I’m 12 and have 100 million - peasants
22 replies (most recent on top)
@er I can understand how this feels like gloating, but it really isn't. I'm not @OP but I am on the path to being where they are.
I started working in customer service for WF at 22, for [unironically] $22k/yr, and as soon as possible enrolled in the 401(k) plan at the maximum matched contribution rate. I've carefully rebalanced my allocation annually, and minimized my management fees by sticking to index funds.
Sure, I managed to beat the historical average return, but I also saw my retirement nearly collapse in 2008. If I manage to keep working until 60, and the markets continue to generate the historical average return, I will have ~$3.5 million. I only hope I can have saved the $500k they have, so that I can let it compound a few extra years before I have to dip into it.
Hating on people who planned soundly, and stuck to a disciplined approach isn't a productive use of your time.
These posts are such self gloating. Many people retire with way less than this. Many people don't even have a million when they retire and they survive.
Why continue to fill a cup that is already full? At sixty, the bow is stretched tight. The statistics say you have until 74, but the stress of this place eats away at your life force, likely bringing the end by 70. And for what? To spend your twilight tethered to doctors?
I have seen the two co-workers here pass away who forgot that the best action is often to stop acting. True wealth is not numbers in a bank, but the time to sit quietly. You cannot carry the gold with you, and grasping for more than you need is a needless way to suffer. Let go. If you do not enjoy the fruit of your labor now, someone else...perhaps a stranger beside your spouse...will enjoy it in your place.
Wow! That’s great. I’m 48 and have $1.5 mil socked away….and thought I was doing ok. I definitely need to up my game!
I turn 59 this fall and am retiring. $2.5MM saved and $70K a year pension with health care from fed gov career.
Well you will be left with 3M after tax. Then of course you have 5 years of paying for healthcare which okay you are still doing well. It is all about expenses and lifestyle. Get a financial advisor
LOL at $4M at 60 not being that much. Just puts them in like top 2% percent. And of course you can retire, but you knew that if this is true, and this is a troll post.
@at That’s not really “that much”.
BS If you truly had that you wouldn't be here asking nobodies if you should retire.
Well done! That is awesome
It’s plenty if you’re mindful.
@ab I would set an appointment with a financial advisor, CPA and doctors and start mapping my exit.
If this is your actual holdings, and not spam, congratulations! I would be out of here!
@OP If you are healthy then yes, retire. If not, you need to stick it out for insurance. 3.5mil seems more than enough unless you live an unnecessarily extravagant lifestyle or have health issues.
@aa No.
Do you spend more than $160K per year including taxes and healthcare?
If you're asking on here in good faith (you're not), you need to look into the costs of long term memory care facilities
If you can deal with it financially I'd do it. I'm not quite that high, but close enough that I'm considering it soon too (and I have a couple years on you). Issue for under 65 is you have to cover expensive health insurance until medicare kicks in.
How many YoS affects whether you gadfly for severance kicker.
You have less money than you think. Figure out a way to pull in some chump change during retirement. And let us know what that hs because we all need it.
@OP that depends on your current lifestyle, how much you need to maintain it, and how disciplined you can be about staying within your budget. Nobody here can answer that question for you.
Me, personally? I'd be 50/50 with those numbers. I could swing it, but I'd need to be a homebody for the first year or two.
Or just sit back and do as little as possible and wait for them to get rid of you.
To get out of this sh*t show? Yes.