Can people just tell me how federal employees can amass 10mm by mid 50s??

We're about to retire with 2 in college, a paid off $1.25m house, and $3m in the bank (in addition to 529 finds that fully cover college costs for the 2 in college). So if we were you, we would have retired a long time ago!

Anonymous wrote:I am retiring this year at 56 with a government pension, a mortgage with 15 years to go and a net worth of $5 million. I don't have a moment of hesitation about it.

Yup. I was in a similar position several years ago, and I pulled the trigger. No regrets!

I am retiring this year at 56 with a government pension, a mortgage with 15 years to go and a net worth of $5 million. I don't have a moment of hesitation about it.

Well we are next year with a combined NW of a lot less than that. Guess I better stock up on cat food now huh?

My husband retired with about $7 million NW as a federal employee at age 58 but one of our kids was through college and the other was enrolled in a state university. I kept working though, so not sure if you're talking about your spouse continuing to work or both of you being retired.

Anonymous wrote:You know the answer…why are you gloating op?

+1
95% of Americans retire on a LOT less.

Anonymous wrote:For many people who have $10m+ in wealth, they start calling the shots on their schedule. I manage my own schedule and how much / little money I make so working isn't really working because I don't have anyone breathing down my neck. At the same time, I can be monetarily rewarded for solving problems as I want to.

I think you're creating these false alternatives in terms of work vs retire. Some of us achieve a hybrid once we hit this level of wealth.

+2. I have my own practice. I make less than as a W2, but I only work about 10 hours a week now. And when I’m working, it’s actual interesting work, and not bs meetings and busy work. And I do lots of pro bono work too. I do miss having colleagues, but that’s about it.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For many people who have $10m+ in wealth, they start calling the shots on their schedule. I manage my own schedule and how much / little money I make so working isn't really working because I don't have anyone breathing down my neck. At the same time, I can be monetarily rewarded for solving problems as I want to.

I think you're creating these false alternatives in terms of work vs retire. Some of us achieve a hybrid once we hit this level of wealth.

+1 It's financial flexibility with your life. Put another way, you make your own schedule and make as much or as little money as you want to make, but if your profession was somehow eliminated overnight you probably wouldn't need to adjust your lifestyle much nor would you panic.

This makes no sense. I make 7 figures. So while I would not be destitute if I had no income starting tomorrow, my lifestyle would change quite a bit.

Sounds like you inflated your lifestyle to match your salary. If one doesn’t do that, their life won’t change much because they will have saved more.

Earning a million a year means you could have enough to retire in five years or thereabouts IF you adjusted your spending. If not, you trade your time for money, which is a valid choice too.

OP, there are calculations for this. If you want details, get/make a financial plan. I don’t understand posters who say it’s not enough without running the numbers. Most people can’t plan well “in their head,” and most people think it costs way more to retire than it does. If you like your work, keep going. But, if you’d like to retire, the answer is in the numbers, not guessing, getting someone’s gut feeling, or just being too scared to pull the trigger. Act on real information!

Yes if your finances are appropriately structured

You know the answer…why are you gloating op?

Anonymous wrote:You'll never make it on $10 million--well, maybe in the real world you could, but not in DCUM land.

Why would they stay in DC area if they are retired? I wouldn’t retire if my children were that young.

I’m so confused. OP will have $204,000 a year in pensions plus $10 million. On what planet is this a question? They can retire in style and still afford education, travel, weddings, helping adult kids out, etc.

I’ll retire with $100k in pension and a couple million in investments and feel like that’s amazing.

D