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Reply to "Would you retire with a NW of $10m?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I know that $10m in retirement accounts seems to be the magic number for many on this board, but would you retire in your eary-50s with $10m NW and a gov pension (that comes with health insurance). 3 kids (11,12,16), no inheritance, no family support with college tuition, etc.[/quote] FIrst, does your pension start now, how much per month relative to your total income previously? [b]I personally would not retire at that age with 3 kids to put thru college and still providing for.[/b] You have 11 years before the youngest is out of college and working full time, at the earliest. However, if your health insurance and pension cover current daily expenses, including all the activities the kids are used to, then you might be able to consider it. Is college fully saved for and a part of that 10M? Because you could easily end up spending $500K to put the 3 thru college even at state schools. If you want them to attend "wherever they want" then you could be looking at $500K for the last kid alone in 7 years, so $1M to put all 3 thru college [/quote] I knew someone would come on here and say 1[b]0 million isn’t enough to retire. \ It really isn't if you calculate the expected cost of taking care of someone with severe dementia/alzheimers round the clock for ten years (I just did it). [/b] [/quote][/quote] How much would you need then?[/quote]
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