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6 week cram sesh for CFP. Any recommendations?
When do you know it's time to move on?
$10mm
$10M
$6M would be bare bones. But yeah I like that $10M better. Healthcare is always a toss up if you hang it up before 65.
My plan is to transition the business to my kids (if they want in this). I could see honestly getting to $10M in assets by age 55 and downsizing my practice to just the top 50 clients with an avg AUM of over $1mil each.
You need $400k+ in retirement income?????
Easy. Remember, it’s future dollars. Plus social security and healthcare costs are huge unknowns.
My plan says I’ll need about 18 million to achieve my spending goals. So I guess 18
Question: why does everyone here immediately convert a number (ex: $15/20m) into annual income (ex $800k/yr)? One of the things we help all of our clients plan for is to leave a legacy... doesn’t mean we would have to spend a certain number every year.
And not to mention nobody has talked about inflation adjustment
I think 5M on the small end, closer to 10M to feel like you can live the lifestyle you’d really like to live. No reason your first check in Retirement should be any less than your last paycheck in the workplace.
Good quote btw - regarding your last and 1st paychecks..
When I stop enjoying my job, or my wife makes me!
10mm too
I'd want 1 million of my own AUM and a million in an annuity and then maybe I'd be ready to retire. Is 2 million going to be enough If I retire in 40 years?!
Not unless you live in the middle of nowhere where cost of living is nil .
As a 40 year old I think 15-20M would be the number to retire right now to feel very comfortable. If I were closer to 60, the number would be less
800k retirement income?????
What do you mean by ‘the lifestyle you’d really like to live’? Just curious - I feel like this line of work currently affords me that opportunity at 36. Flexibility for time - take off a month or an afternoon, makes no difference. Buy our dream home and a vacation home, check and check. Play golf, SCUBA, or whatever I want when I want, check, check check. Not sure what else I’m missing. That’s why I love this profession - lets me live life today, while I save so I can continue to live it tomorrow and every day after... just my 2 cents