Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:65
Only SS and pension
40K in the bank but that was only because I lucked into an inheritance
100K in home equity that happened completely in the last two years, I only put 3% down on my condo

I retired three years ago and so far life is grand, I have enough to live on, good health insurance, and feel relatively financially secure despite not having the millions that DCUM seems to think is necessary for retirement.

A real pension is key and most people don’t have those. So we need to save a lot of cash.

How much is pension? Like what type of monthly income does it equal to? Is it 20K a month, 10 k a month, or 3K a month? It would be great if people are specific, because this makes a huge diff

Each person is different. It’s more about %.

I have 2 family members getting 70%.
I have 1 getting 50% untaxed.
I will get 35%… that’s not enough but it helps.

It's better to put in monthly income otherwise it's meaningless. Just like with money generating assets you would say how much income you expect monthly. Also if non taxable obviously it's a lot different than taxable like if you have income-generating assets you have to rely on instead of pension.

It’s actually useless one person might need $4K to live and another thinks that is poverty level.

Anonymous wrote:I’m 47 and have seven million and am starting to think that might be my answer. Tempted to quit.

No kids so no college expenses, but also no safety net when I’m old.

What do you mean "no safety net"? You have 7 mil and no children. Children are not just draining you when it comes to college expenses, raising a child before college costs a lot too, especially if you need childcare, want them to have extracurriculars, etc. Are you married? Either way you are fine to retire if you can invest wisely and get consistent return. Money you have can make enough money for you to live comfortably

Most of what we have is in RE (mostly rentals, home equity is about 800K ). Since RE is going down and not up, I don't have much hope to multiply our NW even to keep up with inflation, since it's now a depreciating asset type If we sell and invest in markets we also may lose, I am terrified of stock markets. I hate my job and want to retire at 50 ( a year from now), but don't see how this will happen unless my husband agrees to keep working FT to provide healthcare until at least 60.

Anonymous wrote:

Anonymous wrote:We are 45 with $3M ($500K home equity). Kids in 9th and 5th grade. Not planning on retiring till kids are launched (done with college), so around 56/57. We want to pay the entire undergrad tuition, so I would think we would retire with ~$5M. We are relatively high earners $500K HHI (since 2021), so should at min be at $5M when the kids are launched minus any tuition cost

How do you think you will get to almost double your money in the next 12 years? 500K is heavily taxed and you probably still have mortgage (Home equity seems low for this area for a fully paid home) and have to pay for college. Are you all market wizards who know how to multiply your money so fast doing low risk transactions?

If their existing money earns an average of 6 percent per year, they’ll double their money in 12 years without adding anything to it from their high income. Earning a half-million a year, they should have more than enough to save additional amounts, meaning their net worth could double even if they don’t make 6 percent each year.

Anonymous wrote:We are 45 with $3M ($500K home equity). Kids in 9th and 5th grade. Not planning on retiring till kids are launched (done with college), so around 56/57. We want to pay the entire undergrad tuition, so I would think we would retire with ~$5M. We are relatively high earners $500K HHI (since 2021), so should at min be at $5M when the kids are launched minus any tuition cost

How do you think you will get to almost double your money in the next 12 years? 500K is heavily taxed and you probably still have mortgage (Home equity seems low for this area for a fully paid home) and have to pay for college. Are you all market wizards who know how to multiply your money so fast doing low risk transactions?

Anonymous wrote:I’m 56 and single with about $9m in investments and retirement funds. Have 3 mil in houses totally paid off and I am terrified to retire. I am afraid health insurance will cost too much. Kids still on my insurance.

You have enough money to seek professional therapy. Honestly, I am trying to help you here, you have some form of debilitating anxiety or really high end lifestyle tastes or severe medical issues if you think that you cannot already retire and live quite nice and even in luxury.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:65
Only SS and pension
40K in the bank but that was only because I lucked into an inheritance
100K in home equity that happened completely in the last two years, I only put 3% down on my condo

I retired three years ago and so far life is grand, I have enough to live on, good health insurance, and feel relatively financially secure despite not having the millions that DCUM seems to think is necessary for retirement.

A real pension is key and most people don’t have those. So we need to save a lot of cash.

How much is pension? Like what type of monthly income does it equal to? Is it 20K a month, 10 k a month, or 3K a month? It would be great if people are specific, because this makes a huge diff

At 55 it would be 50K annually
At 62 it would be 113K annually
At 65 it would be 133K annually

No COLA. Private sector pension, but closed to new hires.

Taxable like regular income?

Yes, taxed as ordinary income.

Anonymous wrote:Not sure. Currently 48 and 50 with a 7 year old child. Net worth $7 million with ($1.5 million in home equity. Maybe 63 and 65. Who knows what the future will bring. Time will tell.

I would retire now, you all must love your jobs, those of you with more than 5 mil who keep working

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:65
Only SS and pension
40K in the bank but that was only because I lucked into an inheritance
100K in home equity that happened completely in the last two years, I only put 3% down on my condo

I retired three years ago and so far life is grand, I have enough to live on, good health insurance, and feel relatively financially secure despite not having the millions that DCUM seems to think is necessary for retirement.

A real pension is key and most people don’t have those. So we need to save a lot of cash.

How much is pension? Like what type of monthly income does it equal to? Is it 20K a month, 10 k a month, or 3K a month? It would be great if people are specific, because this makes a huge diff

At 55 it would be 50K annually
At 62 it would be 113K annually
At 65 it would be 133K annually

No COLA. Private sector pension, but closed to new hires.

Taxable like regular income?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:65
Only SS and pension
40K in the bank but that was only because I lucked into an inheritance
100K in home equity that happened completely in the last two years, I only put 3% down on my condo

I retired three years ago and so far life is grand, I have enough to live on, good health insurance, and feel relatively financially secure despite not having the millions that DCUM seems to think is necessary for retirement.

A real pension is key and most people don’t have those. So we need to save a lot of cash.

How much is pension? Like what type of monthly income does it equal to? Is it 20K a month, 10 k a month, or 3K a month? It would be great if people are specific, because this makes a huge diff

Each person is different. It’s more about %.

I have 2 family members getting 70%.
I have 1 getting 50% untaxed.
I will get 35%… that’s not enough but it helps.

It's better to put in monthly income otherwise it's meaningless. Just like with money generating assets you would say how much income you expect monthly. Also if non taxable obviously it's a lot different than taxable like if you have income-generating assets you have to rely on instead of pension.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:65
Only SS and pension
40K in the bank but that was only because I lucked into an inheritance
100K in home equity that happened completely in the last two years, I only put 3% down on my condo

I retired three years ago and so far life is grand, I have enough to live on, good health insurance, and feel relatively financially secure despite not having the millions that DCUM seems to think is necessary for retirement.

A real pension is key and most people don’t have those. So we need to save a lot of cash.

How much is pension? Like what type of monthly income does it equal to? Is it 20K a month, 10 k a month, or 3K a month? It would be great if people are specific, because this makes a huge diff

At 55 it would be 50K annually
At 62 it would be 113K annually
At 65 it would be 133K annually

No COLA. Private sector pension, but closed to new hires.

Anonymous wrote:Single mom with 1 child. Will semi retire at 53 with a pension of around 7000 a month. Have about 1 mil saved. Will get lower cost health care from my job. Plan on doing a fun, no stress job (do they exist?) for 2-3 days a week until around 65.

We all want this unicorn job

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:65
Only SS and pension
40K in the bank but that was only because I lucked into an inheritance
100K in home equity that happened completely in the last two years, I only put 3% down on my condo

I retired three years ago and so far life is grand, I have enough to live on, good health insurance, and feel relatively financially secure despite not having the millions that DCUM seems to think is necessary for retirement.

A real pension is key and most people don’t have those. So we need to save a lot of cash.

How much is pension? Like what type of monthly income does it equal to? Is it 20K a month, 10 k a month, or 3K a month? It would be great if people are specific, because this makes a huge diff

Each person is different. It’s more about %.

I have 2 family members getting 70%.
I have 1 getting 50% untaxed.
I will get 35%… that’s not enough but it helps.

Anonymous wrote:

Anonymous wrote:65
Only SS and pension
40K in the bank but that was only because I lucked into an inheritance
100K in home equity that happened completely in the last two years, I only put 3% down on my condo

I retired three years ago and so far life is grand, I have enough to live on, good health insurance, and feel relatively financially secure despite not having the millions that DCUM seems to think is necessary for retirement.

A real pension is key and most people don’t have those. So we need to save a lot of cash.

How much is pension? Like what type of monthly income does it equal to? Is it 20K a month, 10 k a month, or 3K a month? It would be great if people are specific, because this makes a huge diff

Not sure. Currently 48 and 50 with a 7 year old child. Net worth $7 million with ($1.5 million in home equity. Maybe 63 and 65. Who knows what the future will bring. Time will tell.