Anonymous
05/03/2024 01:41
Subject: Would you retire with a NW of $10m?
Yes. Of course. How is this a question? So many are out of touch!
Anonymous
05/02/2024 23:12
Subject: Would you retire with a NW of $10m?
I'm 55 with 2 young kids and no inheritance, tuition assistance, etc., and a large mortgage. I would absolutely retire right now with $10m. 500K would be plenty to bridge the gap to Medicare. The current plan is to retire at 60 with hopefully $7m.
Anonymous
05/02/2024 22:47
Subject: Would you retire with a NW of $10m?
You weirdos, it only takes $3M to retire lol.
Anonymous
05/02/2024 22:06
Subject: Would you retire with a NW of $10m?
Anonymous wrote:Anonymous wrote:Anonymous wrote:It adds significantly to the annual budget.Anonymous wrote:Anonymous wrote:Anonymous wrote:I would absolutely retire with a NW of $10m. I can live comfortably at a $300k annual income, which is a conservative withdrawal rate.
Similar situation with similar aged kids. I wouldn’t. Heath insurance is an issue.
With $10MM NW, you really don't think a family can just buy health insurance? Why not?
But not really. Of course, OP indicated they receive health insurance even if they were to retire today.
I still don't understand why anyone thinks $20k - $30k per year for health insurance is much of an issue with a $10MM net worth.
It all comes down to how much do they need to live each year (in the lifestyle they want)? 10MM is great if someone is living on 130K/year. But lets say you live until 90 (typical for my family on both sides). that means another 40 years of living and expenses. Take away $1M for college for the 3 kids (one is only 12, instate might be $50K+/year). Then how much of that NW is in intangible assets like a home or boat or car? Let's say 2M. Now you are down to 7M and you need to generate income from that to live. All while realizing you still have a decade before your kids are really out on their own.
If you need $400K to live/year, then you likely will be drawing down the principle. If you need only 200K you can probably find a way to generate income without drawing principle.
Just need to do the calculations
Assuming they have to draw 200K from the 7M principle, they would run out after 35 years. They are in their early 50s, so they would already be 90 or very close by then.
And if they can only generate 200K income from the 7M (btw, that's less than 3%), they would be considered the worst investors in the world with a 7M portfolio).
Anonymous
05/02/2024 21:01
Subject: Would you retire with a NW of $10m?
I left a corporate job at 49 to work for myself, and am now 54. I'm finishing up a few contracts through 2026 but they require minimal work so I'm essentially retired. Net worth is $10m invested. I also have $500k set aside for my 17yo's college and a paid off house. I don't worry about my financial future at all.
Paying for your own healthcare sucks but it's not as terrifying as people who've never experienced it seem to think. You budget for it like anything else. Right now I pay about $1200/month for me and 17yo with max annual out of pocket spend capped at $10k. If it doubles or even triples by the time I'm 65 I would still be fine.
Paying for your own healthcare sucks but it's not as terrifying as people who've never experienced it seem to think. You budget for it like anything else. Right now I pay about $1200/month for me and 17yo with max annual out of pocket spend capped at $10k. If it doubles or even triples by the time I'm 65 I would still be fine.
Anonymous
05/02/2024 19:55
Subject: Would you retire with a NW of $10m?
Every dollar you earn after that, you can consider an absolute gift of an inheritance for your kids. Maybe that would help you eek out another year or two of working. But yes, you can definitely retire on $10 million.
Anonymous
05/02/2024 19:22
Subject: Would you retire with a NW of $10m?
Of all the things to have, money is certainly the best. We've never had a HHI above $120k so I'm pretty sure we could retire, like tomorrow, if we noticed our retirement savings were $10 million. Alas....
Anonymous
05/02/2024 19:15
Subject: Would you retire with a NW of $10m?
Yes! Life is short, and you never know how long you have or when your health may change drastically. My parents retired late 40’s with a net worth of $10 million. This was late 90s, but still. I’m so glad they did, because they got to travel the world and spend lots of time with their kids as adult and young grandkids before my mom suddenly passed way at 70. My dad is now mid 70s, and doing great financially still with a NW of $10 million, after giving each child almost a million to buy a house, fully funding higher education, taking many luxury trips, helping with some grandkids expenses etc.
Anonymous
05/02/2024 19:07
Subject: Re:Would you retire with a NW of $10m?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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
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.
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
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.
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.
If that is the age then the answer is *f* yea*. I'm 53 now, and I would absolutely retire with $10mil. As it is, I'm hoping to retire at 56 with $3mil.
But do you still have a 12, 14 and 17yo (I think those were the ages) living at home? For me that changes the equation. We always planned to retire once the youngest is out of college. That will be 56/57ish for us.
DP here with a 13 and 16 year old. We would absolutely retire TODAY if we had $10M. We are mid 40s. Maybe we'd find some lower stress/lower hour jobs we enjoyed, maybe not. Our house payment is very manageable and will be done in 7 years. And we already have plenty saved for college so the ages of our children isn't really relevant. $10M would be more than enough, including what we would need for ACA healthcare.
Anonymous
05/02/2024 18:40
Subject: Re:Would you retire with a NW of $10m?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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
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.
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
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.
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.
If that is the age then the answer is *f* yea*. I'm 53 now, and I would absolutely retire with $10mil. As it is, I'm hoping to retire at 56 with $3mil.
But do you still have a 12, 14 and 17yo (I think those were the ages) living at home? For me that changes the equation. We always planned to retire once the youngest is out of college. That will be 56/57ish for us.
Anonymous
05/02/2024 17:55
Subject: Re:Would you retire with a NW of $10m?
I would have retired well before $10M.
Anonymous
05/02/2024 17:47
Subject: Would you retire with a NW of $10m?
I haven't read all the responses but how much of a pension are you drawing by retiring in early 50's? Isn't it age adjusted? My DH waited until 62 to start taking his government pension.
We have $12m and a government pension (but no government health care) and are planning to retire at 65-66. But that's with adult kids who are done with college/weddings. We could easily retire now, but we both like our work and can save another couple million by working a few more years.
We have $12m and a government pension (but no government health care) and are planning to retire at 65-66. But that's with adult kids who are done with college/weddings. We could easily retire now, but we both like our work and can save another couple million by working a few more years.
Anonymous
05/02/2024 17:41
Subject: Re:Would you retire with a NW of $10m?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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
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.
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
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.
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.
If that is the age then the answer is *f* yea*. I'm 53 now, and I would absolutely retire with $10mil. As it is, I'm hoping to retire at 56 with $3mil.
that 3mil is just retirement/cash, not including my house.
Anonymous
05/02/2024 17:40
Subject: Re:Would you retire with a NW of $10m?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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
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.
So, what's the x?
depends on the person's annual expenses.
Anonymous
05/02/2024 17:24
Subject: Re:Would you retire with a NW of $10m?
Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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
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.
So, what's the x?