Related Posts
Does BofA give broadband reimbursement?
Bain & Company Hi! Anyone at Bain & Company willing to provide referrals to the London office? PhD background in bioengineering, currently at a life science boutique (ClearView, Health Advances, Trinity, Putnam etc) with a interest in the healthcare PE practice. Happy to send resume over to see whether it’s a good fit, thanks!
Coach
I have 6 YOE in. Net+Angular and got an offer from Legato Health Technologies with 20 LPA Fixed, i joined Infor just 11 months ago with 12LPA Fixed and i will get the hike in August. If i resign now i will not get hike and i am a critical resource in the project, i guess Infor might try to retain me by matching offer. What should i do? Should i resign ASAP and not negotiate with Infor . I have all these doubts because Infor is a product based company.
More Posts
Please DM if interested asap
Additional Posts in FIRE Financial Independence Retire Early
Looking for advice to stop spending $$...
What do you want to do when you reach FI?
New to Fishbowl?
unlock all discussions on Fishbowl.
I assume you don’t have kids. It sounds like travel is your biggest hobby. I don’t understand the wisdom of trading your favorite hobby for a very early retirement. What are you going to do for the next 50 years if you voluntarily give up the one thing you spend money on? Health insurance is a necessity but it is not a substitute for the only thing you like to do in your free time.
Boy, you got me on that. I am humbled.
Coach
Based on the numbers, you can pull the rip cord.
If you want to be conservative, another 2 years of adding $130k would go a long ways.
You haven’t mentioned the balance between brokerage, 401k, and Roth. That’s one thing you may need to juggle a bit. But beyond that, you’re in a good place from a math perspective.
Congrats! 🎉
They can retire now even. $1.8M is enough they could buy houses in like 5 different of the nations she/he likes to help with nonprofits and be fully diversified with real estate in many nations and live super comfortably renting out properties and even get to oversee the donations of her nonprofit to ensure it's not being lost. Maybe it'd mean focusing more on just a few nations with the nonprofit rather than many nations but then they don't have to give up travel, total win-win. Phillipines has a great retirement visa only requires buying like a nice $50k-$60k house there which you can always sell later (for profit) and you'd live much better there on $1,500 a month than in America for $4,000 a month. Everyone here is so West-centric is crazy. The best way to help the very people she wants to help is if she invested in those nations AND lived there, she can volunteer, AND she gets to enjoy travelling abroad rather than GIVE it up just to prolong living in dystopian collapsing Western nations...
If you like to travel, have you considered retiring abroad? $1.8M doesn't go very far in America, but it goes VERY far abroad. Then you get to enjoy travel and retire. Two birds one stone. I lived abroad for many years in East Asia, lived like a king on about $500 a month (probably need $700 now), whereas in the US even back then it's hard to make it on $3,000/mo.
@Director of Research 1, Also, she's got a 4% chance of death by 55 and ~18% chance of being disabled (either physically or severe mentally) by age 55, combined that's a 22% chance of not being able to enjoy retirement if she waits just a few more years and you got her considering using up half that time (minimum) working it away and you'd probably advise her to work even more and reach $4 million and work till 55. But America has "spend down" laws so if she's still resident HERE when any of those 22% hit her, that basically mean you have to spend ALL your fortune away on healthcare before you can get free healthcare or free nursing home (Medicaid requires it), so there is a not unsubstantial chance of a scenario where she gets a rare cancer, condition, or debilitating disability (think car wreck and disabled and now needs daily help, severe mental conditions, etc.) and then she has to "spend down" every last penny on it on the hired help that would be either FREE (free healthcare) or very low cost (a live-in nurse in Phillipines costs just $8,700/yr, versus $90,000 in the USA) or just to extend her life a year or two (and missed out on years retiring that she will never get back), because she's in the US, whereas in other nations they got free healthcare, so there's zero worry about having to "spend down". "Estimated chance a 41‑year‑old woman developing any debilitating mental condition by age 55
Rough average estimate: 8%–15%.
(a new, persistent psychiatric disorder that substantially impairs daily functioning or quality of life (examples: severe major depressive disorder with disability, bipolar disorder with significant impairment, schizophrenia, severe anxiety disorder causing major functional loss, or dementia/major neurocognitive disorder)).
I had family come down with one of those at 40 with no warning signs at all totally out of the blue. Life is too short man.
I am not sure why you are asking a bunch of strangers who are mostly not financial advisors for ideas? I would suggest that you go to a Financial Advisor to sort out your finances and ask a professional to sort out your wealth.
$240k plus bonuses = $240k base + bonuses or $240k TC? you can make that in accounting??
Subject Expert
You can retire at 46 and you do not have to stop traveling.
At $60k expense per year you have 30x in your portfolio already, and you are saving 2x per year for the next five years. Delicious. In a typical case you will be at over 40x before retirement.
Things to watch out for and plan:
Make sure your asset allocation suits your situation. You are retiring in five years; is your allocation diverse? Is the risk level right?
Refine your retirement expense number and make sure it includes taxes, healthcare, and infrequent expenses like cars, big ticket home maintenance items, and so on.
Make sure to plan for what to do in retirement and how to handle long term care and so on.
And have a great retirement. :)
Subject Expert
Maybe. I am not telling you not to give her this advice. I'm just answering your question about why this advice is not that common.
In the retirement mode and have been for last 5 years. High experience in commercial real estate due diligence, but well qualified in commercial accounting/internal audit/credit analysis. Been handling family cattle ranch in NET and am dying to get back into the game. Any comments steering me back would be greatly appreciated.
Subject Expert
What?
Live your life. If you enjoy what you are doing and it is mentally stimulating for you then keep working. If you want to cut back and retire get a good hobby that keeps you mentally stimulated. Most retired folks move from work to mental stagnation. Remember you loose what you don't exercise on a daily basis. Keep your brain sharp and excessive mind and body to age well.
According to one financial planner you need 1.67 million to live off 100,000 from your 60s. I am not a financial planner, just food for thought. You may want to try working 4 day weeks or take leave at half pay first to try.
Yes and great job. With $1.8M invested, $130k annual savings, low fixed expenses, and a paid‑off home, your on track to hit $2.5M–$3M by age 46, assuming normal market returns.
At a 3–3.5% withdrawal rate, that supports $75k–$100k per year, which covers your lifestyle even with health insurance. The bigger question for you is not so much financials, but figuring out your next phase as not having work related routine will be a big change for anyone.
MY friend, You WIN! Go and enjoy your retirement and travel!
Do you love your job? Do you want to pursue something else?
work with a financial advisor/financial planner...I know a great team if you need one
Thoughts:
1) Speak to a financial advisor
2) Don't underestimate health insurance costs
3) Living abroad may be cheaper, but ensure you consider all the risks, e.g. security situation, how easy is it to get back to the US if you needed to, will your friends/family make the effort to visit you,
If I were you I would look at working abroad or retiring in Portugal. Lisbon is getting more expensive, but overall, the country is extremely good to expats and most everyone speaks English.
Doable. Just what is the point of this all? To enjoy travelling? So far you’ve worked alone towards your own goals, you’ve travelled alone, you will get old alone and spend all those many years of your wonderful early retirement alone…
you hate being alone doesn’t mean other people hate being alone, some people prefer it
Having no kids and cutting off the things that make you release stress at such a young age is going to make you depressed. You are still young and healthy so enjoy life
How much is in retirement accounts where you’ll incur penalties for withdrawing early vs not?
The math seems the be in your favor! Multimillionaire with a paid off home is a lot of security for someone with your expense profile.
It's worth dropping a few hundred to a few thousand dollars on hourly fee financial advisors (you know the type this community recommends) to make sure you get all the details right. Pretty cheap insurance for the confidence of knowing someone who has guided several other retirements gives your plan a thumbs up.
Totally doable. You would want to set up your investments to generate income with growth so you can sustain. Having your time is great. Do it when you have the chance.
Also to minimize your taxes…dividends, cash, munis, Treasuries, deductions, write-offs