Anonymous wrote:

Anonymous wrote:I plan to retire in my late 50s debt free with $2.5 million. Me and my wife can easily live off of $100k per year. $100k goes a long way when you don't owe anyone money

where will you get healthcare?

Anonymous wrote:

Anonymous wrote:I plan to retire in my late 50s debt free with $2.5 million. Me and my wife can easily live off of $100k per year. $100k goes a long way when you don't owe anyone money

where will you get healthcare?

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.

Anonymous wrote:I’m in similar situation as OP.

Net Worth almost 10 million, mid 50s.

Military retirement, VA disability, dividends from taxable accounts last year were $95,000.

But we have zero debt and sons done with college.

So, for us, we are retiring early and enjoying life while we are young and healthy. We will never spend all of our assets. Will pass to our children and alma mater.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I know that $10m in retirement accounts seems to be the magic number for many on this board, but would you retire in your eary-50s with $10m NW and a gov pension (that comes with health insurance).
3 kids (11,12,16), no inheritance, no family support with college tuition, etc.

FIrst, does your pension start now, how much per month relative to your total income previously?


I personally would not retire at that age with 3 kids to put thru college and still providing for. You have 11 years before the youngest is out of college and working full time, at the earliest. However, if your health insurance and pension cover current daily expenses, including all the activities the kids are used to, then you might be able to consider it.

Is college fully saved for and a part of that 10M? Because you could easily end up spending $500K to put the 3 thru college even at state schools. If you want them to attend "wherever they want" then you could be looking at $500K for the last kid alone in 7 years, so $1M to put all 3 thru college

I knew someone would come on here and say 10 million isn’t enough to retire. \


It really isn't if you calculate the expected cost of taking care of someone with severe dementia/alzheimers round the clock for ten years (I just did it).

Anonymous wrote:

Anonymous wrote:I would absolutely retire with half of that and intend to as soon as possible. Are you currently spending (not saving) more than $400K a year? If you are, then do not retire.

My husband and I spend about $120K of our $450K salary- the rest to savings, investments, and taxes. We plan to stop the plug at $5 million plus a pension of about $70K and that feels overly conservative.

That is amazing. I wish I could get my spending down to that level.

Anonymous wrote:Every reason people mention to keep working is not out of any necessity. The answer is unless you have 5 country club memberships and own a yacht…of course you can retire…easily.

Confused by the idea that your kids can only go to an instate school because of what you saved in a 529. You have plenty of NW to cover any school.

Anonymous wrote:I plan to retire in my late 50s debt free with $2.5 million. Me and my wife can easily live off of $100k per year. $100k goes a long way when you don't owe anyone money

Anonymous wrote:I plan to retire in my late 50s debt free with $2.5 million. Me and my wife can easily live off of $100k per year. $100k goes a long way when you don't owe anyone money

Anonymous wrote:No, not with kids that young as I believe it sets a bad example. I could have retired at 52 but I had two kids in HS and I had no desire to hand around the house or hang out with old people. So I worked until I was 60 and tripled my net worth.

Anonymous wrote:No, not with kids that young as I believe it sets a bad example. I could have retired at 52 but I had two kids in HS and I had no desire to hand around the house or hang out with old people. So I worked until I was 60 and tripled my net worth.