Reply to People with $5M+ NW, why do you still choose to work?

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[quote=Anonymous][quote=Anonymous]5 million is a lot at 70.

5 million for a 50 year old with three kids yet to start college, family medical plan, mortgage if you stop working you will blow through that money by 65. 
I had that much at 59 and folks asked why do I work. 
Two kids in college 80k a year, House cost, 48K a year, bills food, home repairs, cars, utilities 36K a year. Going on a good family plan with medical, dental and vision 36k a years.

Now add in roof, water heater HVAC, or one of many things that break on a house need at least 5  a year.

So I am now pulling from stocks and bonds to fund this. What happens if a bear market and I am [b]selling stocks like in 2022, 2018, 2008, 2001, 2002 when stocks are low. [/b]But I am not putting in those years.

What happens if like 2020,2021 and most of 2022 when CDs, money market fall to near zero and interest income disappears.

I think I would have needed 10 million to call is quits at 59 with my expenses.             
  [/quote]

That is why part of your planning should be to hold at least 300k+ in very liquid assets (or whatever $$ you would need if you encounter that risk). We hold that in US treasuries to mitigate market downturns, if any. Currently get a decent rate and US treasury earnings are state tax exempt.[/quote]

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