something I have not thought about at all.  Curious to hear what kind of expenses you have in this area.[/quote]

Let’s see I have three girls so chipping in three weddings, middle daughter wants to do grad school, younger daughter lawyer maybe. I got multiple cars. I can’t trade down houses as till kids married. Imagine me three single kids 27, 25 and 21 all bouncing back and forth home. Back and forth grad school then multiple weddings. And the cars and cell phone planes plus on your family medical plan.

My aunts 55 year old complex is loaded with kids 18-30. They don’t allow kids under 18. But many parents retire and young adults still at home.

I personally moved out for good at 29. I moved out at 23. Moved back 26 while in MBA then back out. My youngest sister stayed home till she married at 28.

The cheap period is when kids.

Heck my 80 year old MIL hosted Christmas a few weeks ago and fee 35 people and has 3 kids and 9 grandkids to buy gifts and visit. [/quote]

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