re: Retirement Account Goals?

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My wife will inherit low 8 figures probably sooner rather than later

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Fella, you're good. Congrats and do nothing but enjoy life (and keep the wife very happy) when that comes through.

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My wife will inherit low 8 figures probably sooner rather than later

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It would be hard to work after that event. 8 figures is generational wealth.

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shite, 7 figures is generational wealth for a shite ton of people

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True it is, and it could be the start.

At 8 digits however, you are looking at 7 digit returns. You could live off $200,000 a year and grow the portfolio to $100,000,000 in a little over 25 years. If your children could survive on $2,000,000 a year, they would be billionaires in another ~25 years.

Watched a video a few months back on setting up generational family wealth. Short version it just takes that 1 person get it started and organize the family trust/estate/legal entity.

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I typically model liquid net worth at 33x expenses as of the time of retirement.

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So if your monthly expenses are 10k (120k) year, you are shooting for 3.9m?

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So if your monthly expenses are 10k (120k) year, you are shooting for 3.9m?

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Yes, that's the right idea. A multiple of expenses is the simplest way for modeling from my perspective without it just being a made up number. Of course, plenty of choices can be made to increase or decrease spending as one goes through life and retirement so it's just a benchmark.

Most recent research points to a 4.7% safe withdrawal rate (up from the 4% rule established by that same author). Those analyses assume standard retirement age. If you are retiring early and foregoing prime earning years (and portfolio weathering a longer time series), then a more conservative SWR of ~3-3.5% enters the picture.

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Yes, that's the right idea. A multiple of expenses is the simplest way for modeling from my perspective without it just being a made up number. Of course, plenty of choices can be made to increase or decrease spending as one goes through life and retirement so it's just a benchmark.

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I retired at 54 with 42x expected expenses in retirement/brokerage funds not including SS. I'm six years in now and have only spent about 60-80k/year depending on some years of lumpy expenses. I started drawing on SS Survivor Benefits this year, I turned 60 in February. SS will provide about 40k so my retirement funds will not be used as much. From age 54 to early this year I used my brokerage to supplement my income plus the dividends from my brokerage funds.

I think it also factors in whether or not you have kids/family you plan to leave money to. Not everyone has that, and you can certainly live on less if you don't have inheritance plans to consider.

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wtf do you people Do to sock away $60k:yr???

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Nothing makes me feel more unprepared than Money Talk retirement threads.

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36 here 415k in retirement account 396.5k in brokerages only about 10k in cash as i've recently been UNLOADING cash for (first) home downpayment, engagement ring, and wedding costs. Absolutely driving me nuts. Started a new job 3 weeks ago and will be getting my first paycheck this week which im desperately needing.

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I think you’ll survive lol.

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So you started working your arse off around mid 20s?
What was your very first property?
Do you mind sharing how things exploded from there?

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I own businesses...it's really the only way to grow wealth quickly (or working at some startup with ridiculous RSUs).

You do well in the market, right? Stick with that. I really only invest in properties because I find really good deals, and we do most of the work ourselves. Plus, my brother manages the properties, so it gives him a job. Lot of people lose their arse in real estate. And it's a pain in the arse