Retirement goal and how to get there: looking for advice / opinions

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Do you really think you can make it for possibly 20-25 years on like a million bucks?

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I basically have a million now and no, that's not what I am saying. I know there are no absolutes or get rich quick schemes, I just want to grow it as much as possible over the next 7 years.

Looking at $950,000 over 7 years, if you're in something with returns like Vanguards VGT or Fidelity's FTEC averaging over 20% over the last 10 years; you'd be sitting at $3.4 million in 7 years without additional contributions. Current year to date number isn't fantastic, but the market is the market.

There's definitely opportunity for you to end up in a good place with some luck. There are a lot of factors regarding expenses and medical care and how you can bridge the gap to Medicare since you're looking at calling it a dat at 63. Two years of health insurance can run up to $60k in some cases.

Others may vehemently disagree but I'd recommend that you really assess your risk at this point since you can get to a really secure number without being risky. It's one thing to make a calculated risk, it's another to be risky.

Other advice would be that if you are going to be growth oriented at this point, constantly set stop losses as the stock ascends and have a percentage gain in mind when you make a purchase. Also, set an auto sell for when it hits that number and shift those earnings into an ETF with less risk and go play again with the initial investment.

One hard line piece of advice that I will give. You are at a point where there is no guessing anymore. When you buy something know what you're buying, why you are buying it with a defined exit and pay close attention to your accounts. If you aren't going to monitor it daily or weekly have stop losses and sell orders set immediately after you buy. No playing games with speculative stuff.

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If someone can point you to a 16.2% ROI x 7yrs w/o extreme risk, I'd like to piggyback on the strategy.

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QQQ 10 year annualized return is 18.72%
VGT 10 year annualized return is 21.24%
FTEC 10 year annualized return is 21.10%

There are well performing ETFs out there that can hit that number. I wouldn't call any of them extreme risk. There is always that "past performance doesn't guarantee future returns" thing though.

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Somewhere in the $6800 - $7200 range. Could change a bit depending on the decision to retire somewhere else (leaning that way)

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Once you hit you're retirement number (whatever you determine that to be) you'll need to think if you want to change strategy and get out of a growth mindset and into income mindset with your assets. Or what type of mixed approach you'll be looking for. Basically what does that plan look like and what kind of mix of investments make up that strategy and when do you go about executing that.

You're the only one that can make those calls, but it's a good idea to have your next strategy set well before its time to put it into motion.

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I don’t know, but I do know I’d be terrified to retire at 63 with $1.5mm-$2mm, which is what I assume you will have.

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You must have outrageous debt

I do t see why not…

Using the 4% rule, that’s $40k/yr.
Assuming around $2300 soc security

That’s like $5300/mth.

Hoping those expenses would be lower by retirement age…. No way would I retire with $6500/mth debt….


What all bills we talking?

I think you are in a good spot, except for the near $7K / months expected expenses. Thats pretty damn high if you have the majority of your bills paid off.

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Using the 4% rule, that’s $40k/yr.

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This is so outdated.

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This is so outdated.

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Negative.