Anonymous wrote:

Anonymous wrote:Im in a peculiar position. Wife and I have roughly 1M in investments excluding home equity. We are early 30s. We are on track to reach 4M by the time I’m 45. We would have enough to stop working by age 42 or so (ie pay mortgage, essentials, travel, and some specific splurges). We still need to keep saving the way we are now for 5 more years at least but I see the snowball forming and it’s intimidating.

What will I do at age 45 when we have all that money in the bank? Do people stop working? I don’t necessarily want to get a bigger house or buy a Ferrari or stuff like that. Just thinking about the “not having to work” is nuts.

What have yall that are in a similar situation done? Gone part time? Spend more time with family?

People who have a net worth of 5M do not stop working LOLOLOLOL!!! That's not FU money. I'm 48 high NW and still go to work like everyone else.

Yeah, that's BS, a lot of people stop working with a lot less than this, they just have a lot less in expenses. Also, you could have a high NW and low cash flow, which is the reason HNW feel like they don't have ability to splurge or retire. Because their money isn't here to spend today, they have to wait till they are 65. A lot also don't want to get hit with tax bills from selling assets. If you don't have enough on liquid brokerage accounts or rental RE that cashflows, then you feel like it's never enough. Because you cannot cover your expenses without your income. You are not financially independent

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are at that point, having been savers our entire lives and are at the other end. One of us stopped working, the other still works a passion job. We are traveling more, we did spruce up the house a little bit (paint and throw pillows level of spending), our kids are launched. We visit them in different states, try to do at least one, international trip and a couple of national vacations each year. I understand it is a high class problem to have, but spending, instead of saving, is a hard switch to make when you've been doing one for nearly 40 years

I hereby enter the aforementioned comment into the DCUM canon. "We saved $4M because we never bought throw pillows."

The forum has officially evolved from "we shop at Aldi's."

Bravo DCUM saver!

$18 Million networth and I do in fact shop at Aldis in Fairfax, and live in Arlington (but work at a lawfirm in Fairfax).

How much of it is in tax deferred accounts or RE or other investments that are not easy to cash out whenever you want it?

People who have their wealth in illiquid assets and tax-penalty ridden 401Ks don't spend much because they may not have much cash flow.

Anonymous wrote:Im in a peculiar position. Wife and I have roughly 1M in investments excluding home equity. We are early 30s. We are on track to reach 4M by the time I’m 45. We would have enough to stop working by age 42 or so (ie pay mortgage, essentials, travel, and some specific splurges). We still need to keep saving the way we are now for 5 more years at least but I see the snowball forming and it’s intimidating.

What will I do at age 45 when we have all that money in the bank? Do people stop working? I don’t necessarily want to get a bigger house or buy a Ferrari or stuff like that. Just thinking about the “not having to work” is nuts.

What have yall that are in a similar situation done? Gone part time? Spend more time with family?

Keep working if you love your job, nobody is kicking you out, why do you ask if you love working? Vast majority of people who dream of financial independence do not like their jobs/careers or want a much lighter schedule. I envy the people who love the bondage of the full time work schedules with no ability to even take a month off at the same time It's either a lot of aspirational sentiment or just plain trolling

We are mid-40s with a 4M+ NW (not including home equity) so I can answer your question. We would NOT feel comfortable retiring on that amount and we are pretty frugal. Kids are expensive, food costs are ridiculous, and healthcare would be astronomical if we were to quit our jobs. Instead, we have been able to take more “risks” with our work. I took a slightly reduced schedule and WFH and my husband left his corporate job to start his own business. Our annual income is highly unpredictable, but we are doing work we enjoy, have health insurance, and both have a ton of flexibility to volunteer, take our kids to all their sports and activities, and generally be there for our kids and spend time with them. To me, that’s worth a lot in the elementary years. We plan to consider retiring one we’re closer to $8-$10M.

Anonymous wrote:

Anonymous wrote:We are at that point, having been savers our entire lives and are at the other end. One of us stopped working, the other still works a passion job. We are traveling more, we did spruce up the house a little bit (paint and throw pillows level of spending), our kids are launched. We visit them in different states, try to do at least one, international trip and a couple of national vacations each year. I understand it is a high class problem to have, but spending, instead of saving, is a hard switch to make when you've been doing one for nearly 40 years

I hereby enter the aforementioned comment into the DCUM canon. "We saved $4M because we never bought throw pillows."

The forum has officially evolved from "we shop at Aldi's."

Bravo DCUM saver!

$18 Million networth and I do in fact shop at Aldis in Fairfax, and live in Arlington (but work at a lawfirm in Fairfax).

Op- go post on bogleheads- you will get much less snark. This forum has become overrun with jerks- plenty of nice/helpful people on bogleheads.

I have close to 4 million in my later 40s and will stay working until my mid 50s in order to get a pension and excellent health benefits. Given the precarious state of health insurance in this company, that would give me the biggest pause about your situation. Also, do you.have marketable skills where you can jump back i to the work force if needed as an older person should there be an unexpected large decline in the market.

Anonymous wrote:Im in a peculiar position. Wife and I have roughly 1M in investments excluding home equity. We are early 30s. We are on track to reach 4M by the time I’m 45. We would have enough to stop working by age 42 or so (ie pay mortgage, essentials, travel, and some specific splurges). We still need to keep saving the way we are now for 5 more years at least but I see the snowball forming and it’s intimidating.

What will I do at age 45 when we have all that money in the bank? Do people stop working? I don’t necessarily want to get a bigger house or buy a Ferrari or stuff like that. Just thinking about the “not having to work” is nuts.

What have yall that are in a similar situation done? Gone part time? Spend more time with family?

People who have a net worth of 5M do not stop working LOLOLOLOL!!! That's not FU money. I'm 48 high NW and still go to work like everyone else.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Im in a peculiar position. Wife and I have roughly 1M in investments excluding home equity. We are early 30s. We are on track to reach 4M by the time I’m 45. We would have enough to stop working by age 42 or so (ie pay mortgage, essentials, travel, and some specific splurges). We still need to keep saving the way we are now for 5 more years at least but I see the snowball forming and it’s intimidating.

What will I do at age 45 when we have all that money in the bank? Do people stop working? I don’t necessarily want to get a bigger house or buy a Ferrari or stuff like that. Just thinking about the “not having to work” is nuts.

What have yall that are in a similar situation done? Gone part time? Spend more time with family?

4m is oversaving? Work to get to 10 by 50

I was going to say something similar… we are tracking towards $25-30M by 50 without any windfalls, just living substantially below our means while working high paying jobs like the earlier PP.

i think i speak for everyone. please shut up.

Anonymous wrote:When I would previously post about needing 20M in today’s dollars to retire comfortably, people would disagree with me. I’m glad to see that the tides are turning. Having 4M at 45 is nothing.

+1. I would be afraid to retire if I only had 4M at 45.

Anonymous wrote:Im in a peculiar position. Wife and I have roughly 1M in investments excluding home equity. We are early 30s. We are on track to reach 4M by the time I’m 45. We would have enough to stop working by age 42 or so (ie pay mortgage, essentials, travel, and some specific splurges). We still need to keep saving the way we are now for 5 more years at least but I see the snowball forming and it’s intimidating.

What will I do at age 45 when we have all that money in the bank? Do people stop working? I don’t necessarily want to get a bigger house or buy a Ferrari or stuff like that. Just thinking about the “not having to work” is nuts.

What have yall that are in a similar situation done? Gone part time? Spend more time with family?

Give it away. That way you can still feel like you need to keep work, and feel good about all the people you are helping.

Anonymous wrote:When I would previously post about needing 20M in today’s dollars to retire comfortably, people would disagree with me. I’m glad to see that the tides are turning. Having 4M at 45 is nothing.

Show us your annual retirement budget.

Anonymous wrote:research costs on care for the elderly. that should get you over your fake problem.

Help us, what do you think even the 95th percentile of elderly care costs? Are you the one with plans to spend 25 years in memory care?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Im in a peculiar position. Wife and I have roughly 1M in investments excluding home equity. We are early 30s. We are on track to reach 4M by the time I’m 45. We would have enough to stop working by age 42 or so (ie pay mortgage, essentials, travel, and some specific splurges). We still need to keep saving the way we are now for 5 more years at least but I see the snowball forming and it’s intimidating.

What will I do at age 45 when we have all that money in the bank? Do people stop working? I don’t necessarily want to get a bigger house or buy a Ferrari or stuff like that. Just thinking about the “not having to work” is nuts.

What have yall that are in a similar situation done? Gone part time? Spend more time with family?

4m is oversaving? Work to get to 10 by 50

I was going to say something similar… we are tracking towards $25-30M by 50 without any windfalls, just living substantially below our means while working high paying jobs like the earlier PP.

Nobody is impressed that people with high incomes can save a lot of money.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get a boat or a plane and you'll be rid of this problem in no time.

Im a saver, not a consumer. Consuming is for the sheep. Do people just undo all their progress by buying things they don’t need?

Maybe spend that money on apostrophes then

Anonymous wrote:The mind set here is skewed crazy-town. The amounts people seem to think they *need* are more than what 98% of the country have saved, and they are traveling, eating, going out and having fun living their lives on much, much less.

They’re not though. Being bottom 98% in this country sucks.