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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I retired from Biglaw a little over a decade ago at 53 with a net worth of about $4 million.  Net worth is now $8 million plus — $5.5 million in retirement accounts, $1.2 million in brokerage and checking and the rest in equity in our primary and second homes.  We bring in about $75k a year in SS and rent on our English basement apartment.

My law firm has covered our medical insurance since I retired but I pay the full premium.  Once I hit 65 I will switch to Medicare and so will spouse (who never worked outside the home).  Kids fully launched long ago and college long paid for.  Monthly budget of $20k is proving to be plenty and financial advisor calculates “likelihood of success” at this spend rate at 99 percent with a large nest egg leftover for the kids.

Have never been bored even when doing nothing.  Absolutely love being retired despite
the large opportunity cost that I paid and have never looked back.  It’s awesome.
 
[/quote]

Zero opportunity cost to to you but a ton for your children and grandchildren and grandchldren.

I could stop working now my self. But I like to pay kids weddings, help with downpayments in homes, afford to do family vacations, host Xmas. Host bridal showers. I know 8 million seems a lot but remember the 1970s a period of almost no stock gains and high inflation. You end up pulling from 401k and savings accounts way faster than expected in those time period. We are in a bull market since 2009. My brother retired in 2022 and his net worth is way way up these last three years not working. Had like 10 million has line 13 million even with spending. He is 99/10 stocks vs bonds. That’s not normal. Now if stocks fell 10 percent a year last three years and him not working might go other way [/quote]

Um, let’s just say you’re making a lot of assumptions . . .

I did, in fact, pay for all (four) of my kids to go to college and grad school before retiring, and I also paid for their weddings and down payments for their houses.  We’ve also been in the position, since neither of us is working, to provide so much childcare for our grandchildren that none of kids has ever had to pay a dime for nannies or day care, ever.   We’ve also paid for very nice family vacations and maintain a large second home that all of the kids and grandkids make frequent use.

If you’re suggesting that I owe it to future generations to work forever and not see my kids or grandkids just so I have more money to leave them when I croak, well, sorry, but nobody in my family — least of all me — feels that way.

You routinely post the doomsday scenario, but personally I think life is too short to think that way.  Besides, it’s not like I haven’t been around the block.  I’m in my 60s now.  I started in Biglaw in the late 80s.  I’ve been through more than one market crash and financial crisis.  I’ve stayed the course.  I’m not your brother.   I’m not invested 99 percent in stocks and I’ve been retired for 10 years, not 3.  And my professional advisor just recently reiterated that I have a 99+ percent chance that my money will outlive me and that my kids will receive sizable inheritances.   I don’t know what else to tell you.   I’m comfortable with my choice. [/quote]

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