Anonymous wrote:

Anonymous wrote:Can you give a more clear break down of your NW? How much is in retirement accounts and brokerage, and how much of that is in your name versus your husbands? How much in 529 plans? How stable is your marriage? Do both sets of parents have low savings, or just one? I'm still working for 5 more years even though we have a similar NW, although I'm a little younger.

Why on earth does it matter whose name the accounts are in?

right? Everyone always projecting their marriage insecurities.

How much do you spend a year?

You can both retire if you spend less than 180K (totally doable!).

I'd rethink the vacation rental unless it cash flows.

I'd at least take a break to decompress, then see what you want to do. You don't have to make a forever decision right now.

I would go get a master gardeners certificate and take some writing workshops, personally!

I don't have financial advice but do think being home more with your kids can make a meaningful difference during these years. I'm not sure that retiring is the right term but agree with taking some time off and/or taking on part-time work.

If I were in your shoes (and fwiw I’m in a comparable position except still have my job), I would leave and not pursue full time employment but do some part-time/gig work, manage your investments, and work on making the next few years a memorable and happy time for your family. You’ll never get these years back, so pour your energy into your family and manage money accordingly.

I don't think this is a decision you can make on your own. If your husband is happy working while you retire, that could be fine. I recommend you both sit down and run some numbers. Health insurance and costs are no joke and you both have a long way to Medicare. Not to mention Medicare may be vastly different by the time you are 65, especially if you have wealth.

Simple math says the following:

--At age 50, a safe withdrawal rate is probably around 3%. If the $6M assets are truly all available (not assigned for college, not including your home) and not primarily in retirement accounts with rules around withdrawals before age 59.5, you can withdraw something like $180k annually.

--Without knowing your current living expenses, that might represent a drop in your current standard of living. That $180k has to cover your tax bills, your health insurance, any remaining mortgage, all expenses period if both of you retire.

--If your DH is OK continuing to work and you grow your portfolio to $8M and you wait until you are in your late 50s, you can probably withdraw 3.5% which gets you up to $280k per year. That's probably a lot closer to how you are living now.

This is very rough math but gives you a sense of how to think about this. I work full-time making about $235k and my spouse works part time making about $17k. I am occasionally resentful that I am the only one making a decent salary, but I am OK continuing to work. We are 49 with a similar net worth and the numbers are not quite there for me yet given some health conditions we have.

In short, this is a decision for both of you. What would you pick up around the house that might be valuable? Would you be able to reduce your expenses and save enough to make retirement for your spouse acceptable? It can be hard to break back into the workforce, especially in your 50s as a woman.

There is no right answer.

You’ve got 3 kids to out through college. Are you only willing to pay for state school and only for undergrad? Are you paying all their living expenses? Fine if you are, just be sure you are completely settled with that decision so you don’t overextend your finances.

You’re only in your 40s. Look into how much elder care costs. My grandfather blew through $1M in a year after a fall, Alzheimer’s diagnosis, and the need for a full-time sitter at the nursing home. Either of you could have an accident, and illness, a parent with an accident or an illness.

I suggest you find a job that allows you to scale back, whether that means part time, lower responsibility, consulting on fixed term contracts with a break in between.

Anonymous wrote:Apply for jobs that interest you, no stress about it. Spend 1-2 hours on it during the work week. Let life lead the way!

+1 that would be my approach. It's a new territory, your family may benefit from your free time or you may just get bored and go back to work. Your DH may be supportive initially but could be slightly resentful after a while when he sees how much free time you have. Keep your options open

Yes, I'd retire as long as 1. your spouse is ok with it 2. college funds are mostly funded at least for in state. 3. if your spouse loses their job, can they easily find another high paying job?

If you can't answer Yes to all 3, then no, don't completely retire. Maybe find short term consulting jobs to keep your foot in the door.

This is no about you needing a job for money. Do you want to work? I don't and I won't unless I get really bored at home.

With 6M and one $350k job. I would retire. And i make under $200k now. Dh makes similar. If either one of us was in this position we would retired or look for something we really wanted to do.

You say your husband is overworked. That alone means you need to keep working. Can HE retire?

Take some time off, then set up some part-time gig work, IMO. I had a similar choice at around 50, and my “retirement” became a sabbatical. 1. I missed having the intellectual engagement and 2. the kids’ high school and college years were more expensive than we anticipated. These extra working years are making us much more secure in being able to help our parents in their elder years and in feeling like we don’t have to cut expenses (much) in what will likely be a long retirement.

with 6m in the bank, retire if you want to. work if you want to. It really is that simple. If you pay for insurance via an exchange, it'll be about 30K a year for a decent plan for a fam of 4. Be sure to calculate that if the hubster retires too.

Anonymous wrote:Can you give a more clear break down of your NW? How much is in retirement accounts and brokerage, and how much of that is in your name versus your husbands? How much in 529 plans? How stable is your marriage? Do both sets of parents have low savings, or just one? I'm still working for 5 more years even though we have a similar NW, although I'm a little younger.

Why on earth does it matter whose name the accounts are in?