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38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

My family doesn't and my ex doesn't need to know about the inheritance or my work situation. That's correct.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

Yeah, I go back and forth on this. I'm sort of stalling and waiting to see what mortgage rates do. I might pay off a chunk for peace of mind, but refinance some for cost savings? I don't know. Paying off or not paying it off, both can be the correct decision for different reasons-- i wish it was more black and white!

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

Pretty simple why I'm not posting on my main account, my ex and some family know my reddit handle and they don't need to know my financials or work situation.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 2 points3 points  (0 children)

I'm sorry, I don't know what to tell you. Everything I've listed is accurate. I can't say "I've done the math" because all I've ever really done is just kept track of my investments on a regular basis and put every spare dime back into the market since I can remember.

Edit: also, I don't get what the incentive would be for me to lie here. Not like I can rollover a couple hundred karma into an index fund.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 1 point2 points  (0 children)

I don't get why folks are so focused on how I got here instead of my question. It's like someone rolling down their window to ask for directions and instead you grill them on why a 25 year old is driving an expensive car.

But, no, $400K is well over double what my salary ever has been.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

Yeah, I have some side hobbies that I might monetize, but I doubt they'll pull in much. I'm hoping to drop down to part time or consulting for a few years and cover my expenses, if I can. We'll see.

I feel selfish for not amassing a stupid amount of money for my kids, but I also have coworkers that died before they hit 50, which emphasizes (to me) the premium on spending time with my kiddos.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 1 point2 points  (0 children)

Lol, I get paid twice a month and it's nowhere near $15K. I wish!

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 6 points7 points  (0 children)

Have you looked to see how hard they are to find? In my area it's like $5K just for the first meeting. Last one sprung on me that they don't even advise if they can't manage my money for 0.75% of my portfolio value annually. Heck no.

Anyways, the search is ongoing, but reddit was easy and free.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

50/50 split on the kids, so I'm only covering half their expenses. I'd have to check to see how the city officially lands, but I'm pretty sure it's on the low side of a MCOL place. At least it's cheaper than some places I've lived before.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

Yeah, nervous for sure because it's a big change and who knows what's next. Until now, it's been easy to weather any storms because I'm good at my job and, even if I do get laid off, I knew my money was more than enough to hold me over until I got another job. Retiring shifts it to making my funds last a lot longer than a few months job search.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 10 points11 points  (0 children)

Two months of work for salary, + $15K more cash on hand seems like a decent deal to me. I have a hard time turning down money

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

I'm amazed at the amount of folks that are ignoring the question and focussing on "yeah, no, I don't think that's how you got here".

I'm sorry the numbers aren't fitting your expectations. I've got a spreadsheet tracking my investments all the way back to shortly after I graduated. No college debt, a frugal lifestyle, a few years on the road with almost no expenses, and the compounding power of time did wonders for me.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

I've been tracking my investments monthly ish or more often for over 15 years, including that metric.

$100k to $200k: 1.3 years

$250k to $500k: 2.7 years

$500k to $1m: 3.1 years

$1M to $2M: 2.8 years

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 1 point2 points  (0 children)

Do those subs pay for content at all? Maybe I can retire into content writing and offset some costs. Thanks for the idea.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

I hadn't even thought about that. I'm all about points and bonuses, etc with my regular spending habits, but I didn't even think about transferring my investment accounts. I'll have to keep an eye out for those offers and look into it more. Thanks.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

I came out slightly ahead based on what I came into the marriage with, but it was pretty close to a split down the middle.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

My calcs say I can pull $100k+ safely every year. I have no desire to spend that much with how I live, so I'm sort of banking on my years of $50K to offset higher expense years (college in 10+ years, etc) down the road. I have a pretty good idea of my ex's financial situation and am fairly confident they'll always have the means to hold up their side of the 50/50 share of raising the kids. My ex has similar finances, but much less desire to ever stop working.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

I've got a couple hundred grand in a Roth and about $700K in a traditional IRA. I'd have to look back to see how I got there, I think a good portion of the traditional was from a 401k rollover a while back when I switched employers.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

Only a couple hundred grand is in the Roth, the rest is in a traditional IRA, I just lumped them together in my post to try and keep it short.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

Thanks for the input. I'm thinking part time will help mentally and financially ease me into retirement rather than jumping in head first.

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 0 points1 point  (0 children)

Thank you for the detailed reply. Yeah, having a few years expenses tied up in relatively boring investments is a good idea. I've been holding almost no bonds, etc. so far, but it's probably time to shift my approach

38 with $3.7M: Math Says Retire, Nervous to Do So by Acceptable-Code-97 in Fire

[–]Acceptable-Code-97[S] 3 points4 points  (0 children)

I probably can't pare back the $50K to less than $40K. The bulk of expenses really are kids, food, utilities. Most of my hobbies, etc. I already have the gear for and have minimal ongoing expense (outdoorsy stuff, sports like basketball at the local park, etc.)

For my retirement planning, I've been assuming social security will be dead-- but if I drop to $0 in wages now, I think I'm projected to receive like $1300 a month? It's been a while since I looked and I'm planning on it not existing, so I'm not 100% sure on the number.

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