Reply to Is NW of 4M as a 50 yo good enough

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[quote=Anonymous]OP, you obviously have a solid NW. However, you're living above your means.

Your entire situation isn't clear (HHI, mortgage, etc.), but let's assume that it's a priority for your wife to retire at 52. It also sounds like you have three kids with some very expensive MS and HS years (sports and other activities become much pricier), plus college expenses.

It might not be feasible for you to tell your kids they can go to OOS colleges. You also need more emergency savings if you even want to keep up the UMC lifestyle while your kids are in MS and HS and you want to pay even for State universities. What if your wife retires early then you lose your job? The economy is trending down. It could be hard for a late 50's unemployed female to find another job. Something needs to give. You either drastically cut your spending and pay for State schools, or you need a plan to earn more money.

I'm in a similar situation but changed our spending to make it work. We're also around 50 and I retired early with a little over $5M NW. But first we saved, then we sold our home and paid cash for the next one with the proceeds from the sale (moved to a different area), and we told our three kids that we'd pay for State schools. If the worst case scenario happens and we no longer have DH's income, then it would be a little tight but doable. IMO it's better to work until you have enough for the wife to retire rather than picking a random 5 year target date and hoping it all works out. Try cutting current and future expenses and see what that retirement date would look like.

You can do this, but you have to prioritize and make sacrifices.[/quote]

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