Anonymous wrote:

Anonymous wrote:I find this this OP to be insincere. It is impossible that anyone could be savvy enough to accumulate $7.5 million in net wealth by age 55 and yet be unsure about how they will survive in their retirement years.

This is a false thread created by Certified Financial Planners for the purpose of selling theirs services.

But I don't get who the target audience would be? You sort of said so yourself: who has $7 million and doesn't know how they will do in retirement? No one, I'd guess. So not much of a sales tactic. But I agree that it does sound off.

There are a lot of people in this targeted market who have a net wealth of $0 - $7.5 million who may read thread and believe if of person with such wealth needs a CFP, then maybe they do too. The only scenario I could imagine for a person of such wealth tone so clueless would be in the unlikely case of a lottery winner or some truly unexpected inheritance.

Good planner at choosetosave.org. Go there, and enter the numbers in the calculator including the amount of income you wish to have after retirement and it will give you a ballpark estimate of how much you need to save. You can compare that with what you have and get a good idea of how much more you'd need to save in order to maintain the lifestyle that you'd like to maintain.

Anonymous wrote:I find this this OP to be insincere. It is impossible that anyone could be savvy enough to accumulate $7.5 million in net wealth by age 55 and yet be unsure about how they will survive in their retirement years.

This is a false thread created by Certified Financial Planners for the purpose of selling theirs services.

But I don't get who the target audience would be? You sort of said so yourself: who has $7 million and doesn't know how they will do in retirement? No one, I'd guess. So not much of a sales tactic. But I agree that it does sound off.

Anonymous wrote:I find this this OP to be insincere. It is impossible that anyone could be savvy enough to accumulate $7.5 million in net wealth by age 55 and yet be unsure about how they will survive in their retirement years.

This is a false thread created by Certified Financial Planners for the purpose of selling theirs services.

Haha maybe. It does seem pretty nuts. I have a net worth of $1.5M at 43 and I know exactly when and how I can retire.

I find this this OP to be insincere. It is impossible that anyone could be savvy enough to accumulate $7.5 million in net wealth by age 55 and yet be unsure about how they will survive in their retirement years.

This is a false thread created by Certified Financial Planners for the purpose of selling theirs services.

Using Firecalc.com looks like with a $6.5 mil (I subtracted your house) portfolio, and basic other settings, you could spend $250k a year for 30 years with a 96 percent likelihood of success (not running out of money).

So yes, you can retire, so long as you feel you can live on $250 a year.

Next question is: what will you do? How will you fill your time?

I'm curious if those responding all have or plan to have more than $7 million at 55 or when they retire? Or are you all joking?

Anonymous wrote:In another 10-15 years, depending on when you elect to start receiving benefits, you can add Social Security to your income mix as well.

Wouldn't count on it. I am planning to retire without depending on social security. It's a ponsi system that will bankrupt itself.

http://www.firecalc.com/

You can input plenty of variables, like annual spending, expected retirement benefits, future ongoing and lump-sum investments, portfolio, and then run and it will give you the likelihood of outliving your portfolio.

Anonymous wrote:Really? Someone on this board thinks you can't live on $150K a year when you no longer have a mortgage, college savings or retirement savings to worry about?

What the HELL do you people spend your money on?

I wouldn't want to. We make a little over $400K now, no mortgage, but are still saving a bit for college and retirement. If we wanted to live on $150K, one of us would SAH.

Really? Someone on this board thinks you can't live on $150K a year when you no longer have a mortgage, college savings or retirement savings to worry about?

What the HELL do you people spend your money on?

Respectfully, how did you make your millions?

As long as you will maintain health insurance and are healthy and no disasters in sight and as long as your kids will be self-reliant and won't need your constant support you will be fine. You have to make a decision how much to help your kids and to make sure they don't grow up to rely on income.

Yes, you can retire, congratulations! Of course this would not entail beach front residence, exotic vacations in first class and new luxury vehicles /boats, etc. So, really depends on what you view as retirement and I am also not sure what lifestyle you have now, but if I had 200K a year coming in without having to pay for housing or have to save for college, I would live a fine life, which includes dining out, traveling (coach and not to 5-star resorts, but still nice places), having comfortable reliable cars, theater, movies, etc. You won't be scraping around with this much, let's just say that.

Of course, it's enough. I'd retire in a heartbeat if I had what you do.

Signed a 50-year-old single parent with a net worth of about $400,000, including home equity and 401(k).