Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:

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.

Ummm...that was never stated in the OP. You can figure out how to leave your high stressed job now. You just need to ensure that you are living on the money you bring in. I wouldn't start drawing on the savings quite yet. But that just means choices to reduce your expenses. But if you still have some income, that's not retiring

I think it's fine to start drawing on the savings, but not *that* much.

You want to make sure you have at least $x mil by the time you are 60.

Also, keep in mind that you won't be able to collect that much social security if your income goes down now.

I'm going to guess that someone who has amassed $10M by early 50s will probably not be affected by a decrease in earnings for their last 5-10 years. They still very likely will be at or over the SS max

IDK.. They may have inherited a bulk of that. Haven't read through the entire thread. And I think the decrease in earnings is more like 15 years. OP doesn't seem like they are 50.

Thought they said 52/53. So I doubt they would work more than 10 more years.

Did not see anything about it being inherited. But perhaps it is. And then yes, the decrease in SS might affect them, but not much in reality.

If that is the age then the answer is *f* yea*. I'm 53 now, and I would absolutely retire with $10mil. As it is, I'm hoping to retire at 56 with $3mil.

I’m at NW $4M right now at 53 and NFW would I retire, but half of it is real estate (paid off mortgage plus investment property).

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:I would absolutely retire with a NW of $10m. I can live comfortably at a $300k annual income, which is a conservative withdrawal rate.

Similar situation with similar aged kids. I wouldn’t. Heath insurance is an issue.

With $10MM NW, you really don't think a family can just buy health insurance? Why not?

It adds significantly to the annual budget.

But not really. Of course, OP indicated they receive health insurance even if they were to retire today.

I still don't understand why anyone thinks $20k - $30k per year for health insurance is much of an issue with a $10MM net worth.

I mean it’s probably fine but plenty of people get sick and need help or have to help their kids or grandkids. There are plenty of people with a way higher net worth than this that still work until 70. So I just don’t get it. I’d take a less stressful job perhaps.

Anonymous wrote:

Anonymous wrote:

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.

I would, because continuing to amass gold beyond meaning sets a bad example.

why does working hard at a job you love set a bad example?

Because OP stated that they hate their job.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would absolutely retire with a NW of $10m. I can live comfortably at a $300k annual income, which is a conservative withdrawal rate.

Similar situation with similar aged kids. I wouldn’t. Heath insurance is an issue.

With $10MM NW, you really don't think a family can just buy health insurance? Why not?

It adds significantly to the annual budget.

But not really. Of course, OP indicated they receive health insurance even if they were to retire today.

I still don't understand why anyone thinks $20k - $30k per year for health insurance is much of an issue with a $10MM net worth.

+1. Especially because unlike a PP I don’t actually need $300k a year once I am no longer paying a mortgage and saving for college and retirement.

We own our two homes outright. But Proptery taxes on our 2 homes are 33K currently (total), so 33+25 is $58K just for those two items. Add in maintenance, HOA fees, utilities, streaming, etc the costs for healthcare and to maintain our two homes would be $120K/year. We haven't eaten, drank, done anything or driven anywhere or paid our auto insurance or travelled.
So just starting with that we would need $250-300K to live how we want for retirement. So healthcare (that didn't include costs other than premiums) is 10%+ of our expenses.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Ummm...that was never stated in the OP. You can figure out how to leave your high stressed job now. You just need to ensure that you are living on the money you bring in. I wouldn't start drawing on the savings quite yet. But that just means choices to reduce your expenses. But if you still have some income, that's not retiring

I think it's fine to start drawing on the savings, but not *that* much.

You want to make sure you have at least $x mil by the time you are 60.

Also, keep in mind that you won't be able to collect that much social security if your income goes down now.

I'm going to guess that someone who has amassed $10M by early 50s will probably not be affected by a decrease in earnings for their last 5-10 years. They still very likely will be at or over the SS max

IDK.. They may have inherited a bulk of that. Haven't read through the entire thread. And I think the decrease in earnings is more like 15 years. OP doesn't seem like they are 50.

Thought they said 52/53. So I doubt they would work more than 10 more years.

Did not see anything about it being inherited. But perhaps it is. And then yes, the decrease in SS might affect them, but not much in reality.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would absolutely retire with a NW of $10m. I can live comfortably at a $300k annual income, which is a conservative withdrawal rate.

Similar situation with similar aged kids. I wouldn’t. Heath insurance is an issue.

With $10MM NW, you really don't think a family can just buy health insurance? Why not?

It adds significantly to the annual budget.

But not really. Of course, OP indicated they receive health insurance even if they were to retire today.

I still don't understand why anyone thinks $20k - $30k per year for health insurance is much of an issue with a $10MM net worth.

+1. Especially because unlike a PP I don’t actually need $300k a year once I am no longer paying a mortgage and saving for college and retirement.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Ummm...that was never stated in the OP. You can figure out how to leave your high stressed job now. You just need to ensure that you are living on the money you bring in. I wouldn't start drawing on the savings quite yet. But that just means choices to reduce your expenses. But if you still have some income, that's not retiring

I think it's fine to start drawing on the savings, but not *that* much.

You want to make sure you have at least $x mil by the time you are 60.

Also, keep in mind that you won't be able to collect that much social security if your income goes down now.

I'm going to guess that someone who has amassed $10M by early 50s will probably not be affected by a decrease in earnings for their last 5-10 years. They still very likely will be at or over the SS max

IDK.. They may have inherited a bulk of that. Haven't read through the entire thread. And I think the decrease in earnings is more like 15 years. OP doesn't seem like they are 50.

Anonymous wrote:

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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?

DP.. for us, in MD, ACA high deductible plan is about $1400/mo for family of 4. I budgeted around $20K for healthcare.

We can live off of $140K, and that includes healthcare, and mortgage (low). Planning to retire at 56/62 when last kid leaves for college. We will have about $3.2 mil in our retirement/savings. I don't include the house value.

Is the $20k based on your current age or after 60? When I priced them, it was closer to $30k for 60-65 range.

For two people? That seems very high, but of course depends on the plan you choose...Bronze, Silver, Gold, Platinum? PPO vs. HMO?

I priced plans similar to what we have had for years. PPO (not doing an HMO), $2500 family deductible, max of $7K for family and 80/20 coverage approximately. Those are over 25K for family coverage and typically have "lesser coverage". Which isn't shocking as our plan thru work is $500/month for employee and the company pays ~1500, so total cost is $24K/year

dp.. MD and DC (I think) is cheaper and has better selections than Va. But, yea, PPO is expensive.

Anonymous wrote:

Anonymous wrote:

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.

Ummm...that was never stated in the OP. You can figure out how to leave your high stressed job now. You just need to ensure that you are living on the money you bring in. I wouldn't start drawing on the savings quite yet. But that just means choices to reduce your expenses. But if you still have some income, that's not retiring

I think it's fine to start drawing on the savings, but not *that* much.

You want to make sure you have at least $x mil by the time you are 60.

Also, keep in mind that you won't be able to collect that much social security if your income goes down now.

I'm going to guess that someone who has amassed $10M by early 50s will probably not be affected by a decrease in earnings for their last 5-10 years. They still very likely will be at or over the SS max

Anonymous wrote:

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.

I would, because continuing to amass gold beyond meaning sets a bad example.

why does working hard at a job you love set a bad example?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

DP.. for us, in MD, ACA high deductible plan is about $1400/mo for family of 4. I budgeted around $20K for healthcare.

We can live off of $140K, and that includes healthcare, and mortgage (low). Planning to retire at 56/62 when last kid leaves for college. We will have about $3.2 mil in our retirement/savings. I don't include the house value.

Is the $20k based on your current age or after 60? When I priced them, it was closer to $30k for 60-65 range.

For two people? That seems very high, but of course depends on the plan you choose...Bronze, Silver, Gold, Platinum? PPO vs. HMO?

I priced plans similar to what we have had for years. PPO (not doing an HMO), $2500 family deductible, max of $7K for family and 80/20 coverage approximately. Those are over 25K for family coverage and typically have "lesser coverage". Which isn't shocking as our plan thru work is $500/month for employee and the company pays ~1500, so total cost is $24K/year

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would absolutely retire with a NW of $10m. I can live comfortably at a $300k annual income, which is a conservative withdrawal rate.

Similar situation with similar aged kids. I wouldn’t. Heath insurance is an issue.

With $10MM NW, you really don't think a family can just buy health insurance? Why not?

It adds significantly to the annual budget.

But not really. Of course, OP indicated they receive health insurance even if they were to retire today.

I still don't understand why anyone thinks $20k - $30k per year for health insurance is much of an issue with a $10MM net worth.

It all comes down to how much do they need to live each year (in the lifestyle they want)? 10MM is great if someone is living on 130K/year. But lets say you live until 90 (typical for my family on both sides). that means another 40 years of living and expenses. Take away $1M for college for the 3 kids (one is only 12, instate might be $50K+/year). Then how much of that NW is in intangible assets like a home or boat or car? Let's say 2M. Now you are down to 7M and you need to generate income from that to live. All while realizing you still have a decade before your kids are really out on their own.
If you need $400K to live/year, then you likely will be drawing down the principle. If you need only 200K you can probably find a way to generate income without drawing principle.

Just need to do the calculations

Anonymous wrote:

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.

Ummm...that was never stated in the OP. You can figure out how to leave your high stressed job now. You just need to ensure that you are living on the money you bring in. I wouldn't start drawing on the savings quite yet. But that just means choices to reduce your expenses. But if you still have some income, that's not retiring

I think it's fine to start drawing on the savings, but not *that* much.

You want to make sure you have at least $x mil by the time you are 60.

Also, keep in mind that you won't be able to collect that much social security if your income goes down now.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would absolutely retire with a NW of $10m. I can live comfortably at a $300k annual income, which is a conservative withdrawal rate.

Similar situation with similar aged kids. I wouldn’t. Heath insurance is an issue.

With $10MM NW, you really don't think a family can just buy health insurance? Why not?

You simply need to plan for the added costs. Once you hit 60 it can be $30-40K/year. In50s, with the full family ours would be $25K for the plan plus typical expenses for the year. So that $25-40K must be included in your budget.