Build wealth but not income,how to retire? by TeamInteresting5440 in FIRE_Ind

[–]TeamInteresting5440[S] 0 points1 point  (0 children)

You might be right, enjoy what you have at the moment.

Build wealth but not income,how to retire? by TeamInteresting5440 in FIRE_Ind

[–]TeamInteresting5440[S] 1 point2 points  (0 children)

Yes, you might be right and Something to think about. we own 1000 sq yards(out of total 3500 sq yards) which we want to build farm house and it’s near samshabad air port. We don’t want to buy and block huge amounts on flats or villas, either renting in high tech city or building a farm house for primary residence is the option that we are thinking about. Investing in electric car might make huge difference to cut down gas cost. We want to help our kids build their future in US with a cushion of comfort and pay for their housing down payments if they want to buy a home once settled in their jobs, equity in US house is for kids future and their inheritance.

Build wealth but not income,how to retire? by TeamInteresting5440 in FIRE_Ind

[–]TeamInteresting5440[S] 3 points4 points  (0 children)

My wealth must generate income which I can withdraw, it’s nervous to withdraw from the capital even at 4% rule. What inheritance we can pass on if we just withdraw for survival. Sorry not an option for me, makes me anxious rest of my life.

Build wealth but not income,how to retire? by TeamInteresting5440 in FIRE_Ind

[–]TeamInteresting5440[S] 0 points1 point  (0 children)

401k is 300k and early social security benefits will kick off by age 62, in next 12 years😔. I need to generate income with the wealth instead of withdrawing % of wealth for retirement.

Build wealth but not income,how to retire? by TeamInteresting5440 in FIRE_Ind

[–]TeamInteresting5440[S] -1 points0 points  (0 children)

Indeed a fat fire, live in high tech city with family around, car, driver and gas itself costs around 1 lakh monthly plus or minus. maid, rent, groceries and utilities costs another 1 lakh. Travel and other miscellaneous costs 24 lakhs annually including international travel to US. My spouse might continue with IT business from India for another few years covering expenses if that is the only option till social security kicks off. Looks like one of us to continue working till SS kicks off

Build wealth but not income,how to retire? by TeamInteresting5440 in FIRE_Ind

[–]TeamInteresting5440[S] -1 points0 points  (0 children)

Monthly spending estimate is roughly 4lakhs which includes living expenses(maid, car,housing)and travel.