re: 401K millionaire check-in

You guys need to look into divorce if you are wanting to hit this mark as much as possible. I am going for my third time reaching this milestone.

quote:

---

just contribute to a taxable brokerage account and retire whenever the hell you want

---

Why not "just" taxable brokerage? Because tax drag on dividends and distributions during accumulation and capital gains tax on withdrawals. Instead of being taxed once as income (Roth or Traditional) you are choosing to get taxed twice (income and capital gains.)
Taxable has a role but not usually the most optimal to use exclusively. Besides, you need $ for old age too so why not a tax advantaged bucket too?

ETA: taxable brokerage is also usually very inefficient for rebalancing. For instance when you shift to a more conservative allocation after accumulation phase you'd have to sell appreciated stocks and pay cap gains before reinvesting in more stable assets.

quote:

---

My wife is pressuring me to hire a financial manager. I am wondering what everyone's opinion about financial managers? I have heard stories of managers taking everything from their clients which makes me leery.

---

First thing that came to mind when I saw “Financial manager” in your post was “random uncle/barber” who “manages” some four star kids NIL money for him.

I hate what college football is now but I guess even I go into withdrawal sometimes.

Sorry man, anyway, you and the wife could sit down with a fee-only financial advisor (just pay them for their opinion and you do the rest). With $2M, good chance it would be worth it even if he/she gave you some minor tweak to asset allocations or tax advise.

quote:

---

My question (and some of my skepticism) is this: Why don’t more financial advisors and articles focus on how a person can invest and possibly make money now so that be used now instead of decades later when that person is elderly and probably has much less time to enjoy life?

---

Balance, grasshopper!

Erin Talks Money and Aurie Telaube (sp?) YouTube CFPs advocate for this. Via either retiring earlier than many people think they can, spending more now (or in retirement) than they think they can…like them both! Worth a look.

I advocate time > $. Don’t waste time for nil improvement in lifestyle when many people aim for big number just because. When you really calculate the lifestyle you wish for, many don’t need to trade that time for money that is not needed. Enjoy today and tomorrow.

Can get more $. Not more time. It is BY FAR your most precious asset. Right up there with health that, I find, many people also sacrifice for ephemeral big nest egg $ target.

Time & Health are > $ all day long.

quote:

---

I am 41 with 170k. Am I doing good?

---

You good baw! Just start trapping some neutra on the weekends and you good to go.

I think they raised the per tail price from $5 to $6.

I'm terrible with finances but have hit the 1m mark in my 401, have 1.5x that in home equity, a decent amount of company stock that could go crazy if we achieve what our CEO is trying to pull off, 100 acres pasture land in La that has natural gas under it (signed lease before but never drilled) and a modest IRA and plan to work at least another 7 years.

So nothing too crazy at the moment I could liquidate but let's see what's going on 7 years if any of these things hit.

Checking in. I hit the million last year around November

quote:

---

If your situation is simple you can continue to manage on your own, or educate yourself on any shortcomings. If you need help for a decumulation phase, then sure.

---

That’s where I am. I need another set of eyes on how to manage it in retirement, and I’ve hired a few-only guy to do it.

quote:

---

For all you TSP warriors

---

bought me a merceeds sprinter RV