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Hi All,
Has anyone joined Accenture early and recieved joining bonus.?
I have been recieving mail like if I can join in this month I will get bonus as well as notice period buy out amount reimbursement.
But they are not mentioning JB amount before I confirm them when I can join.
I have 11 fixed offer, how much I can receive JB if I join month early??
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ZS London compensation and benefits?
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Has anyone heard anything from the Amtrak RFP?
Who said yes to this??
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Mentor
Your premise is false. It’s simply not true that this is the widely accepted number.
If anything, you are perpetuating a fake echo chamber effect around this number.
Yes. I only just started claiming SS and it’s about 5k/mo. But fuel bills, higher prices all around and the general expense of living in NYC make me cautious. I would move to a warm, sunny locale, Europe, Central America - if I could convince my wife to do so, and live a lot cheaper and probably live a little longer. But she wants to be near the kids.
If you talk about need;
- $2M/80k for lean
- $3M/120k for optimal
- $5M/200k for safe retirement that can absorb the poor market scenarios
But if you talk about wants;
- 10M will add business class travel and international travel to your retirement
- 20M will add a lavish home
- 50M might add yacht …
My point is that WANTs are endless. Plan for what you need and go from there
Not for nothing, but churning a few credit cards annually for signup bonuses can add international business class trips to your retirement with little to no additional spending
In the early days of this bowl I remember a thread on target numbers. Most people were between 1 and 3 mil. There was one person who posted a 10m number and everyone jumped on it as ridiculous. But as more of those postings pop up, and people see those high numbers, they start to reset what they think they need so they’re not “behind”.
And that’s why comparison is the thief of joy.
It’s been a long time since the early days of this bowl. I’d assume that people’s expense profiles have gone up a lot since then. Partly because of inflation and increases in cost of living but mostly I’d assume that (like me and those around me) the early adopters of this app were in their mid to late 20s and more likely to be single vs. now having partners and kids.
That said, I agree $10M is a high number but for me with 2 kids at this stage $1-3M seems low and $5M is a more realistic target
I am not sure I agree that $10M is the new standard. I am closer to retirement than most in this bowl, but think most folks my age would agree $5-6M can make it work nicely
Nah, I need $100M
Coach
My take:
1. As others have noted you are probably overstating how many people target $10. Though I target more.
2. This particular forum has a disproportionate number of high HHI individuals / Fat Fire targeted.
3. Many people are actually too far away to have a very clear goal and $10M might be a good enough target for them to latch onto until they know more. For instance, people that want to marry and have a family but are single - they have no idea what expenses will be like. I am a relentless budgeter / expense tracker and still am very unsure of what my annual expenses will be post-kids or where exactly I will live…. I can’t stop for another ~8 years anyways so pick a round target and aim there…
Coach
Realize I wrote that confusing. Post kids meant post kids out of the house for me. The little money pits already exist.
You can FI on $2m as a single person
If you have more responsibilities, say a family, you need more like $5m
No one really needs $10m, that's just adding discretionary income
Mentor
Don’t bucket people… some people need $10M to FIRE… some people need $2M… some people need $200M… it’s all a matter of perspective… what do you need to make sure that all of your needs and wants are met…. For me and my family, I can’t imagine doing it for less than $25M… but we spend a lot of money, and we work full time… I can only imagine the shenanigans we’d get ourselves into if we didn’t work…
But to be honest… FIRE really isn’t for me… I’ve built a book of business… and that book of business will continue to pay me in perpetuity for as long as my clients remain my clients and my AUM remains where I am or above… there’s a reason why I have people who are on my team in their late 60s, up to 84… my 84 year old advisor will clear $2.2M this year… not bad for an old timer…
Are you hiring?
The only way to be objective is to calculate a target based on median household income. So in the US, that’s 83,730/4%= $2 million. Adjust from there for different withdrawal rate, higher/lower lifestyle, different COL.
Elon hasn’t FIRE. Bezos didn’t FIRE until he hit $240B. Other people’s number has nothing to do with your number. My mom and dad went lean FIRE at $1M NW a decade ago. They’re still doing fine today. They both live off their social security payments and one of them has an additional small pension monthly payment. They defer withdrawals most months since they don’t need any additional income.
This is more my speed. My current income is only around $50k a year, 1 child. I have about 200k in retirement and am approaching my 50's. I will likely die before I retire but I can't wrap my head around needing 10million to be able to retire when that is nowhere near my current lifestyle.
Personally, I max my 401k and put $5k/mo into my Vanguard brokerage. Excluding my other investments ($1-2k/mo into crypto and vibe stock), I should have $8-12M by 65 assuming I keep up current investment levels. I doubt I need this much in retirement but it’s the benchmark I’m going for, for whatever reason.
Would also clarify that I am not planning to FIRE.
I think it all depends on the lifestyle you plan on living in retirement, and still allowing for leftover for children. Some may need as little as $2 or say may need way more than $10.
People like round numbers and $1M is too little.
$5m not including paid off house is my target. $200k a year will be more than enough for a comfortable lifestyle and financial security.
If I moved to a LCOL area I’m sure I could make it work with half that.
Any more than that is upside. I have a target retirement date in mind (50) and expect to have $5m by then. If I hit my target sooner I’ll keep going until 50 and have some extra “fun money”.
That sounds similar to my plan (but planning for 55 - we have 4 kids..)
Subject Expert
You have gotten a clear answer. $10 million is not "the widely accepted benchmark."
If retirement is still 30 years away, $10m then as a target will have the same purchasing power as under $5m today.
Plus it’s also a round number and our dumb lizard brains love round numbers.
The number and strategy has inflation baked in (2-3%), so the purchasing power remains constant as the number grows
I just retired at the age of 42 with a little under $1M USD.
The real question is: where are you going to be for your retirement, and what do you want to do with it?
I'm moving to Thailand (due to a number of reasons), and, there, I have more than enough when you consider passive investment income. And to live very well at that. Top floor luxury condo, regular international travel, fine dining whenever I please, the works.
If you want to live in Westchester (NY), Coconut Grove (FL), or anywhere of that sort, then you're obviously going to need a lot more. To retire in one of those places, at my age, you need 20-30 times more.
The echo chamber tells everyone that there is only one way to spend your retirement. Once you understand that such a premise is demonstrably false, you can make more rational conclusions about the situation.
My question on the $10M is whether that is TNW (including illiquid assets, etc) or does that need to be $10M liquid?
Subject Expert
When thinking about withdrawal rates you have to analyze with assets that are available for withdrawals and invested in a way that supports reliable withdrawals.
My family fire number is $5M with an assumed $200k withdrawal per year including coverage for health insurance but we also live in a high cost of living area. We are currently at $2m in net worth (including our home) and work putting away $100k per year in retirement and investments are we hoping to fire before 50.
Your plan sounds very similar to ours. What’s your age and family size?
We’re targeting $5M by 50 too, but no plans to retire after that. Primarily because i have no idea as what I will do, if not working.
Daddy’s gotta live that Fancy FIRE lifestyle, that’s why
Yeah, but when I think fat, I think not having to relocate to live the fat lifestyle. Clearly you are more than fine at $10M, no matter where you live, I’m just differentiating chubby vs fat. It’s all arbitrary but fat to me sounds like you are really spending big without issue.
If you’re 2 people and currently in your 40s and want to ensure you’re ok and never in a gross nursing home up to 30 years post FIRE/retirement and also expect your kids will need support post college - as many do nowadays, even the successful ones - AND want to live well and travel first class…. I think $10M is needed, looking at the 50 years to come.
i think many forget about taxes. so its 2m for me