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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here. Thanks, everyone. After sleeping on it, I decided to stay in the rat-race for 2 more years, save more, and then "retire." By "retire" I mean leaving my current high-stress job and doing something much less demanding for significantly less money. I hope that my kids will learn the value of enjoying life and will enjoy having more of me rather than more money. I will report back in a few years. [/quote]

Ummm...that was never stated in the OP.  You can figure out how to leave your high stressed job now.   You just need to ensure that you are living on the money you bring in.  I wouldn't start drawing on the savings quite yet.  But that just means choices to reduce your expenses.  But if you still have some income, that's not retiring
[/quote]
I think it's fine to start drawing on the savings, but not *that* much.

You want to make sure you have at least $x mil by the time you are 60.

Also, keep in mind that you won't be able to collect that much social security if your income goes down now.[/quote]

I'm going to guess that someone who has amassed $10M by early 50s will probably not be affected by a decrease in earnings for their last 5-10 years.  They still very likely will be at or over the SS max [/quote]
IDK.. They may have inherited a bulk of that.  Haven't read through the entire thread.  And I think the decrease in earnings is more like 15 years. OP doesn't seem like they are 50.[/quote]

Thought they said 52/53.  So I doubt they would work more than 10 more years.

Did not see anything about it being inherited.  But perhaps it is.  And then yes, the decrease in SS might affect them, but not much in reality.  [/quote]

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