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I would recommend against retiring while your wife is working. That can cause a lot of strain in a marriage. Just retire together. :)
What are your total annual expenditures? Are you including everything (healthcare, taxes, home maintenance, infrequent expenditures)?
Have you considered selling the rentals to augment your portfolio? It would probably allow about the same withdrawals with reduced risk.
How much are you saving every year? How long would it take you to add some extra safety? How do you feel about your job?
YMMV. I work full time, my husband retired two years ago. We both love the arrangement. I’m not ready to be done working; he was. I still like my job; he didn’t. Now I can delegate errands and tasks to him, freeing up more of my evenings and weekends for fun stuff. His retirement was a quality of life improvement for both of us.
Why are you asking a group of randos online instead of consulting with a financial planning expert?
or maybe he is trying to show off 😂
If you still owe $3.5 million on your primary residence while earning $700 K a year, retirement isn’t remotely realistic yet. That’s five times your household income in mortgage debt — far above what’s considered manageable. You’ve got to build a payoff or downsizing plan first. Until that’s under control, any talk of retiring is wishful thinking.
Surely anyone earning this sort of money wouldn’t be asking for advice on a Glassdoor forum.
This just sounds like a middle-class douche bag bragging about his alleged wealth. I doubt all of this, as someone with that income surely wouldn’t be asking random internet strangers their opinions about their finances. Like… bro, get real 😂
That’s amazing, congratulations on getting to that level of freedom. I’m working hard to get back on my feet career wise and would love to connect if you ever have room on your team or know anyone looking for a driven operations/project management professional.
Keep working and saving, if you’re happy. You’re way ahead of the game at your age, and salary level.
That’s the feel good piece of this. Not sure what your monthly expenses are but I am not sure your investments will cover you for the next 40 years.
Run the models…it is easy these days.
Retirement is not a good option due to the uncertainty risk it will create once the reliable paychecks are gone. The truth is that no one knows what the market will bring. If the market collapses, you will not be able to come back to your steady paychecks and you will have decades of future expenses to cover since most likely you will have at least three decades left to live. Definitely continue to work, and revisit the idea of retirement after you turn 55.
This is a Wendy’s.
What would you do if retired, you need a plan I retired at 65 and felt a little lost as I was in the middle of the action and so many things but really missed the people interaction. Maybe a little early to retire-remember you are rich now but without your good employment income and inflation in 5 years you might start to feel it.
Ok. Here’s my situation. I am 27 and have $30 million in Bitcoin and $20 million in treasury bonds yielding 4.1% which generates monthly interest income to me of $68.333.33 a month. But I am bored. What should I do?
Showoff!
This is a really interesting scenario you present. I am a little older than you at age 54 but my wife (who is almost 50) has been retired from tech for the last 10 years and has been a full time mom since (we have 1 child). Until recently, I worked long hours/traveled around alot in large management consulting firms and then over to a major global software company where I have progressed over the last 15 years....all in all 30 + yrs employed and yeah for the 10 yrs or so when my wife was employed our income was double what I pull in now annually. However, I was laid off a few weeks ago and now I too am wondering what I want to do next. The company is giving me roughly a year's salary worth of severance and Cobra for a while. My net worth is a bit higher than yours.... my investments are different than yours but highly diversified across various asset types and we have been actively saving/investing whilst we worked. I highly trust my financial advisor who has been advising me for close to 30 yrs and he has presented me with a wide ranging analysis of financial scenarios against my goals. He tends to apply alot of the same concepts mentioned in earlier comments (rule of 4%, health insurance, being able to withstand major economic downturns, etc.) but in all cases he points to his analysis and probability simulations assuring me I could retire now if I really want to....but should I? My feeling now, I want to take the rest of the year off to relax/decompress but I plan to mount a job search early next year as I still feel I am way too young to leave the professional world and I still want to contribute (and earn). I want to stay sharp... I think what has changed the most for me is that I now look toward slowing down/retiring when I am 59 or 60 which feels strange for me because going back over last 30+ years I always had assumed I would work through normal retirement age. Still I want to have a better/structured idea of what I would be doing once I do finally retire to stay busy (physically and mentally) because I didn't anticipate having to come up with that plan being ready by age 54. Hope this helps, this was just my way of thinking through early retirement which hit me recently given the situation I am now faced with.
And people are seriously answering his question...welcome to corporate America,
Sure
Imagine being that rich and not having a financial advisor
Good for y'all ! U certainly don't need help or advice in my opinion.
At least some of the people in world are spoiled & have it made in the shade, while the rest of us struggle & suffer.
ok we understand your this life is ok, what have you prepaid for your afterlife ? iman, namaz , oruc, zekat,hadj, good deeds ?
You can certainly afford to quit your job and rely on your spouse as breadwinner. The key question is whether she can do the same without threatening the future life that you want to have. My recommendation is to (1) make sure that you both have a plan for your mental wellbeing post-retirement and (2) create a detailed “business plan” for the rest of your lives. Given your assets the first is by far the most important. Be objective in the business plan assumptions, add a risk adjustment if you will not be comfortable with a decline in your standard of living due to black swan events, and run it out at least through age 100.
Good luck!
You are either just bragging or are asking the wrong people. I have far less assets and income, but can afford the advice and services of a CFP. I would recommend that rout,
I'm convinced this is a humblebrag ragebait. I'd say work another 10 years and generate another 7 million dollars then retire at 56. Depends how lavish you want your lifestyle to be for the next 30 years
Why retire at a such a young age retiring at that age unless there is a medical reason I would keep the money coming in cause there's a lot of year's of living left to live
You want security, read Matthew 19:16-26