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re: Another “can I retire comfortably” question
Posted on 11/16/23 at 3:33 pm to Lgrnwd
Posted on 11/16/23 at 3:33 pm to Lgrnwd
quote:
3 million in 401k, house and vehicles paid off (debt free), $1500 a month pension, $300,000 in savings/liquid accounts, 50% employer paid to health insurance.
Wife doesn’t work, child starting college (separate account “should” cover most of this cost). Living in an “average” cost of living area nationally. Nice but not “luxurious” lifestyle. 3 nice vacations (1 international) every year is desired.
Retirement age 53, starting 8 years from now.
My calculations say very doable. Am I missing something? (Outside of something like some crazy runaway hyperinflation at that time)
quote:
3 million in 401k, house and vehicles paid off (debt free), $1500 a month pension, $300,000 in savings/liquid accounts, 50% employer paid to health insurance.
Wife doesn’t work, child starting college (separate account “should” cover most of this cost). Living in an “average” cost of living area nationally. Nice but not “luxurious” lifestyle. 3 nice vacations (1 international) every year is desired.
Retirement age 53, starting 8 years from now.
My calculations say very doable. Am I missing something? (Outside of something like some crazy runaway hyperinflation at that time)
How much is your monthly bills?
How much do you make a nyear?
0
Posted on 11/16/23 at 9:12 pm to slackster
quote:
ETA- CAPE would suggest ~5% +/- 1.5% over the next decade.
What is CAPE
Feel like I need to increase duration of bonds
Posted on 11/17/23 at 8:57 am to Lgrnwd
quote:I think it would be a pretty comfortable retirement. I am 54 and if you gave me 3.5 million and a 18k a year pension at retirement age I would be fine.
My calculations say very doable. Am I missing something? (Outside of something like some crazy runaway hyperinflation at that time)
Hell, if you can get 4-5% out of your 401 over the next 8 years you will be fine. Not travel four times a year and have a second home fine, but also not cutting coupons and growing a garden (I will, but I like both activities, I am weird that way)
Posted on 11/17/23 at 9:31 am to Lgrnwd
quote:
3 million in 401k
quote:
Retirement age 53, starting 8 years from now.
This has to be the most impressive thing ever written here
The average 401K balance is sub $200,000 at your age and you have $3 million. That is 1,400% increase over the average and not an easy task to accomplish.
Add to the fact you have a paid off house and another $300,000 in liquid assets and another $18,000/year income. You are in a better place than 99% of this board, and should probably seek advice from an actual professional.
53 is too young to not work anymore in your financial situation. Maybe leave the current job and get a rinky dink job, but you do not have another money to fill your time for the next 25-30 years of life. You will need something to make your life still feel meaningful. Maybe you have a hobby that will work, but you are going to burn through cash in your 50s trying to give yourself a reason to wake up in the morning.
My Dad tried retiring in his early 50s, lasted 6 months until he needed something and was not a financial reason. It was for his sanity
Posted on 11/17/23 at 9:33 am to evil cockroach
quote:
45 years old and three mil in the 401k?
What were you invested in! Haha.
WikiTiger
Posted on 11/17/23 at 9:53 am to DarthRebel
If you read through the thread, he states he is projected to have 3 million in his 401k by 53. He does not currently have that amount at his current age of 45.
Either way, he's doin alright.
Either way, he's doin alright.
This post was edited on 11/17/23 at 9:55 am
Posted on 11/17/23 at 10:17 am to TigerMan327
quote:
If you read through the thread, he states he is projected to have 3 million in his 401k by 53
That changes things, my bad.
Still, not working past 53 will burn cash. OP needs to get a fun job after 53 for quality of life and prolong 401K burn.
Posted on 11/17/23 at 1:34 pm to Lgrnwd
Can I come work for you? You will need me once you turn 53!
Posted on 11/17/23 at 2:06 pm to Lgrnwd
quote:
8 years from now.
A lot can change in 8 years
Posted on 11/17/23 at 3:26 pm to whiskey over ice
quote:
Subtle brag
$300k liquid savings @ 45 is not something you brag about. /subtle brag
Posted on 11/17/23 at 3:43 pm to cwill
quote:
$300k liquid savings @ 45 is not something you brag about. /subtle brag
Not sure if you’re serious. $300k at 45 in taxable liquid investments is more than probably 90% of 45 y/os. That being said, moving into higher percentiles starts to require exponentially more money.
Posted on 11/17/23 at 4:28 pm to slackster
I think he was trying to make a sarcastic joke that $300k in liquid savings wasn't a brag because he "has more than that." That's my takeaway with the /subtle brag ending.
Posted on 11/17/23 at 6:05 pm to TheWiz
quote:
think he was trying to make a sarcastic joke that $300k in liquid savings wasn't a brag because he "has more than that." That's my takeaway with the /subtle brag ending.
That’s what I thought too, which is why I started with the not sure if serious. You never can tell for sure around the MT though.
Posted on 11/17/23 at 9:04 pm to slackster
53 is the year you are eligible to retire from your employer I am assuming? If not, 53 is such an oddly random year to select in the future.
Assuming a serious post, $3.3M is certainly doable. It's all about lifestyle. Nice vacations can be done on the cheap, too. There must be a million bloggers going over the basics. At 53, you can get into it a few years and then decide you want to do something to make more money. You also will have SS kicking in at 62-67.
Assuming a serious post, $3.3M is certainly doable. It's all about lifestyle. Nice vacations can be done on the cheap, too. There must be a million bloggers going over the basics. At 53, you can get into it a few years and then decide you want to do something to make more money. You also will have SS kicking in at 62-67.
This post was edited on 11/17/23 at 9:05 pm
Posted on 11/17/23 at 11:57 pm to Lgrnwd
Medical insurance
59.5 for retirement accounts
59.5 for retirement accounts
Posted on 11/18/23 at 5:44 am to TheWiz
I wasn’t sure if he meant that 300k liquid is poor or that 300k liquid is too much.
Posted on 11/18/23 at 6:55 am to DarthRebel
quote:
Still, not working past 53 will burn cash. OP needs to get a fun job after 53 for quality of life and prolong 401K burn.
I turn 44 this month. Have worked in ‘corporate America’ for almost 20 years now. It’s not healthy (mentally or physically) no matter how much money you are making. I’m shutting it down at 52 regardless of what I have in 401k, HSA, Roth. I’ve been maxing all from the start except the HSA which I didn’t have until like 12 years ago but have maxed it every year as well. I’m going to get a part time job at a place like Publix, Home Depot, Lowe’s etc to bridge until 64 or until I no longer want to do anything. Life isn’t worth wasting away at a job for 30 or 40 years. There are times when I want to shut it down at 48 or 50 and I just might. Maxing all accounts from day 1 makes this a choice for some people and it was best advice I ever got. Glad I listened for once.
Posted on 11/18/23 at 7:46 am to ronricks
quote:
I’m going to get a part time job at a place like Publix, Home Depot, Lowe’s etc to bridge until 64
if you are setup right you should have rental money and dividends, etc to live off of passively like many. I will just do my RE, dividends, hard money lending, etc and trade full time like jag warrior before i work in a shite job like you mentioned. i did my time with shite jobs as a youngster. you can access money before 59.5.
Posted on 11/18/23 at 9:19 am to Fat Bastard
quote:
if you are setup right you should have rental money and dividends, etc to live off of passively like many. I will just do my RE, dividends, hard money lending, etc and trade full time like jag warrior before i work in a shite job like you mentioned. i did my time with shite jobs as a youngster. you can access money before 59.5.
It’s more something to do and get out of house that requires no effort or stress and to get paid for plus Publix offers their private stock which is very lucrative. I don’t want to sit at home all day and worry about trashy people tearing up rental properties or not paying etc. I’d rather work 20 hours a week than deal with that bullshite. I wouldn’t be working for the income it’s more to just have something to do and interact with people instead of sitting behind a tablet or computer and arguing with people on internet all day.
Posted on 11/18/23 at 10:31 am to Lgrnwd
I would not attempt to retire at such a young age. I would in your circumstance consider rolling your retirement savings into a Roth since you are young enough to more than recoup the taxes you will pay.
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