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Started By
Message
re: Retiring at 50 with $2MM in savings
Posted on 5/12/26 at 8:16 am to Jax-Tiger
Posted on 5/12/26 at 8:16 am to Jax-Tiger
This my take.
I have one boy in college and one in HS. Given my moderate success and how tough the world is, I want to be able to give them a hand up if needed. It’s a fine line between having them earn their way vs. being there when something big is needed. The reality is there’s only so much a college aged kid can earn and still move forward with life/education etc.
That said, I plan on having $2M plus and no debt at 60. I just need to ramp my play money IRA returns over the next 5 years so I can afford some toys.
I have one boy in college and one in HS. Given my moderate success and how tough the world is, I want to be able to give them a hand up if needed. It’s a fine line between having them earn their way vs. being there when something big is needed. The reality is there’s only so much a college aged kid can earn and still move forward with life/education etc.
That said, I plan on having $2M plus and no debt at 60. I just need to ramp my play money IRA returns over the next 5 years so I can afford some toys.
1
Posted on 5/12/26 at 8:20 am to notsince98
Erin could get it
Posted on 5/12/26 at 8:31 am to notsince98
I am an Erin fan!
Lesson to share though. I watched half of another of her videos re portfolio size, typical retirement spending patterns by size, and break lines of lifestyle between each. It reinforced everything we have done / are now doing in retirement.
Felt good, so I sat my wife down to watch with me.
Lesson: always watch the whole (not half) of video before “rewatching” with wife.
Erin started on how “we” could be spending 6-7% (not 4-4.7% that is our plan) and earlier than our plan. You would have thought my wife was a CFP citing tax gross up rates we can handle, this and that Erin said…yada yada.
Rookie mistake! Still love Erin. That was on me. Be warned.
Lesson to share though. I watched half of another of her videos re portfolio size, typical retirement spending patterns by size, and break lines of lifestyle between each. It reinforced everything we have done / are now doing in retirement.
Felt good, so I sat my wife down to watch with me.
Lesson: always watch the whole (not half) of video before “rewatching” with wife.
Erin started on how “we” could be spending 6-7% (not 4-4.7% that is our plan) and earlier than our plan. You would have thought my wife was a CFP citing tax gross up rates we can handle, this and that Erin said…yada yada.
Rookie mistake! Still love Erin. That was on me. Be warned.
Posted on 5/12/26 at 8:41 am to SquatchDawg
We have about $105k in 529s combined for both of my daughters ….one is in her upcoming junior year at auburn and the other will be a senior in HS and wants to follow big sis to AU.
That said my wife’s grandfather left educational trust money that helps pay roughly 55-60% of the expenses
We couldn’t do Auburn out of state without it…or at least taking on debt which I refuse to do.
That said my wife’s grandfather left educational trust money that helps pay roughly 55-60% of the expenses
We couldn’t do Auburn out of state without it…or at least taking on debt which I refuse to do.
This post was edited on 5/12/26 at 8:42 am
Posted on 5/12/26 at 8:43 am to Everyday Is Saturday
Could you link that video?
Posted on 5/12/26 at 10:29 am to turkish
LINK
This one, here you go!
Erin talks Money is solid in most of her videos. She has a Bogleheadness in her thinking (for those who care).
We have been / are “enough” people. Achieved a level where have full financial freedom (full ownership of time) and very nice lifestyle (potential, if we choose)…whereby trading more time to achieve even higher level would deliver only incremental impact on lifestyle. So, the present value of time skyrocketed. Early retirement born.
To say, Erin says we can (possible should) spend significantly more than planning, especially before ambulatory-restricted years (much less spending phase of life). My wife liked that part a lot!
This one, here you go!
Erin talks Money is solid in most of her videos. She has a Bogleheadness in her thinking (for those who care).
We have been / are “enough” people. Achieved a level where have full financial freedom (full ownership of time) and very nice lifestyle (potential, if we choose)…whereby trading more time to achieve even higher level would deliver only incremental impact on lifestyle. So, the present value of time skyrocketed. Early retirement born.
To say, Erin says we can (possible should) spend significantly more than planning, especially before ambulatory-restricted years (much less spending phase of life). My wife liked that part a lot!
This post was edited on 5/12/26 at 10:39 am
Posted on 5/12/26 at 10:38 am to evil cockroach
quote:
does this assume your kids are already done with college
If you managed to save $2M by 50, there should be an assumption you understand how to save for college.
If college is going to cost you more than $50,000 per kid to go to school, your kid should probably not got to college.
Posted on 5/12/26 at 10:42 am to DarthRebel
What if your kid wants to go to Harvard?
Posted on 5/12/26 at 10:47 am to Gorilla Ball
quote:
starting early and taking advantage of Father Time made all the advantages vs starting late and trying to catch up with saving more later in life.
THIS!!! From the highest mountain tops and with the loudest decibels. THIS!!!
And get this…there may be a point where you reach your “enough” sooner than you know and can actually quit saving and / or seize the opportunity you earned yourself to enjoy full control of your time.
“I want to reach $X by Y age goal”…good.
“I can now completely control my life with $X and enjoy the lifestyle I want in doing so by Y age goal” (incremental change to lifestyle costs too much time freedom)…better, IMO.
Especially when you factor in ambulatory time of life minus ambulatory-restricted time of life.
This latter option comes with starting early.
This post was edited on 5/12/26 at 10:49 am
Posted on 5/12/26 at 10:52 am to DarthRebel
quote:
If college is going to cost you more than $50,000 per kid to go to school, your kid should probably not got to college.
I used to think this way. I now think differently.
Education is opportunity creator! Not all are created equal. Education (some more diluted than others) + opportunity access (some richer than others) + intangibles such as depth and rigor of network connections can be very different.
The PV of education experiences are just different. Be careful with one sided fits all thinking.
This post was edited on 5/12/26 at 10:54 am
Posted on 5/12/26 at 10:53 am to Neauxla
quote:
What if your kid wants to go to Harvard?
Then they should be smart enough for scholarships, especially at non-Ivy league.
Posted on 5/12/26 at 12:15 pm to Everyday Is Saturday
Yes
And when I retired about 18 months ago both of our financial planners with vanguard and fidelity said stop saving but stick to your budget and enjoy the rest of your life.
It’s odd so the first time since I was 18 I didn’t contribute to my ira or Roth accounts.
And when I retired about 18 months ago both of our financial planners with vanguard and fidelity said stop saving but stick to your budget and enjoy the rest of your life.
It’s odd so the first time since I was 18 I didn’t contribute to my ira or Roth accounts.
Posted on 5/12/26 at 12:20 pm to Neauxla
quote:then I need to have a paternity test done because he likely isn’t mine
What if your kid wants to go to Harvard?
Posted on 5/12/26 at 12:48 pm to NC_Tigah
quote:
For example, if one retired at 50 in 1968, by 1982 the S&P was virtually exactly where it had been in 1968 (~110). Meanwhile, due to inflation, in 1982 it took $2.77 to buy what one dollar would have bought in 1968.
EOY for S&P
1968 - 95.04
1982 - 117.30
Yearly S&P growth
1968 +11.06%
1969 -8.50%
1970 +4.01%
1971 +14.31%
1972 +18.98%
1973 -14.66%
1974 -26.47%
1975 +37.20%
1976 +23.84%
1977 -7.18%
1978 +6.56%
1979 +18.44%
1980 +32.42%
1981 -4.91%
1982 +21.55%
If you had $220,000 in 1968 (equivalent to $2million now), in 30 years it would have grown $8,770,000 in 1998.
Using 4% rule your ending balance would be $2,470,000 and that would be $527,000 in 1968 dollars.
Her math is still checking out, if that 4% is enough for your lifestyle.
Posted on 5/12/26 at 1:02 pm to DownshiftAndFloorIt
quote:
Do yall pay for your kids to go to college? I paid for it myself.
We wont be paying for our kids college, either. It needs to be their choice and their responsibility. They need to own the consequences of choices for good and bad.
Posted on 5/12/26 at 1:49 pm to LB84
quote:
I'm not even 40 yet. I don't expect to get social security.
Why?
SS is not going anywhere.
Posted on 5/12/26 at 2:17 pm to DownshiftAndFloorIt
quote:I paid my way through college. I will help my kids, but I also paid for private school and thankfully they almost have a full ride so my out of pocket will be almost nothing.
Do yall pay for your kids to go to college? I paid for it myself.
Posted on 5/12/26 at 2:39 pm to RoyalWe
quote:
I paid my way through college. I will help my kids
My parents helped as much as they could initially and I ended up paying my way through most of it.
I look at it as I want to do what I can to help them get on their feet as long as they’re doing what they need to do on their end and it doesn’t impact my retirement or future. They both know they have a set amount of 529 money.
Posted on 5/12/26 at 2:39 pm to RoyalWe
Same with us. We pay private school. Oldest got a full athletic scholarship for JUCO, and will come back to LA and finish undergrad with TOPS. We will cover anything that TOPS doesn't cover or rent, but not both. We won't cover anything past undergrad.
Posted on 5/12/26 at 2:49 pm to notsince98
quote:
a LOT of brokerage and Roth savings
This. Also, depending on how much of it is taxable, and what tax rates become the future, that could have a huge impact on said portfolio's potential success
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