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Money and Finances
Reply to "People with $5M+ NW, why do you still choose to work?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]catching up on this long rambling thread. $5MM in a HCOL area is not enough for a youngish couple to retire. Retiring at 50 or even 55 means you need to play for 35-40 years of living. Assuming a $1MM home, is $4MM going to cut it - that's 150k max withrawal a year. of course you could move to a LCOL, buy a smaller house and live okay for 40 years. but that's tough for lots of people to do.[/quote] You forget that the 4 million will also be [b]compounding[/b] over the next 30+ years. So they are going to have a lot more than 4 million to retire on over the years. Their investable assets can double every 7 to 10 years. (Also, OP was meaning 5 million in investable assets excluding the home). [/quote] Will it be compounding even if they are withdrawing? EL15 please. [/quote]
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