Anonymous wrote:What do you already have saved? That's critical info. If the total, including the inheritance, will be 3.5 million, then not enough (but doable if planned correctly). If it's $5 mill or more, I think you can do it. Your investments will continue to grow and you can get Social Security when you get old enough, so you may not always need to use the full $200k. No mortgage, kids launched, seems fine to me.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:200k would not cut it for me. I would have to make drastic changes to my life style that would not be worth it. I think OP should keep working. 3 million is not a big inheritance by any means.

What do you spend your money on? Also are you planning to be a granny decked out in Fendi?

Do you not have normal living expenses? My kids are still in HS and MS, but I fully expect college to cost at least $1m.

How many kids do you have!? Do you live in a shoe?

Anonymous wrote:

Anonymous wrote:

What do you spend your money on? Also are you planning to be a granny decked out in Fendi?


Unless you’re extremely wealthy (OP is not), requiring more than $200k doesn’t make sense. Even if you’re making closer to $750k - million a year, the vast majority of that money is going to your mortgage, college savings, childcare and taxes.

Your taxes will decrease substantially, there is no mortgage, college is paid for and no childcare.

we live a pretty comfortable life on 360-75k, and from that we pay 50k/year in mortgage, 60k/ year in retirement, plus lots on the kids (sleepaway camp, travel, etc), and higher taxes because its earned income. 200k a year (and not clear whether this includes the salary from academia) seems pretty nice. Plus OP said "3 million in addition to other savings" so presuming more like 5m @40k/year (4% rule). That, plus eventually social security (and academia usually comes with pension) should be pretty comfy.

to OP. I'm in a similar situation. Parent died and our liquid net worth will land around 6-7m. I had planned to retire in 5 years, at 60, as a minimum. I started a new role 4 years ago and have a program that I've finally begun to get off the ground, hire staff, develop future plans for until late 2028, etc, so I feel like I need to stay another 2 years, but knowing that I could walk away is its own kind of relief (also makes it hard when you have a rough day and you think, why am I still here....). I also am not quite sure yet what I want to do--if I left now I would be fine doing nothing for a few months, but sitll hae kids in high school so I can't travel all the time, and I need to have structure in my day.

OP - yes the question of what will I do is key but I'm very excited about that. Some travel of course but with DH working that's a bit limited. I already do volunteer work and serve on a board and would ramp that all up - probably get more involved politically. I'd do more exercise, go to museums, take fun classes, garden, take long walks with the dog, read more and join a second book club, see friends more, cook and entertain, clean out every closet and drawer in my house, and basically just lower my blood pressure. Basically be healthier and enjoy life. Maybe this would get boring eventually but not for a while.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:200k would not cut it for me. I would have to make drastic changes to my life style that would not be worth it. I think OP should keep working. 3 million is not a big inheritance by any means.

What do you spend your money on? Also are you planning to be a granny decked out in Fendi?

Do you not have normal living expenses? My kids are still in HS and MS, but I fully expect college to cost at least $1m.

Anonymous wrote:

Anonymous wrote:200k would not cut it for me. I would have to make drastic changes to my life style that would not be worth it. I think OP should keep working. 3 million is not a big inheritance by any means.

What do you spend your money on? Also are you planning to be a granny decked out in Fendi?

Anonymous wrote:I enjoy working, so I would not, but I would hire a lot of help for the parts of life I don’t enjoy. I would hire a housekeeper/cook, like, tomorrow.

Ahhhhhhh……..

Anonymous wrote:

What do you spend your money on? Also are you planning to be a granny decked out in Fendi?


Unless you’re extremely wealthy (OP is not), requiring more than $200k doesn’t make sense. Even if you’re making closer to $750k - million a year, the vast majority of that money is going to your mortgage, college savings, childcare and taxes.

Your taxes will decrease substantially, there is no mortgage, college is paid for and no childcare.

we live a pretty comfortable life on 360-75k, and from that we pay 50k/year in mortgage, 60k/ year in retirement, plus lots on the kids (sleepaway camp, travel, etc), and higher taxes because its earned income. 200k a year (and not clear whether this includes the salary from academia) seems pretty nice. Plus OP said "3 million in addition to other savings" so presuming more like 5m @40k/year (4% rule). That, plus eventually social security (and academia usually comes with pension) should be pretty comfy.

to OP. I'm in a similar situation. Parent died and our liquid net worth will land around 6-7m. I had planned to retire in 5 years, at 60, as a minimum. I started a new role 4 years ago and have a program that I've finally begun to get off the ground, hire staff, develop future plans for until late 2028, etc, so I feel like I need to stay another 2 years, but knowing that I could walk away is its own kind of relief (also makes it hard when you have a rough day and you think, why am I still here....). I also am not quite sure yet what I want to do--if I left now I would be fine doing nothing for a few months, but sitll hae kids in high school so I can't travel all the time, and I need to have structure in my day.

What do you spend your money on? Also are you planning to be a granny decked out in Fendi?


Unless you’re extremely wealthy (OP is not), requiring more than $200k doesn’t make sense. Even if you’re making closer to $750k - million a year, the vast majority of that money is going to your mortgage, college savings, childcare and taxes.

Your taxes will decrease substantially, there is no mortgage, college is paid for and no childcare.

Anonymous wrote:

Anonymous wrote:200k would not cut it for me. I would have to make drastic changes to my life style that would not be worth it. I think OP should keep working. 3 million is not a big inheritance by any means.

What do you spend your money on? Also are you planning to be a granny decked out in Fendi?

Anonymous wrote:200k would not cut it for me. I would have to make drastic changes to my life style that would not be worth it. I think OP should keep working. 3 million is not a big inheritance by any means.

Anonymous wrote:39 here and I'm ready. I would retire.

Anonymous wrote:If you came into enough money (say an unexpected $3 million inheritance on top of what you'd already saved for retirement) that you could retire from a stressful job (say finance or litigation) at 52 but had to live on a fixed income - say $200k a year but no mortgage or debt and kids were grown and college saved for, would you quit your job and just enjoy life? Assume spouse has a very low stress but low-pay job (say academia) and is happy to keep working for health care and steady income but can also take tons of PTO and will not resent you.