Reply to Would you retire with a NW of $10m?

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[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 10 million isn’t enough to retire.

[/quote]

Initially nothing was stated about college, except family not funding it (inheritance/wealthy grandparents/etc).  
I'd want to see a budget and number of incoming and outgoing.  They have 3 kids at home as teens/preteens.  Kids are expensive.  What are they used to spending yearly currently?  Part of that NW is tied up in the house---how much?

But if their monthly expenses are too high with all the kids at home, then they need to cut back or have a plan.   What if a kid needs private school for a learning issues/behavioral issues/etc?  Do you have 30-40K/year until they get to college? Can the kids do travel sports or whatever they are used to on your budget, without drawing down on your retirement?

For me it would be a much different story if the kids were 18, 20 and 22---out of the house at college and beyond.

Also, if I was worth that much (I am worth more actually), I'd want to also provide for grad school for our kids, so I'd continue working a few more years.  [/quote]

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