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Bro I thought this was about bowling
Subject Expert
Or about hats.
Yearly expenses <220k? You’re probably good.
Congrats! You are in an excellent and envious position to retire. Like AE1 said, time is your most precious, constantly depreciating asset.
Even using the most conservative 2% withdrawal rate used with Treasury ladders, once your mortgage is not a monthly expense, you’ll be fine if you budget.
Please make sure you have at least 3 years of expenses in liquid or cash equivalents to weather a prolonged stock market downturn and avoid selling into a 30 or 50 percent down market. Unanticipated health issues and corresponding expenses are your biggest wildcard.
Coach
If your expenses are sensible this is far more than you'll ever need.
You shoud spend a few thousand dollars talking to hourly tax and retirement advisors about how to maximize tax efficiency, social security distributions, and legacy intentions. At your level that's basically free and will probably pay for itself several times over. Just don't get seduced by some AUM player.
You already won the finance game. Now it's time to focus on health, family, and impact.
Congratulations and welcome to the club!
I also retired at 55 with $3.7M N.W.,$2.8M invested, and 1 child still in college.
My decision to retire came rather suddenly, I already reached my FI number and was planning to work another 5 years to FAT FIRE on my 60th birthday.
Everything changed this year when I suffered from a heart attack less than a month after losing a childhood friend.
My wife and children encouraged me to retire rather than pursuing a larger pot of money that frankly we didnt need. So I submitted my resignation a few weeks after being discharged from the hospital.
Im stress free for the first time in decades and staying busy with daily walks, household projects, and getting back into hobbies that Ive put off in favor of my career.
Thanks for your response. I wish you well, enjoy your retirement.
Is house paid off. How much do you normally spend? How much college expense left? Is your house 2.5 mill? If so, are you able or want to downsize?
Yes, house is paid off. Another 2 years of college but 529 is covered. House will be ~1.3
Subject Expert
How much are their expenses, including everything (taxes, healthcare, infrequent expenses, things they will do when retired but didn't do before)? How dialed in is this estimate (have they confirmed it with receipts?)? How generous is it (could they cut if needed?)?
These are similar to my goals at 55 when WE plan to FI. But it depends on your annual expense need.
Mentor
How much do they spend / intend to spend.
If you don’t have this information then this discussion is mostly pointless
$240K/year