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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 😂
Honestly I need a mentor, it’s hard out here and I would love to learn how to grow passive income or even connect with you
So what’s your goal here? This seems like a rant rather than an actual question. Please elaborate your thoughts
This might be a bit of a stretch to ask, but I’d really like to learn from you and improve my financial situation. I already make over $100K a year, but I want to do better and grow beyond that.
Incredible numbers. What’s your ROI on happiness looking like?
All the money you have and you're having a cheap insurance referral conversation? 🤔.... Bro 🙄
1. This is way too much information to post on the internet.
2. Don't retire unless you have another career to start, retirement is not all it is cracked up to be.
Consult with a financial advisor. For one, you don't want to outlive your retirement funds, unless you've already planned out how your children will take care of you.
Two, you are getting older, not younger, so keep in mind the health care system has initiated its death sequence. The American economy has long since been on a death spiral, and the death knell are the treacherous politicians who perpetuate the dollar's exponential inflation, which has been the case since Christmas, 1913. Expect family health care premiums to reach hundreds of thousands per year within the next twenty years. Okay, I may be exaggerating, but only by a little bit.
Finally consider this: our brains are wired to seek out the path of least resistance, i.e., less pain. I've never met a person who, after escaping from a deadly wreck, seeing the aftermath, wished to experience that moment again. That said, once you retire, you will *not* want to return to the absolute train wreck that corporate America has devolved into.
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Are you hiring???
I must say, what you have been able to do is impressive however retiring now may not be a suitable or sensible thing to do at this time.
Have you factored the rising costs of living over time? Have you factored in unexpected illnesses and their financial impact especially if it becomes long term?
Without knowing your particular situation, I would still recommend stacking more assets that generate an income independent of your jobs that will generate an increasing income stream to ensure that your lifestyle doesn't diminish nor affect you if long term emergencies arise.
If you would like a more customized and accurate assessment of your situation, please schedule a complimentary consultation using this link Life Insurance Appointment Link https://rebrand.ly/FreeFinancialAnalysis
Sure, just sell all your stuff (4.5M house? c'mon), no mention of 'toys' (guarantee you're not driviing a Corolla) but they gotta go, tell the kids they're on their own for school,
Buy a 2 BR townhouse and 2 LazyBoy recliners. You're good.
You are truly a inspiration, Do you guys like to travel? Maybe start there!
These days people will not ask questions in a form like this. If you have any bit of brains left ask an AI it will give you the perfect answer!!!! These forums are long gone !!!!!
Can I borrow some money my cash app is $MoniqueBrown
Please can I get your blueprint- like how?! 🙏
I think it's great you've done so well for yourselves.
A couple of thoughts come up, take them for what they are:
1) Have you and your wife spoken to a financial advisor to look at expenses and future proofing?
2a) Why do you want to retire? Is there a specific reason, or is it just because? If it's the later, consider what retiring will allow you to do with your time. You need to fill that time with something worthwhile. If you can't think of what you'd do, then maybe keep working for a bit until you have a clearer answer.
2b) If you want to keep working so you have some sort of schedule/purpose, you can work part-time. Or could you be a consultant of some sort to keep using your experience?
3) Make regularly scheduled times to talk with your wife, keeping the dialogue open.
Drivel.
Its one thing to have managed to squirrel away a significant nest egg, one that with careful planning could be sufficient to provide a family trust legacy for your kids et al. But retiring at your ripe old age has to be given more thought than just the financial implications. If you have in fact thought this thru, then great. However do realize that your success hints at hogher education and high ambition. Whats planned for when the music's over? a new idea/career, business opportunity to follow? A hobby, giving back, etc? Travel while always an education in itself can quietly drain those financial assets and will you solo travel until your wife retires. In short think this thru thoroughly first, discuss with a true financial planner. Retirements is a 50/50 proposition between financials and real living lifestyle. It may be hard to find friends to play with during the day IF they arent as lucky or well prepared as you. so take it from someone who did retire early, got bored of standing in line or mixing it up with people 15-20 years more mature than me. After a year I couldnt stand it (had sufficient assets/no liabilities) but decided I was not totally prepared for a purposeless retirement. I went and started my own consulting firm, and voila now have a small team of 24 highly productive and engaged team members how serve only Fortune 500 companies. In a couple years Ill pass the baton to one of the junior partners to steer the ship while I can finally step back and live a prepared and well-designed retirement. Hope you find your path!
Firstly 46 is too young. However that you are considering tells me that you have lost the love for your current role and as such you should look for an activity that you can dedicate your energy towards that may return a residula income but more importantly will give you something meaningful. With 1 still in the nest the jobs not quite completed on the family front. Financially it feels like you have most bases covered, You may be surprised how moving to something personally rewarding on a far lower earning level (less tax) can be fullfilling....I left senior management blue chip for Teaching. Good Luck
You have been blessed!! Retire and if you need something steady open up your own business(invest in stuff etc).When you wake up one day like me and lose both jobs and losing everything then you got something to worry about! I pray you continue to be bless and choose what makes you happy