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At $5 million. I downshifted (just under half of comp) a few years ago. Thanks to market and other decisions, now at $9+ and fully retired.
How much is fully funded 529?
Here were all my numbers: I think I was only at 900k four years ago when I left consulting to go to a fully remote chill job. Total comp from 225 to 186. I was 36 with a 5 and 2 year old. This job, while not a lot, met my criteria of “enough” and it was fully remote. Could I have continued the search and got more? Probably yes, but I wanted to start spending more time with my kids especially as they started elementary school and sports and I wanted to be more involved in those. Caveat: this is just me, not total household
Had you already set aside money for their schooling/college before you cut back?
I’m calling it quits in 4 years with approx $650k. I’ll be 46yo.
100% in Roth accounts, from which I can withdraw my contributions penalty and tax free at any time.
I keep going back and forth on that. I'm thinking about $2M, as I don't intend on living extravagantly. I suppose what it will really come down to is how I feel about things as I approach that number. If I'm enjoying what I'm doing, I may just keep earning. I don't trust the idea of taking a low stress job, I think stress is a like a gas that just expands to fill any container.
$3M, gives me $120k/yr at 4%
What is a chill job and how do you find it? To me that’s the biggest question
You’re talking coastfire, and for me it’s about $2.5M
It’ll depend on your practice and utilization/performance, but I came from B4 and it’s been very lucrative for me in comparison to where my peers have ended up
I’m taking my foot off at the gas at 1mil. I’ll get there in 9 years
$1m to be a stay at home parent if spouse continues to work
I am at $5M and still enjoy working. Both my spouse and I enjoy our jobs. We are not quitting anytime soon.
It depends on your lifetsyle and what you want. I generally call $4,000,000 "Fucky You" money. If you don't want to work any more, "Fuck You" I'm done. If $4,000,000 is put in conservative CDs, that $160,000 a year in interest. If you house is paid for, you can survive reasonably well on $160k a year.
I downshifted at $400k, then upshifted again 18 months later.
Downshifted again at $1.9m a year ago.
I'm now at $2.6m and my partner adds another $600-700k. We're both open to several more upshifts and downshifts.
Careers don't have to be a straight line.
Obviously only in retrospect - it's not the sort of thing career coaches tell you. Good luck with the change!!
$5m
$1.5M net worth / $1.1M invested (married couple)
Took a 16 month mini-retirement from stressful office job at 32 years old while wife continued working as a teacher. Now back at work fully remote in a lower paying, lower pressure contract role.
And today (1.5 years after leaving for mini-retirement) our numbers are:
$1.85M net worth / $1.4M invested
For what it’s worth, I am also a woman and my wife wanted me to leave my job. We spent 5 weeks traveling Europe together, something she very much wanted to do. My wife also wanted me to switch to a fully remote job. I still make twice as much as her. She just got a Coach purse this weekend. Remodeling the bathroom next weekend. She’s happy.
You, on the other hand, are projecting your misery into a stranger’s marriage.
Subject Expert
Never. Work a bit more then retire properly
When I’m done paying for my kids college, I’m done. We’ve got like 1.5 M and I’m only 50 but my husband loves his well paying job and won’t retire til 60, so I’m so done. I’m really done w busy seasons. Really burns you out been doing this since I was 22. Maybe I’ll go do something else or maybe I won’t. Reading all the books is on my agenda.
Life is short - do what makes you happy!!
If your bag o'loot is ~25x your cash burn, then you can retire in principle. But throttling back is a bit different.
If your brokerage/401k/SEP et al are on track to hit your burn rate at some age you'd like to retire, then you don't *need* to add more, just bide time for it to grow. In such a circumstance, you'd only need income equal to your burn.
It's easier to live below your means if you're well paid than a lot of people seem to think. It's just a kind of self discipline most of us aren't used to.
At 50 I had the money to retire seeded into investments & just needed to wait for it to grow a bit. So, I did a few "hired gun" jobs until I was 58 & realized (1) my money was generating more dough than I lived on and (2) that I needed time happily goofing off than I needed extra money. Had I been a bit more observant, probably could've done that in mid-40s.
An ETA for people on the young end of this discussion. My son, at 30, had squirreled away $200k. That'll realistically hit >$6M by the time he's 65.
So, his decision on realizing that was between:
(1) Stay the course to buy down his retirement age.
(2) Find a cushier job (however he defines that) that covers his burn rate & just wait.
(3) Some blending of 1 & 2 (and keeping the well-paying gig), which was his decision.
So realistically, at 45-50, he can just retire. Might come sooner or later because life happens, but the BIG KNOB is (once you land a job that pays decently) is "control the burn rate" (not miserly, just prudently).
I'm basically there. $1.5M plus another $1M in real estate equity. I could halve my income, maybe less, and be comfortable.
5M downshift, 7M done.