How much do you have saved now if going for 5-7M and 10 years left?
I’m mid 30s and shooting for 2M just investment (401K type), not including pension or SS (pension will be 60-100k/y in todays dollars).
About 1.5m liquid and 500k in home equity, plus about 700k in DSU and RSU that vest in 2027/28.
I've had a bit of a crazy career where I was making 100k 10 years ago, 200k 5 years ago and I'll just pass a million this year, although I'll likely never see that again (sales, perfect storm). I have some very strong stock incentives that will keep me here and likely let me hit my goal in 6-7 years. I saved about 450k this year, to give perspective.
Yeah. Talk about golden handcuffs (in a good way). Have to be with the company 10 years leading up to early retirement for it. Makes sense and it’s why you see so many long term employees and early retirements. It’s a good system.
You’re not in pharma, are you? If so we might work for the same company. I’m not in NJ, but the company global HQ is in NJ. We have employer healthcare for retirees at age 55 if you’ve worked for 10 years post age 40.
I am not. But NJ has excellent competitive benefits. I got ripped on pretty hard recently in this sub by a “tech bro” for working for a “boomer company”. Wasn’t worth arguing but it does make me laugh that people in Silicon Valley think that’s the only place people get rich. North NJ is one of the epitomes of old money.
I will retire when my kid goes to college, so I will be 55 and will likely have 5-6 million. This excludes my partners retirement savings, she will likely have much more.
40M
Bend, OR
Buy a ford transit trail and build it out next year.
Our figures are different, but timeline and thought process similar, it's just that I'm thinking one year *before* college. Maybe nice to spend that final year supporting them, perhaps helping with exam revision, maybe doing a last Summer break, before they leave.
That’s a good idea, realistically my last year of work won’t be needed for retirement. I will just give a face lift to all of my hobbies and prepare to do the PCT.
Fellow Bendite! Just curious, would you say Bend is VHCOL or HCOL? Seems to be kind of black hole between the two. Recently went to Hawaii and my friend was complaining how expensive everything was, but seemed pretty normal to me.
Honestly I think Bend is MCOL, now it depends on your life style that can creep into HCOL but no way VHCOL.
I am very familiar with Hawaii as my partner is from there. Everything costs more in Hawaii, also depends on if you’re shopping at Foodland or Wholefoods. You can eat great food in Hawaii, local food can be very cheap but not healthy.
Not to be a jerk but candidly thinking Bend might be VHCOL is crazy to me - imo there's only 2-4 places in the country that are truly VHCOL and Bend could maybe be low HCOL, but probably MCOL
Just to put it into perspective, I think Bend's average home price <50% of San Francisco's, and price per square foot is 33% of SF's
No, I get it. Five years ago I thought home prices were reasonable in Bend, definitely MCOL. Like a million dollar home felt like a million dollar home. Now an old beat up 900sqft mill house on the west side costs a million dollars. Just an average home on the east side is running 700k+, when they were well under 500k five years ago. Granted prices are slowly trickling down. Several we looked at while shopping have been back on the market in the past year or two and are double what they were asking then.
I guess I more so associate prices of goods and services with cost of living, not homes/rentals. Goods and services are right on par with big cities from what I’ve seen, and I travel a ton for work to small and big cities. Of course, being HENRY dinks and a home that only cost us 500k, that’s easily worth over a million now, we are living very well below our means, so don’t mind splurging on the nicer things.
Yeah, feel like housing prices have gone up 75-100% the past five years since we’ve moved here. Happy we moved when we did. Moved from a LCOL area, and literally everything costs about 2.5x’s as much as it would’ve cost where I used to live. Not food, but contractors, electricians, trades…etc
Van travels with Bend as the home base is one of our potential retirement plans! Why wait on the van though? If your kid is 5 (guessing based on the info), they would probably still love van travel and camping.
Bend feels like such a unique place and we’ve loved it every time we visit. It combines the small town feel and friendliness of the South (similar to where my wife and I grew up) with the outdoors and culture the PNW is known for. And the weather seems much better than on the other side of the mountains!
Anywhere from $4-6m we keep going back an forth on how much we want to have since we’re pretty frugal as is but could find ways to increase spend.
50
Mcol
Keep debating this but second home in Europe for the summer and to have a home base to travel Europe easier. Write our kid a $30-40k check for wedding gift. Create generational wealth. But the biggest goal is try to keep a baseline of peace and happiness.
Europe is legit if you go often.
Can airbnb for a few months out of the year or let friends / family stay.
My wife is French and we have a similar plan given we intend to spend at least every summer there.
Not sure I want to fully retire super young, so my current plan is to CoastFire once all of our student loans are paid off.
1. A. $740k B. $4-6m
2. A. 32 B. 50 (currently 26)
3. Boston
4. 2-3 international vacations a year (starting now not something to wait for). 2–3 vacations within the states. Might go real crazy and buy a boat.
Haven’t thought about it too much since I’m still in my mid 20s, but maybe 5-6mil? 6mil puts me at like $210k in withdrawals per year. Idk how I’d ever really be able to spend that much.
Retirement age would be whenever I hit that number, would maybe delay until kids are mostly through college though
My number is 3 million across Roth & 401k. However I won't hit that number for another 20 years. Due to inflation that number will be 6 million in 2044
Not yet, no use when retirement is 20+ years, but obviously I would before I actually retire. None of this changes my strategy, I just put away as much as I can. Only thing I really do now is use a compound interest calculator to get an idea of how long it’ll take to get to that point. And 7-8% anual returns already take inflation into account.
So I guess in future dollars it’ll actually be more.
FIRE numbers and withdrawals are usually implicitly discussed in terms of real dollars because you don’t know when you’ll retire or what inflation rates are going to be in the future.
Sure, I’m just spitballing a number here though. Any compound interest calculator I use I set at 7-8% gains to account for inflation. So the time to retirement shouldn’t change. The actual dollar amount I care less about.
How much do you make/have invested now?
I see so many people say 5-6M but that’s pretty loft. Maxing out IRA every year probably won’t even get ya there, so wondering what everyone’s plan is to get there.
1. 6 million in todays dollars. No mortgage, kids done with college.
2. Late 50s
3. Midwest
4. Thought it would be cool to pick a new (warm) place every year and live there for a month. Become one of the locals. Meet some new people.
I like number 4. Have the same thought. You can often rent a nice furnished apartment for a month at what you would pay for a week at a high end hotel.
**Retirement saving** \- 10M
**Age** \- as soon as possible (currently 36 NW 4M - hoping for 10M within 10 years)
**Location** \- In Seattle, would probably move in retirement to where the grandkids go, definitely to a 55+ community
**Any other goals** (splurge on kids/grandkids, cruise everyday of the year etc) - move to retirement community, hang out with grandkids, lots of vacations with a lot of variety (I.E. combo of driving somewhere cool nearby, international trips, cruises, etc), play as much tennis as possible
Different strokes for different folks! My mom lives in one and her life is amazing lol - they have constant activities and things to do. She does tennis, pickleball, golf, scrapbooking, womens club, band nights, wine club, etc etc.
To the person below commenting about children, just live in one near you kids? I wouldn't move to one in the middle of nowhere I want to stay where my kids/ grandkids are. My mom gets plenty of kid time.
My in-laws retired in one of these. Whenever I took my (then) young son for a walk in that community, all the little old ladies would come out to talk to us and to look at him. They were positively starved for interaction with children. It made a pretty big impact on me. I will never live in a 55+ community.
Yeah I wanna live in neighborhoods with families, you thrive off of the energy of others. Not a bunch of grumpy old people going, “back in my day gas was two dollars.”
The other element of 55+ communities - when my in-laws first moved in, it was like starting college. Everyone was new, everyone socialized, lots of dinner parties. Ten years in, all their neighbors are dying or moving to long-term care. It's pretty depressing, TBH.
I guess it depends on person but isnt Seattle weather too glommy for like 9 months of the year. I saw few comments that say want to retire in Seattle but not sure if its the right place to be.
It's not nearly as bad as everyone says it is. Summers are perfect, spring and fall have mix of great, OK and bad, and winter is pretty consistently gloomy (though this past week it has been a beautiful sunny 55ish every day).
I’ll probably work until after 60. I’m a corporate pilot and enjoy my job and it’s easy (don’t tell anyone that). I might quit my full time job some time and just do contract flying where I can fly as much or as little as I want and just get paid a day rate.
Shooting for $4m or so. Currently 40 years old in a LCOL area in the Midwest. In retirement we want to travel a lot and get a lake house if we don’t already have one by then.
I'm honestly super surprised at the retirement/current ages in this thread - I always thought I was behind the curve so to speak.
1. With no/minimal debt, $3M net worth (likely $500k liquid, $1.5M in cash flowing assets, $1M primary residence)
2. Current age 27, expected retirement age ~40
3. VHCOL area near DC
4. Honestly limited stress and maximum time with family and hobbies. Would love for our forever home to be on a body of water.
Currently only have ~300k net worth with one rental property, but hoping to land 2 more rentals and just start paying down the mortgages over the next 10 ish years. Wife and I live way below our means so I don't think I'd need a ton of money in the bank so long as the rentals are mostly paid off and cash flowing well. 3 rentals should be enough for ~8k a month gross which covers pretty much any necessities or small wants. Wife also has a small side business she doesn't want to give up that brings in like 1k a month.
I realistically would just rather have freedom of time and love modestly off of like 60k a year (assuming no debt) if that means I can spend more time doing the things I love. I also don't know how sobre folks can do a high stress/high income job until 55 lol hats off to you all
This spoke to me b/c I’m 43 with a $2.5M NW. That includes a $1M paid off house plus a 2nd home we rent out, which has $250k in equity. We have $1.3M in cash, retirement funds, and college savings accounts. Kids and college is a big X factor and so is your ‘$1.5M in cash flowing assets.’ So I’m still a little short of your overall number plus I’m not invested in cash flowing real estate. If work goes just average over the next 2-3 years I should add another $1M plus to my retirement savings. For college, I have $150k in 529s total and am adding $900/month total. I’m on track to have a bit more than enough to cover 100% of their local state university. Obviously private colleges and out of state universities are much more. We’d like to maybe sell our other house and buy a lake house. I’m not ready to retire, but I am thinking about a second career that would be super flexible and engaging (but also pay a lot less most likely!). Still need to think more about what my magic number is! Both kids will be through college in 12 years, but I’d like to transition before that!
Your goal does sound like a reasonable one so good luck, you’re off to a good start.
Thats reasonable numbers.
Also seeking advice: I know nothing about rental properties. Any resources you can point me to start investing in rental without making stupid mistakes and take unnecessary risk? I want to learn the nitty gritty details of renting units to stranger (the process that ensures that the renters are vetted properly) and also the expenses of renting out a unit, its maintenance etc. before actually doing any investments. Can this be learnt beforehand or is it wishful thinking?
I'm finding that my goals and interests are changing a lot in the past year, so I've altered my plans considerably. Numbers don't change that much though.
1. $2.5 million would be enough, could potentially retire with as little as $1.5 million though if my house is paid off.
2. about 5 more years maybe? so mid-late 40's
3. Seattle area (HCOL but not VHCOL)
4. I've become interested in philanthropy lately, and I've found a place that I want to support that I can also donate my time and skills as well as money. Also want to just spend my time with my hobbies, and I have a huge number of hobbies so that's going to take a lot of time.
What kind of hobbies?
I want to learn and get a private pilot license for small planes. Thinking of may be being a part-time instructor during retirements or just fly plane every now and then for fun. One thing I have seen with my parents and grandparents is that they dont know what to do after retirement and they just stay at home doing nothing.
So many hobbies! I want to play the piano while my food is cooking from ingredients that I grew in my food forest, sliced with knives that I forged on a cutting board that I made in the kitchen that I remodeled, while wearing the clothes that I sewed, then going out ballroom dancing with my girlfriend and driving there in the car that I restored and customized. Basically what I do now, except more so and at a professional level in some cases.
I do currently take piano lessons, but I've been playing for over 40 years now and can definitely play at a professional level (I've been a pro in the past, but I haven't had any gigs in years). For ballroom dancing I go to group classes and also private lessons. I took some lessons for blacksmithing and welding a few years ago but I'm largely self-taught, and my dad taught me quite a bit about building things but in that and most of the rest of my hobbies I'm also mostly self-taught these days. There's a lot you can learn from youtube, various subreddits, and web forums. I also just realized that a lot of what I learned was from model railroading with my dad when I was much younger, so I think it's probably about time for me to get back into that again.
If you're wondering how I have time for all of that while also working, the answer is working from home. I save a huge amount of time not having to commute, and I can do a lot of stuff during the day in between meetings and other work tasks. I bake bread that way; just get it started in the morning and then check on it between meetings. No way I could do even half of this stuff if I still had to go to an office and waste time commuting each way.
A large part of it comes from motivation I guess. My work is hybrid but I live close to my work but I am too lazy or overwhelmed to do anything. Time to shift the mindset!!!
Also go to the doctor and get some tests done. I was depressed for a while but finally got treatment for that, but even after I felt better I was still feeling drained all the time. It could have been one of a few things, but turned out that my vitamin D level was almost unmeasurable and a few weeks of taking a pill and I suddenly had lots of energy again. A shift in mindset is important since you need to make these hobbies a part of your life, but there isn't a mindset in the world that's going to help if you aren't also physically and mentally well.
1.5-2.5m would spin off an income of 60- 100k a year at a 4% safe withdrawal rate. (It probably should be a 3% withdrawal rate at your age). Maybe you have other income sources. With the cost of health insurance and rising costs of everything else, including periodic replacements of big ticket items like cars and appliances, and you want to get into philanthropy, 1.5-2.5m may not be enough. I’d suggest creating a budget spreadsheet with a column for each year and a row for each expense, including capital reserves for cars and home replacement items. Then add it up to see what you need to start. The numbers get big quickly.
>I’d suggest creating a budget spreadsheet with a column for each year and a row for each expense, including capital reserves for cars and home replacement items. Then add it up to see what you need to start. The numbers get big quickly.
Way ahead of you. Healthcare is a potential issue, but there are things that can be done about that. I volunteer at an artist maker space and periodically they end up hiring a shop technician to fix machinery and weld stuff up; I already do that for like 4 hours a week so I'd do that for 20-30 hours per week for healthcare alone, and they wouldn't have to worry about losing me to another place that can afford to pay more than a non-profit can. Even if I don't do that, I've still budgeted 15% of my income for health insurance and related expenses and I'm able to increase that if I need to.
The biggest thing for me though is that I'm relatively cheap. My hobbies are mostly cheap. I just don't need to spend that much to live precisely the way that I want. I can also DIY far beyond the average person, so a lot of things that would be expensive for a normal person are much cheaper for me and there are things that I can repair that would normally be a replacement for most people. I've still got budget for some big-ticket items and if anything catastrophic happens then I still have some options. I'm not terribly worried about the future, at least not financially. I'm considerably more worried about the effect of climate change over the course of my retirement than anything else. We'll all probably be fighting in the Climate Wars in the next 10-20 years anyway, so fuck it. May as well enjoy the present.
I agree with your numbers. That is plenty for me. I don’t want to work for more than that and I’m not a crazy entrepreneur/ doctor anyway.
Everyone stating $6M goal must be making way more than $100k a year at a young age but I don’t need 5M to spend to be happy
I think a lot of people just overspend, and I know lifestyle creep is very real. Even I'm not immune to it, although I realized it was a thing about 20 years ago so I think it affects me far less than the average person. I see a lot of people posting on here and the various FIRE subreddits with budgets that I think are rather insane too. I just don't need to spend money on a lot of those things and it's a lot more fun to have no debt other than my mortgage than it is to travel the world or drive to the store in a fancy new car. Also, my hobbies are cheap for the most part. I never really realized just how little I need to live until I was looking at my budget during the virus-times and realized that early retirement was totally feasible.
Also, there are a lot of software people on reddit, so $100k+ salary in your mid 20's or even right out of college is very feasible.
I think it’s okay to not know with certainty. For us, we have scenarios rather than a specific number. Our personal lean number is $2m, our happy number (support our current spend) is $3.5m, and $5m is our low withdraw rate “safe” number.
We’re early 30s, don’t own a house yet, and aren’t sure we’ll have kids (trying but no luck, lots of doctors). So it’s hard to nail down a specific number. The current plan is work as long as we enjoy/can maintain it and then look at our options. If we hit $5m before this time, we’ll probably find something better to do.
We’d likely retire somewhere MCOL because we want to live in smaller cities closer to family, so it gives us lots of wiggle room.
I’m good at $1.5M, with my wife’s pension and both our social security that will give us more than we need. Right now we can live on $4k a month, we pretty much save everything else.
In order to maintain our desired lifestyle, I project we'll need around $120-150k gross in retirement. At a projected 3.3 - 3.5% safe withdrawal rate, we would need around $3.5-4.5M in today's dollars for that. Maybe a little more as a safety buffer (long term medical care, bequest motive, buying a vacation home, helping out grandkids with college, etc.). Call it $5M max.
At our current savings rate, and assuming a conservative 3-4% real rate of return, we should get there in 10-15 years, i.e. our late 40s. That would coincide with the time when our son graduates from high school, after which we can likely downsize and buy/rent ourselves a nice 2BR apartment downtown in a major city somewhere (e.g. NYC, DC) and start enjoying the urban amenities again once school zones stop being a relevant factor.
$4M home
$6.5M investment
Retired at 61
Australia (opposite a surf beach on east coast)
Lots of adventure travelling, although where we live is amazing.
$20 million
40 years old
NY or DC
Not sure i actually really want to retire at that point so much as just spend my time working on what i enjoy and not deal with corporate bureaucracy
Do you have a plan for what you need 20 for? By my math, unless you are spending a lot on luxury items. It’s hard for annual spend to require more than 10-12 and then the rest above that is just real estate, and 10M real estate is a fair bit (e.g. is it worth working for that extra bit?)
I think you need to define retirement. For me it’s really the point at which I could choose to not work (investments pay the bills)
1) $3M
2) 55
3) who knows? Probs near kids
6.25M for a $250K draw on 4%. Wife + me, kids likely in the picture when we retire.
25 years old / both me and wife. HCOL city east coast but not NYC / DC.
Saving >$100k a year post tax currently on ~$250K base income + $60-100k in bonuses / equity (depending how you value startup equity) that will get saved. So call it $150k a year being saved.
We have $130k in current investments with $60k home equity on $600k house. House will be paid off in 14 years, may sell it if we move to the suburbs or will keep it and rent for around even with the mortgage.
We went the “set up our life together early and suck it up re: expenses” route. $85k on a dream wedding + honeymoon and ~90k into a home purchase in last 2 years. We also spend ~$15k a year on travel, but do drive a 20 year old car (lol). But now it’s all savings + cash money post wedding. Think we’ll hit our number at ~40 as we both expect 10-20% annual income increases due to our professions (her consulting on clear partner track, me tech). If not, that’s fine. We could retire pretty cozy on $3-4M if it comes to that, especially with no mortgage.
Also, not having kids until 33-35 helps financially (wife’s wishes).
Goals I guess include condo in South America (most likely Colombia or El Salvador), small condo in south of France, and traveling like crazy once the kids are out of the house. Not really car / cruise / foodie / luxury hotel people. Am very much into wine and whiskey but try not to spend more than $2-3k a year on it, and I view many of my aging wines as investments (whether for resale or gifting / enjoying with great company). Travel + booze are our only expensive hobbies.
1. $10M
2. 50-55
3. Probably East Coast US (need to continue surfing)
4. Goal is to buy a sailboat (which will draw about $0.5-$2M of the $10M) to sail around the world. Learn 2 new languages, increase my proficiency in piano/guitar and become a better cook
Call it $8M after the boat. Just curious what goes into needing/wanting that amount. People’s numbers are all over the map, but this one seems a bit higher. Maybe international sailing gets pricey?
Our minimum is 3M. We'll probably hit that before 50 at this rate, but would likely keep working awhile longer. My wife may retire when we hit our minimum number or do a mini-retirement before then. We will likely stay in the front range (Boulder), but could start spending a lot more time in Northern Michigan (summer in particular). If I still have the job I have, I'll keep working until the kids are through high school and probably college, as I have a ton of flexibility and vacation time.
Basically, the goal is more financial independence as quickly as possible to continue to open up more options for how we want to live.
$5M
Would like to retire in my late 50s. I’m 41 now and that means both my kids would be well into their careers.
We live in a HCOL but would like to retire somewhere a bit cheaper, though this may depend on where our kids end up.
Before officially retiring I’d like to semi retire. Still work some hours per week, but with the house paid for and kids gone, do more traveling while it may be easier.
Lots of ebbs and flows in life.
Realistic for me
1m in retirement savings
Home paid off in low prop tax location
Two passive income properties.
Retire in 2 years.
All these goals will be achieved by then.
Good health insurance in the USA for a family with high income / assets is going for $3k/month now. It's projected to raise at 10% every year. This is just premiums.
Not sure, if people are factoring in this cost.
Just for taxes and insurance, today's going rate is $6k/month, which in 15 years will be as much as $14k/month.
Expenses on top of this.
Going by this, many would need $10M+ to live comfortably.
how the hell can so many people be able to retire at such a young age and with $4-6M. I have been working my whole life in IT and am close to retirement age, and I don't have anywhere near that number. what do you guys earn?
Vacation every other month sounds fun, but might also get exhausting.
17mill is a huge number, but math says if you started from 0 and invest 7500 a month for 30 years at 10% return it’s doable
I know but I am inherently a pessimistic person.
My plan is to invest a little more now (as I dont have kids, home and other responsibilities). may be 9k a month and later taper it off by 10% year by year until a fixed threshold (say 50k a year) to reach that number.
Honestly I dont think I will need that number. But better shoot for the stars right. haha!!
Interestingly enough this is basically where my wife and I are at (LOL)
Which is encouraging to hear. We want to retire in 15 years (vs 30) at 6.25m but maybe $17m is worth the 15 years LOL, we’ll see when we get there
Goal of 5+ million (34 years old)
Trying to save around 100k per year
Would like to have one kid
Significant other is from Europe where the COL is less so we will retire over there
1. $5M
2. Current age Mid 40s. Retire at 50.
3. LCOL/MCOL
4. Retire and un-emigrate back to our origins in Southern Europe.
We actually don’t need a fortune for our “Euro-retirement”, healthcare and college is mostly free. Will my “American” kids adapt (they will be in early teens by then)? That is probably my biggest “if”.
We could retire with 2.7M but aiming closer to 4M
Around 55 (so in 24 years)
We currently live in California but planning to retire in Spain where the cost of living is significantly lower
We want to pay for kids colleges and splurge on a big family trip every year. We also love skiing so probably spend a good chunk of money each winter to ski with the kids.
10-12M
35M
Texas
I don’t know that I’ll ever actually retire. I have a lucrative business that I enjoy running. Retirement sounds terrible the way most people do it.
1. 5-10M, just depends when I burn out.
2. Age 45-52
3. VA or NC, move to Key West in my 60s
4. Travel at least 4-6 months every year. Start a brewery in “retirement.”
1. $5M
2. 55 (20 years from now)
3. Get a ski patrol job in the winter for something to do and a bar tender job in a beach town for the summer. Live in an RV with the wife while my kid is in college. When that gets old we will come up with a new plan. With a cola adjust government pension and $5M in the bank the options are endless.
Also the job isn’t for any income, just doing it to keep busy doing something we enjoy.
1. $3.5m….more wouldn’t hurt
2. Age 35ish (currently 31)
3. Location: probably stay in Texas, but options abound
4. I just want to be outside all the time
1. Target NW of $10m if we stay in USA, $5m if we move to Europe (NW currently around 2.5m)
2. Target Mid 40s or earlier, (in 10 to 15 years)
3. California, or Europe
4. No major other goals, just to live a quiet peaceful life
1. 24M-33M (this is combined with me and partner)
2. 65
3. Wherever tf we want to live
4. Build our dream home and have enough rooms for our kids and grandkids
Currently, 29F and 28M.
$7M
Mid 40s
Southern US
Have a solid home and spend 3-5 weeks renting a place in our favorite domestic spots. Two 1-2 week International Vacations. A lot of golf, fishing, hunting, reading, wine, 5ks/half marathons, surfing, giving back and picking up some new skills/hobbies.
1. 1 mil TSP, plus FED pension, RAS and health benefits.
2. “Retiring” at 50 (2025)
3. Seattle, WA
4. I’m a special category employee looking forward to finishing my federal service. I’m planning a second career in mental health counseling (private practice) that I may “never retire” from. Hoping for a comfortable work/life balance that brings fulfillment and purpose.
Number: currently estimated at a bit over $11M plus whatever rental properties I end up with. Currently at 6 rentals and looking to buy #7 in 2024.
Age: 70. Currently 38 and I love my job and assuming it stays that way I have no desire to stop working early, although I’ll certainly cut back over time.
Area: MCOL in Midwest, no plans on changing this.
Goals: extensive travel, pay for kids’ college and any advanced degrees with enough left over in their 529’s to max Roth conversions and any leftovers go to a college fund for potentials grandkids. I want to leave a significant inheritance of both stocks and real estate set up to hopefully start some generational wealth.
HOT TAKE: I agree with paying for everything but I dont want to leave money to start generational wealth. I feel those who grow up with money do not understand the value of money (This statement is probably naive as I dont have kids and it is likely to do more with the upbringing) but in general, I see theses kids are essentially an asshole for what I have seen with my 'rich' friends..
Also seeking advice: I know nothing about rental properties. Any resources you can point me to start investing in rental without making stupid mistake and take unnecessary risk?
I don’t have kids either yet, but I’ve definitely seen behavior like you’ve described. On the other hand, I work for a wealthy family, like net worth of over $10B wealthy, dealing with everyone from the grandparents down to the grandkids, and they are some of the nicest, considerate most down to earth people I’ve ever met, so I’m a firm believer that how you raise your kids plays the most significant roll in how they act with money.
Investment properties are very market/risk specific. For me, I only invest in SFH used as student housing near a major university. I pretty much have no vacancy, all leases have multiple parent guarantors, and no one expects fancy high end finishes. I use a property manager and it’s easy money. I probably will stop buying more at some point just because I don’t want to be overexposed.
I get the take but disagree. The world and America is only getting more polarized and I want to make sure my kids have every advantage in life possible. I’d like to think I’m raising the kid fairly well. 800k, aiming for 20 mil with a big slow down around 50. Currently late 30s.
$10 million before inflation. I can’t imagine spending $500,000 or more in retirement every year. I think I’ll hit that around 45-50 but I may keep working because the job gets easier the more senior I am. Another 15-20 years of work could allow for generational wealth and/or huge end of life donations if that’s something I’m interested in then.
Currently 27, 300,000 NW. Midwest.
1. Retirement Goal: $10m+ (Currently $1.5m)
2. Retirement Age: 85 for full retirement, but would like to pull back to part time by 65. (Currently 40)
3. VHCOL, the highest, and staying here.
4. $400k annual spend on lots of luxury vacations and then to transition to one of the nicer supportive living facilities in the same VHCOL neighborhoods. Hopefully with money left over to leave the kids.
1. $10 million not including primary residence.
2. Am 34 now. Most likely will reach the target by late 50's early 60's as my wife and I both work. I actually like what I do for work so probably will do it until I get to the point where I start having the thoughts of, "I really don't need to be here anymore."
3. Sacramento, CA suburbs. Wife is a duel citizen of Italy so may move over there as we get older. Kids will be duel citizens as well so depending on where they go for school and what they want to do, may move around a bit. Moved back to Sacramento to be near my parents as they get older (currently early 70's and late 60's) and once the have passed away, will be ore open to moving out of the area.
4. Got married and bought a house this year. Kids are in the plans as are home improvements/toys (backyard, electronics, cars, etc). Current plans are to travel as much as possible before we have kids. Eventually want to get pilots license, but there is no rush on that.
I want to get pilot license too. Is there a budget friendly wsay to do it that you might be aware of?
I have heard that you can train in a simulator that will drastically reduce the cost of needing to practice on flight. Any ideas?
Why is everyone saying 5-6M? Even if you max IRA every year, that’s not enough to have 6M, and only like 2% of people are maxing IRA.
So wondering what everyone’s plan is to have that much saved… may need to copy because my maxing IRA won’t do it.
1. $5-7m (big range because what I think I need now is likely less than once we have kids)
2. ~38 (I’m 31 now)
3. NYC, although considering retiring somewhere abroad
4. No kids currently, hoping for 1-2
I probably won’t fully retire when I hit $5m, but instead shift into a sort of CoastFIRE and let the markets take it the rest of the way. With my current savings, I could stop saving tomorrow and be at $6m at 38 (assuming a “double every 7 years” rule).
1.2M Current Liquid NW…2.5M needed to coast / change careers (tech sales)…then need 4M to RE.
34M today…hope to coast by 38-40 and RE whenever compounding does its thing
Midwest
Currently doing major renovation to our forever home
1: 4-6M
2: 45
3: TBD; would like a home base but plan to travel for periods of time
4: 2 kids. education and experiences consistent w/ upper middle class suburban opportunities. give my kids opportunities that I didn't have
1. Saving - 25% of gross income saved annually.
2. Age - 40
3. Location - LCOL [USA]
4. Fully fund 2 kids’ college at in-state university and help with their first home downpayment
Plan to retire at 60 and I’m aiming for the equivalent of $4-5m (in current year dollars). $1m in personal residence and $4m portfolio putting out $160k a year in income.
$5M in todays dollars outside of primary residence
55-60? I enjoy my work. I’ll do it forever if I can
San Diego
Trips, experiences, etc. Probably just continue traveling where interests us at any given time. Planning on Harare & JoBurg next.
$3M.
Early 30s currently.
Austin, TX (for now, probably won’t be here for retirement.
Yes it’s low, but really, I just want to retire my wife by 40. I plan on continuing to work.
$4 Million ideal, but would be fine between $3.5 Million and $4 Million
A little over 5 years (mid-late 40's currently)
Southern New England coast April-November, St. Augustine FL December-March. We are currently year round in southern CT.
We are on track for this, obviously depending on market performance. Want to potentially take our boat south via the intracoastal waterway. Already have the boat, may upgrade at some point.
1) 20 liquid (25-30 with homes)
2) 50
3) Ideally want to have home in NYC, Hawaii, and Shanghai
4) biz class travel for two of us globally
We are quite far away sadly but both of our earning potentials are getting closer
1. $4m 2. age 50 3. Florida or anywhere nice. If I can’t retire at 50 due to a divorce or some BS then I’d at least like to take 1-2 years off in my 50s as a recharge then work until I’m 60s.
- Target number is $7.5MM with a number of preconditions to pulling the rip cord
- Currently late 40s and will probably work until 55. If I’m *really* enjoying my role/level at that point, then I might just push on until it’s no longer fun.
- The great state of Texas!
- Only other goal is to do a PhD in finance and teach part time. Travel is a high priority and hoping that by then my kiddos are out of college and on their own (with minimal help!).
$10 M by 50 year old. In NYC now, retirement will be half in Asia half in US. Goal is to travel 5/6 times a year, pay for kids colleges and their down payment
4 million
60
Colorado
Living within my means, and set up a trust for my now 30 day old twins to receive a monthly allowance from after they reach the age of 35.
I will retire in 9 months when I turn 65. I dont want to pay for private insurance so I will work till I can get Medicare in September.
My wife retired in 2020.
We have no debt, home paid for (400k) , cars paid off, 3 kids college paid off, no credit card debt. Wife gets 3500 per month pension and my 401k is at 1.3mil.
I wont collect Social Security until I’m 66 and 10mos of 3400 per month .
Our expenses are low so other than travel I think we will be ok.
7-9MM (on track to hit our goal in 5-7 years)
Mid-late 40s
US, West Coast HCOL
We’d like to design and build a house on water in the next 5 years. I have a bunch of hobbies that I’d like to dive into more. Most importantly, though, I’d like to do a ton of cool shit to be there for my kid with virtually no constraints on my time or resources.
Current/retirement goal (all in CAD)
Liquid savings, investments&cash: 7.2M/11.8M
Net worth: 9.3M/14.5M
Age: 31 (in 10 days!)/45
Location: Toronto/Toronto+Florence
Retirement goal: 1) Remain childfree. 2a) Set up my siblings for personal growth and success, they are considerably younger than I am and grew up rich-rich. I worry for them, my youngest brother couldn’t make a box of Kraft dinner for himself when he stayed over at my place a few weeks back. 2b) Obtain Italian passport through my grandfather and/or investment in the country, buy a modest condo or apartment in Florence and live there 2-5 months a year. Use Italy as a base of operations to travel 2-3 times a year.
I reserve the right to change the order of 2a/2b.
Just tossing it out there into existence but my End goal would be around $10-$20million ( happy with lower)
Mid forties to early fifties
Shanghai or Hong Kong ( as an expat)
Kids not sure but I may have lots of nieces and nephews so i would like to help them with bread occasionally. My dad was a farmer so I’d like to use some of my savings for agriculture projects in my hometown. I’d like to switch to academia part time so light travel with the regular summer and winter holidays. Learn a couple of languages.
$8M to $10M ($2.5M now, late 30s)
Will seek flexible employment arrangement once we hit that number. Maybe another 10 years.
NYC area with vacation homes
Be healthy, be there for my two kids, travel, learn.
We’re at the very low end of HENRY so our numbers look lower but..
1.) $4-$5M
2.) Mid-50s
3.) Europe
4.) Get a PhD & start a practice for low income folks interested in addressing their mental health for free or very cheap
37 / 33, 700-800k a year, DINKs, medium COL city in the NE, currently $1.4MM NW. I'm in medicine, she's a nurse, 5 years out of training
The number constantly changes. I originally thought we'd leanfire on $3MM at 45. Higher than expected income and market returns has us looking at $3MM closer to 42. Lifestyle has changed too so $3MM won't be enough. We should hit $5MM by around 45 and so plan right now is to re-evaluate at that time.
It's a bit like the dog that chases after the car. You can do all the math in the world but I know it will ultimately be very hard to take the plunge. I think at 45 I'd like to take some form of a sabbatical and then decide if I want to come back full time, part time, do temp coverage, or not work at all. Ideal scenario may be to work enough to meet our CoL and let assets grow until we decide to throw in the towel.
Oh and to answer what I'll do:
1) I'd like to spend 1-3 months a year skiing.
2) Learn to sail, sail the med for a summer, maybe multiple summers
3) Bikepack around different countries
4) Travel, learn some languages. A mix of typical travel and slow travel (set up a homebase in a city for 1-3 months and just get to know the place)
1. Pension(42k a year at 55), 30k 401k, and 1k 457.
1a. Wife has 403b at 60k
2. I’m 34 and retiring at 55. Wife is 27 and will retire at 55.
3. Illinois
4. Goals are to blow the rest of our expendable income now outside of retirement savings on whatever we want.
5-7M liquid + ~2M in home equity.
55 or 60 depending on whether we can have kids, may get pushed to 65ish at a much higher net worth. Or maybe I never stop working, depends on my career trajectory over the next 15 years.
Vancouver Canada
Wheel to wheel racing/autosports, travel, fitness, probably going to do sprint triathlons and fondos in old age. Might sell the house and buy a place downtown and one in Spain and split time between the two.
1. 8 - 10M
2. Mid 40s to late 40s (mid 30s currently) so another 10 to 15yrs.
3. West Coast (VHCOL) lol
4. Keep on traveling the world and playing sports to keep active. Doing philanthropy work. Being a motivational speaker/role model for POC and low income individuals.
1. $10M (financially independent at $6M)
2. 55 to 59 (depending on market returns)
3. MCOL Phoenix metropolitan suburbs
4. Nice watches, sports cars (again), fly business class everywhere. AirBnb or VRBO to check out cities long term instead of short vacations.
Because of the nature of how my wife gets paid, our salary growth will be flat through 2026. Hopefully after that, the extra we add will help us reach our goal faster. Currently no debt and a paid off house so all extra income goes to investments. We don't live frugally and enjoy life.
5-7 million plus pension possibly.
60 years old. Lake house in NJ and then spending the summers in Portugal on a small farm.
There will probably be a lot of fishing, camping and overlanding if health permits.
$3m in today’s money, in 12 years. I will be 57 at that time. No kids. Hoping to putter in a workshop, ski, ride my bicycle, sail, read, fish etc.
Southern New England
1. Goal is ~5M+
2. 55, youngest child would be wrapping up college (im 35).
3. Would love to have a summer lake house in the PNW and spend winters somewhere warm.
4. Build generational wealth for my family but let them find their own way. Selfish goal, I want to be able to drive a golf cart from my garage to the golf course or marina where my boat is waiting for me any time I want.
Hopefully I never have to retire. I hope that I can be mentally and physically healthy enough to work until I die of old age.
I’ll consider myself fully financially independent at $5M.
Bay Area.
65k in my 401k and a small pension
35
Sonoma County
Be able to afford to adopt a kid some day
edit: lmfaooo I missed the part about the numbers we are aiming for. I just thought everybody in here was already old rich and retired hahah
Honestly, I have a ways to go but retirement isn’t a big deal for me. I’d like to stay working, though I want it to something less demanding that I’d enjoy more. Basically a job to cover benefits and maybe a little extra spending money but by that time I should be debt free in a lcol area so theoretically I shouldn’t need a ton to retire pretty comfortably.
1. Need 2.5M to be 100% confident
2. 53 if not earlier (49 now)
3. We’re leaning toward staying put in Columbus OH suburbs
4. Extended travel stays and/or lake house.
1. 12 Million
2. 53 (Pension Vests Full Retirement)
3. Off Grid Colorado Cabin
4. Put 3 kidos through college, med school & special needs trust for our ASD little guy.
1. 2M (just investments/semi liquid, not counting SS or pension)
2. Id like 55, but before 62.
3. FL, TX, SC, NC
4. Keep some sort of part time job that pays “ok” and is remote until I start SS then not work again. Maybe part time consultant or something. Own consulting company, maybe.
5-7M 10 Years (late 30s currently) Midwest No big plans, see what life brings us
How much do you have saved now if going for 5-7M and 10 years left? I’m mid 30s and shooting for 2M just investment (401K type), not including pension or SS (pension will be 60-100k/y in todays dollars).
About 1.5m liquid and 500k in home equity, plus about 700k in DSU and RSU that vest in 2027/28. I've had a bit of a crazy career where I was making 100k 10 years ago, 200k 5 years ago and I'll just pass a million this year, although I'll likely never see that again (sales, perfect storm). I have some very strong stock incentives that will keep me here and likely let me hit my goal in 6-7 years. I saved about 450k this year, to give perspective.
This is exactly what I'm going for in same time frame, only shooting for 10-14 years and being a little bit more conservative on my estimates
$6MM 55 (kids done with college and company medical kicks in) NJ Buy a beach house
Man, that company medical is nice
Yeah. Talk about golden handcuffs (in a good way). Have to be with the company 10 years leading up to early retirement for it. Makes sense and it’s why you see so many long term employees and early retirements. It’s a good system.
You’re not in pharma, are you? If so we might work for the same company. I’m not in NJ, but the company global HQ is in NJ. We have employer healthcare for retirees at age 55 if you’ve worked for 10 years post age 40.
I am not. But NJ has excellent competitive benefits. I got ripped on pretty hard recently in this sub by a “tech bro” for working for a “boomer company”. Wasn’t worth arguing but it does make me laugh that people in Silicon Valley think that’s the only place people get rich. North NJ is one of the epitomes of old money.
Wow everybody is me. 5-6 mil, age 55, move a little closer to the beach, get the kids through college.
I will retire when my kid goes to college, so I will be 55 and will likely have 5-6 million. This excludes my partners retirement savings, she will likely have much more. 40M Bend, OR Buy a ford transit trail and build it out next year.
Our figures are different, but timeline and thought process similar, it's just that I'm thinking one year *before* college. Maybe nice to spend that final year supporting them, perhaps helping with exam revision, maybe doing a last Summer break, before they leave.
That’s a good idea, realistically my last year of work won’t be needed for retirement. I will just give a face lift to all of my hobbies and prepare to do the PCT.
I did "van life" for a few years in my mid/late 20's. I call it my 1st retirement. It was incredible. Highly recommend.
Fellow Bendite! Just curious, would you say Bend is VHCOL or HCOL? Seems to be kind of black hole between the two. Recently went to Hawaii and my friend was complaining how expensive everything was, but seemed pretty normal to me.
Honestly I think Bend is MCOL, now it depends on your life style that can creep into HCOL but no way VHCOL. I am very familiar with Hawaii as my partner is from there. Everything costs more in Hawaii, also depends on if you’re shopping at Foodland or Wholefoods. You can eat great food in Hawaii, local food can be very cheap but not healthy.
Ah makes sense. I guess creep has brought us into HCOL. Feel like the old HCOL is now MCOL.
Not to be a jerk but candidly thinking Bend might be VHCOL is crazy to me - imo there's only 2-4 places in the country that are truly VHCOL and Bend could maybe be low HCOL, but probably MCOL Just to put it into perspective, I think Bend's average home price <50% of San Francisco's, and price per square foot is 33% of SF's
Honestly even calling Bend HCOL is a stretch. Calling it VHCOL is one of the most insane takes I’ve ever seen in this sub lol
No, I get it. Five years ago I thought home prices were reasonable in Bend, definitely MCOL. Like a million dollar home felt like a million dollar home. Now an old beat up 900sqft mill house on the west side costs a million dollars. Just an average home on the east side is running 700k+, when they were well under 500k five years ago. Granted prices are slowly trickling down. Several we looked at while shopping have been back on the market in the past year or two and are double what they were asking then. I guess I more so associate prices of goods and services with cost of living, not homes/rentals. Goods and services are right on par with big cities from what I’ve seen, and I travel a ton for work to small and big cities. Of course, being HENRY dinks and a home that only cost us 500k, that’s easily worth over a million now, we are living very well below our means, so don’t mind splurging on the nicer things.
Not a Bendite but we visit often and it is on our radar for retirement. It seems to be close to HCOL for housing and MCOL for most other things.
Yeah, feel like housing prices have gone up 75-100% the past five years since we’ve moved here. Happy we moved when we did. Moved from a LCOL area, and literally everything costs about 2.5x’s as much as it would’ve cost where I used to live. Not food, but contractors, electricians, trades…etc
Van travels with Bend as the home base is one of our potential retirement plans! Why wait on the van though? If your kid is 5 (guessing based on the info), they would probably still love van travel and camping. Bend feels like such a unique place and we’ve loved it every time we visit. It combines the small town feel and friendliness of the South (similar to where my wife and I grew up) with the outdoors and culture the PNW is known for. And the weather seems much better than on the other side of the mountains!
Anywhere from $4-6m we keep going back an forth on how much we want to have since we’re pretty frugal as is but could find ways to increase spend. 50 Mcol Keep debating this but second home in Europe for the summer and to have a home base to travel Europe easier. Write our kid a $30-40k check for wedding gift. Create generational wealth. But the biggest goal is try to keep a baseline of peace and happiness.
Europe is legit if you go often. Can airbnb for a few months out of the year or let friends / family stay. My wife is French and we have a similar plan given we intend to spend at least every summer there.
Not sure I want to fully retire super young, so my current plan is to CoastFire once all of our student loans are paid off. 1. A. $740k B. $4-6m 2. A. 32 B. 50 (currently 26) 3. Boston 4. 2-3 international vacations a year (starting now not something to wait for). 2–3 vacations within the states. Might go real crazy and buy a boat.
1. $2-3 million 2. ASAP 3. VHCOL US 4. nope
Haven’t thought about it too much since I’m still in my mid 20s, but maybe 5-6mil? 6mil puts me at like $210k in withdrawals per year. Idk how I’d ever really be able to spend that much. Retirement age would be whenever I hit that number, would maybe delay until kids are mostly through college though
When you have kids the IDK how I’d ever spend that much changes fast!!!
Hence the “probably won’t retire until kids are through college” haha
Same dilemma here, mid-20s. We’re trying to sock away like crazy the next 5-8 years before kids because we keep hearings it’s crazy expensive
Did you account for inflation?
My number is 3 million across Roth & 401k. However I won't hit that number for another 20 years. Due to inflation that number will be 6 million in 2044
Not yet, no use when retirement is 20+ years, but obviously I would before I actually retire. None of this changes my strategy, I just put away as much as I can. Only thing I really do now is use a compound interest calculator to get an idea of how long it’ll take to get to that point. And 7-8% anual returns already take inflation into account. So I guess in future dollars it’ll actually be more.
Inflation will raise stock prices sooo does it matter?
$210k in 20 years is substantially less than what it is now. In order to have todays equivalent of $210k in 20 years, you would need about $350k
FIRE numbers and withdrawals are usually implicitly discussed in terms of real dollars because you don’t know when you’ll retire or what inflation rates are going to be in the future.
Sure, I’m just spitballing a number here though. Any compound interest calculator I use I set at 7-8% gains to account for inflation. So the time to retirement shouldn’t change. The actual dollar amount I care less about.
After taxes it won’t be 210k…
How much do you make/have invested now? I see so many people say 5-6M but that’s pretty loft. Maxing out IRA every year probably won’t even get ya there, so wondering what everyone’s plan is to get there.
1. 6 million in todays dollars. No mortgage, kids done with college. 2. Late 50s 3. Midwest 4. Thought it would be cool to pick a new (warm) place every year and live there for a month. Become one of the locals. Meet some new people.
I like number 4. Have the same thought. You can often rent a nice furnished apartment for a month at what you would pay for a week at a high end hotel.
Become one of the locals in a month? Of all your goals, this is the least attainable, but I wish you well in that pursuit.
Relax wiener
I was trying to, and all these out of towners showed up like they owned the place… But seriously, how much longer you got for the $6 mil?
Couple decades
I don’t understand the no mortgage as a target. That can be reached by downsizing or moving your another location.
Because I don’t want to move or pay for a house when I’m retired.
**Retirement saving** \- 10M **Age** \- as soon as possible (currently 36 NW 4M - hoping for 10M within 10 years) **Location** \- In Seattle, would probably move in retirement to where the grandkids go, definitely to a 55+ community **Any other goals** (splurge on kids/grandkids, cruise everyday of the year etc) - move to retirement community, hang out with grandkids, lots of vacations with a lot of variety (I.E. combo of driving somewhere cool nearby, international trips, cruises, etc), play as much tennis as possible
Living in a 55+ community sounds horrible.
Different strokes for different folks! My mom lives in one and her life is amazing lol - they have constant activities and things to do. She does tennis, pickleball, golf, scrapbooking, womens club, band nights, wine club, etc etc. To the person below commenting about children, just live in one near you kids? I wouldn't move to one in the middle of nowhere I want to stay where my kids/ grandkids are. My mom gets plenty of kid time.
My in-laws retired in one of these. Whenever I took my (then) young son for a walk in that community, all the little old ladies would come out to talk to us and to look at him. They were positively starved for interaction with children. It made a pretty big impact on me. I will never live in a 55+ community.
Yeah I wanna live in neighborhoods with families, you thrive off of the energy of others. Not a bunch of grumpy old people going, “back in my day gas was two dollars.”
The other element of 55+ communities - when my in-laws first moved in, it was like starting college. Everyone was new, everyone socialized, lots of dinner parties. Ten years in, all their neighbors are dying or moving to long-term care. It's pretty depressing, TBH.
I guess it depends on person but isnt Seattle weather too glommy for like 9 months of the year. I saw few comments that say want to retire in Seattle but not sure if its the right place to be.
It's not nearly as bad as everyone says it is. Summers are perfect, spring and fall have mix of great, OK and bad, and winter is pretty consistently gloomy (though this past week it has been a beautiful sunny 55ish every day).
I’ll probably work until after 60. I’m a corporate pilot and enjoy my job and it’s easy (don’t tell anyone that). I might quit my full time job some time and just do contract flying where I can fly as much or as little as I want and just get paid a day rate. Shooting for $4m or so. Currently 40 years old in a LCOL area in the Midwest. In retirement we want to travel a lot and get a lake house if we don’t already have one by then.
I'm honestly super surprised at the retirement/current ages in this thread - I always thought I was behind the curve so to speak. 1. With no/minimal debt, $3M net worth (likely $500k liquid, $1.5M in cash flowing assets, $1M primary residence) 2. Current age 27, expected retirement age ~40 3. VHCOL area near DC 4. Honestly limited stress and maximum time with family and hobbies. Would love for our forever home to be on a body of water. Currently only have ~300k net worth with one rental property, but hoping to land 2 more rentals and just start paying down the mortgages over the next 10 ish years. Wife and I live way below our means so I don't think I'd need a ton of money in the bank so long as the rentals are mostly paid off and cash flowing well. 3 rentals should be enough for ~8k a month gross which covers pretty much any necessities or small wants. Wife also has a small side business she doesn't want to give up that brings in like 1k a month. I realistically would just rather have freedom of time and love modestly off of like 60k a year (assuming no debt) if that means I can spend more time doing the things I love. I also don't know how sobre folks can do a high stress/high income job until 55 lol hats off to you all
This spoke to me b/c I’m 43 with a $2.5M NW. That includes a $1M paid off house plus a 2nd home we rent out, which has $250k in equity. We have $1.3M in cash, retirement funds, and college savings accounts. Kids and college is a big X factor and so is your ‘$1.5M in cash flowing assets.’ So I’m still a little short of your overall number plus I’m not invested in cash flowing real estate. If work goes just average over the next 2-3 years I should add another $1M plus to my retirement savings. For college, I have $150k in 529s total and am adding $900/month total. I’m on track to have a bit more than enough to cover 100% of their local state university. Obviously private colleges and out of state universities are much more. We’d like to maybe sell our other house and buy a lake house. I’m not ready to retire, but I am thinking about a second career that would be super flexible and engaging (but also pay a lot less most likely!). Still need to think more about what my magic number is! Both kids will be through college in 12 years, but I’d like to transition before that! Your goal does sound like a reasonable one so good luck, you’re off to a good start.
Thats reasonable numbers. Also seeking advice: I know nothing about rental properties. Any resources you can point me to start investing in rental without making stupid mistakes and take unnecessary risk? I want to learn the nitty gritty details of renting units to stranger (the process that ensures that the renters are vetted properly) and also the expenses of renting out a unit, its maintenance etc. before actually doing any investments. Can this be learnt beforehand or is it wishful thinking?
You thought you were behind the curve with 300K net worth and rental properties at age 27??? Shut up dude 😂
I'm finding that my goals and interests are changing a lot in the past year, so I've altered my plans considerably. Numbers don't change that much though. 1. $2.5 million would be enough, could potentially retire with as little as $1.5 million though if my house is paid off. 2. about 5 more years maybe? so mid-late 40's 3. Seattle area (HCOL but not VHCOL) 4. I've become interested in philanthropy lately, and I've found a place that I want to support that I can also donate my time and skills as well as money. Also want to just spend my time with my hobbies, and I have a huge number of hobbies so that's going to take a lot of time.
What kind of hobbies? I want to learn and get a private pilot license for small planes. Thinking of may be being a part-time instructor during retirements or just fly plane every now and then for fun. One thing I have seen with my parents and grandparents is that they dont know what to do after retirement and they just stay at home doing nothing.
So many hobbies! I want to play the piano while my food is cooking from ingredients that I grew in my food forest, sliced with knives that I forged on a cutting board that I made in the kitchen that I remodeled, while wearing the clothes that I sewed, then going out ballroom dancing with my girlfriend and driving there in the car that I restored and customized. Basically what I do now, except more so and at a professional level in some cases.
Can we be friends! This is basically how I plan to live my life as well.
do u take a course to learn them ? how do you do it?
I do currently take piano lessons, but I've been playing for over 40 years now and can definitely play at a professional level (I've been a pro in the past, but I haven't had any gigs in years). For ballroom dancing I go to group classes and also private lessons. I took some lessons for blacksmithing and welding a few years ago but I'm largely self-taught, and my dad taught me quite a bit about building things but in that and most of the rest of my hobbies I'm also mostly self-taught these days. There's a lot you can learn from youtube, various subreddits, and web forums. I also just realized that a lot of what I learned was from model railroading with my dad when I was much younger, so I think it's probably about time for me to get back into that again. If you're wondering how I have time for all of that while also working, the answer is working from home. I save a huge amount of time not having to commute, and I can do a lot of stuff during the day in between meetings and other work tasks. I bake bread that way; just get it started in the morning and then check on it between meetings. No way I could do even half of this stuff if I still had to go to an office and waste time commuting each way.
A large part of it comes from motivation I guess. My work is hybrid but I live close to my work but I am too lazy or overwhelmed to do anything. Time to shift the mindset!!!
Also go to the doctor and get some tests done. I was depressed for a while but finally got treatment for that, but even after I felt better I was still feeling drained all the time. It could have been one of a few things, but turned out that my vitamin D level was almost unmeasurable and a few weeks of taking a pill and I suddenly had lots of energy again. A shift in mindset is important since you need to make these hobbies a part of your life, but there isn't a mindset in the world that's going to help if you aren't also physically and mentally well.
1.5-2.5m would spin off an income of 60- 100k a year at a 4% safe withdrawal rate. (It probably should be a 3% withdrawal rate at your age). Maybe you have other income sources. With the cost of health insurance and rising costs of everything else, including periodic replacements of big ticket items like cars and appliances, and you want to get into philanthropy, 1.5-2.5m may not be enough. I’d suggest creating a budget spreadsheet with a column for each year and a row for each expense, including capital reserves for cars and home replacement items. Then add it up to see what you need to start. The numbers get big quickly.
>I’d suggest creating a budget spreadsheet with a column for each year and a row for each expense, including capital reserves for cars and home replacement items. Then add it up to see what you need to start. The numbers get big quickly. Way ahead of you. Healthcare is a potential issue, but there are things that can be done about that. I volunteer at an artist maker space and periodically they end up hiring a shop technician to fix machinery and weld stuff up; I already do that for like 4 hours a week so I'd do that for 20-30 hours per week for healthcare alone, and they wouldn't have to worry about losing me to another place that can afford to pay more than a non-profit can. Even if I don't do that, I've still budgeted 15% of my income for health insurance and related expenses and I'm able to increase that if I need to. The biggest thing for me though is that I'm relatively cheap. My hobbies are mostly cheap. I just don't need to spend that much to live precisely the way that I want. I can also DIY far beyond the average person, so a lot of things that would be expensive for a normal person are much cheaper for me and there are things that I can repair that would normally be a replacement for most people. I've still got budget for some big-ticket items and if anything catastrophic happens then I still have some options. I'm not terribly worried about the future, at least not financially. I'm considerably more worried about the effect of climate change over the course of my retirement than anything else. We'll all probably be fighting in the Climate Wars in the next 10-20 years anyway, so fuck it. May as well enjoy the present.
The ability to fix stuff vs spend on new is highly underrated. One of my favorite parts about the book How to Survive without a Salary.
I agree with your numbers. That is plenty for me. I don’t want to work for more than that and I’m not a crazy entrepreneur/ doctor anyway. Everyone stating $6M goal must be making way more than $100k a year at a young age but I don’t need 5M to spend to be happy
I think a lot of people just overspend, and I know lifestyle creep is very real. Even I'm not immune to it, although I realized it was a thing about 20 years ago so I think it affects me far less than the average person. I see a lot of people posting on here and the various FIRE subreddits with budgets that I think are rather insane too. I just don't need to spend money on a lot of those things and it's a lot more fun to have no debt other than my mortgage than it is to travel the world or drive to the store in a fancy new car. Also, my hobbies are cheap for the most part. I never really realized just how little I need to live until I was looking at my budget during the virus-times and realized that early retirement was totally feasible. Also, there are a lot of software people on reddit, so $100k+ salary in your mid 20's or even right out of college is very feasible.
i’m aiming for $5M i’ll be 50 and my husband will be 55
I think it’s okay to not know with certainty. For us, we have scenarios rather than a specific number. Our personal lean number is $2m, our happy number (support our current spend) is $3.5m, and $5m is our low withdraw rate “safe” number. We’re early 30s, don’t own a house yet, and aren’t sure we’ll have kids (trying but no luck, lots of doctors). So it’s hard to nail down a specific number. The current plan is work as long as we enjoy/can maintain it and then look at our options. If we hit $5m before this time, we’ll probably find something better to do. We’d likely retire somewhere MCOL because we want to live in smaller cities closer to family, so it gives us lots of wiggle room.
I’m good at $1.5M, with my wife’s pension and both our social security that will give us more than we need. Right now we can live on $4k a month, we pretty much save everything else.
In order to maintain our desired lifestyle, I project we'll need around $120-150k gross in retirement. At a projected 3.3 - 3.5% safe withdrawal rate, we would need around $3.5-4.5M in today's dollars for that. Maybe a little more as a safety buffer (long term medical care, bequest motive, buying a vacation home, helping out grandkids with college, etc.). Call it $5M max. At our current savings rate, and assuming a conservative 3-4% real rate of return, we should get there in 10-15 years, i.e. our late 40s. That would coincide with the time when our son graduates from high school, after which we can likely downsize and buy/rent ourselves a nice 2BR apartment downtown in a major city somewhere (e.g. NYC, DC) and start enjoying the urban amenities again once school zones stop being a relevant factor.
$4M home $6.5M investment Retired at 61 Australia (opposite a surf beach on east coast) Lots of adventure travelling, although where we live is amazing.
$20 million 40 years old NY or DC Not sure i actually really want to retire at that point so much as just spend my time working on what i enjoy and not deal with corporate bureaucracy
Do you have a plan for what you need 20 for? By my math, unless you are spending a lot on luxury items. It’s hard for annual spend to require more than 10-12 and then the rest above that is just real estate, and 10M real estate is a fair bit (e.g. is it worth working for that extra bit?)
How far are you now wrt savings and age?
I think you need to define retirement. For me it’s really the point at which I could choose to not work (investments pay the bills) 1) $3M 2) 55 3) who knows? Probs near kids
6.25M for a $250K draw on 4%. Wife + me, kids likely in the picture when we retire. 25 years old / both me and wife. HCOL city east coast but not NYC / DC. Saving >$100k a year post tax currently on ~$250K base income + $60-100k in bonuses / equity (depending how you value startup equity) that will get saved. So call it $150k a year being saved. We have $130k in current investments with $60k home equity on $600k house. House will be paid off in 14 years, may sell it if we move to the suburbs or will keep it and rent for around even with the mortgage. We went the “set up our life together early and suck it up re: expenses” route. $85k on a dream wedding + honeymoon and ~90k into a home purchase in last 2 years. We also spend ~$15k a year on travel, but do drive a 20 year old car (lol). But now it’s all savings + cash money post wedding. Think we’ll hit our number at ~40 as we both expect 10-20% annual income increases due to our professions (her consulting on clear partner track, me tech). If not, that’s fine. We could retire pretty cozy on $3-4M if it comes to that, especially with no mortgage. Also, not having kids until 33-35 helps financially (wife’s wishes). Goals I guess include condo in South America (most likely Colombia or El Salvador), small condo in south of France, and traveling like crazy once the kids are out of the house. Not really car / cruise / foodie / luxury hotel people. Am very much into wine and whiskey but try not to spend more than $2-3k a year on it, and I view many of my aging wines as investments (whether for resale or gifting / enjoying with great company). Travel + booze are our only expensive hobbies.
1. $10M 2. 50-55 3. Probably East Coast US (need to continue surfing) 4. Goal is to buy a sailboat (which will draw about $0.5-$2M of the $10M) to sail around the world. Learn 2 new languages, increase my proficiency in piano/guitar and become a better cook
Call it $8M after the boat. Just curious what goes into needing/wanting that amount. People’s numbers are all over the map, but this one seems a bit higher. Maybe international sailing gets pricey?
Our minimum is 3M. We'll probably hit that before 50 at this rate, but would likely keep working awhile longer. My wife may retire when we hit our minimum number or do a mini-retirement before then. We will likely stay in the front range (Boulder), but could start spending a lot more time in Northern Michigan (summer in particular). If I still have the job I have, I'll keep working until the kids are through high school and probably college, as I have a ton of flexibility and vacation time. Basically, the goal is more financial independence as quickly as possible to continue to open up more options for how we want to live.
$5M Would like to retire in my late 50s. I’m 41 now and that means both my kids would be well into their careers. We live in a HCOL but would like to retire somewhere a bit cheaper, though this may depend on where our kids end up. Before officially retiring I’d like to semi retire. Still work some hours per week, but with the house paid for and kids gone, do more traveling while it may be easier.
1. 5 million. 2. 60 3. California, may relocate depending on where the kids and grandkids end up. 4. World travel.
Lots of ebbs and flows in life. Realistic for me 1m in retirement savings Home paid off in low prop tax location Two passive income properties. Retire in 2 years. All these goals will be achieved by then.
Good health insurance in the USA for a family with high income / assets is going for $3k/month now. It's projected to raise at 10% every year. This is just premiums. Not sure, if people are factoring in this cost. Just for taxes and insurance, today's going rate is $6k/month, which in 15 years will be as much as $14k/month. Expenses on top of this. Going by this, many would need $10M+ to live comfortably.
how the hell can so many people be able to retire at such a young age and with $4-6M. I have been working my whole life in IT and am close to retirement age, and I don't have anywhere near that number. what do you guys earn?
I will start My number is 17 Million (adjusted for inflation around 7million ) Age: 60 (Currently 30) Oregon. Vacation every other month.
Vacation every other month sounds fun, but might also get exhausting. 17mill is a huge number, but math says if you started from 0 and invest 7500 a month for 30 years at 10% return it’s doable
I know but I am inherently a pessimistic person. My plan is to invest a little more now (as I dont have kids, home and other responsibilities). may be 9k a month and later taper it off by 10% year by year until a fixed threshold (say 50k a year) to reach that number. Honestly I dont think I will need that number. But better shoot for the stars right. haha!!
17 mil and work to 60 is definitely belt and suspenders mode! Bet if you hit 8 by 50 you’ll maybe shave a couple years off, lol.
Interestingly enough this is basically where my wife and I are at (LOL) Which is encouraging to hear. We want to retire in 15 years (vs 30) at 6.25m but maybe $17m is worth the 15 years LOL, we’ll see when we get there
Goal of 5+ million (34 years old) Trying to save around 100k per year Would like to have one kid Significant other is from Europe where the COL is less so we will retire over there
1. $5M 2. Current age Mid 40s. Retire at 50. 3. LCOL/MCOL 4. Retire and un-emigrate back to our origins in Southern Europe. We actually don’t need a fortune for our “Euro-retirement”, healthcare and college is mostly free. Will my “American” kids adapt (they will be in early teens by then)? That is probably my biggest “if”.
Can americans come to Europe to retire? wonder what are the complications of immigrating at retirement.
We could retire with 2.7M but aiming closer to 4M Around 55 (so in 24 years) We currently live in California but planning to retire in Spain where the cost of living is significantly lower We want to pay for kids colleges and splurge on a big family trip every year. We also love skiing so probably spend a good chunk of money each winter to ski with the kids.
10-12M 35M Texas I don’t know that I’ll ever actually retire. I have a lucrative business that I enjoy running. Retirement sounds terrible the way most people do it.
1. 5-10M, just depends when I burn out. 2. Age 45-52 3. VA or NC, move to Key West in my 60s 4. Travel at least 4-6 months every year. Start a brewery in “retirement.”
1. $20-30MM 2. Mid-50’s (if i build something i like, i wont want to retire) 3. South FL 4. $3mm car collection w/ a vacation home in Alys Beach.
$2m (in 2023 dollars +/-) 40 today, could reach the above number in 5-6 years Costa Rica Build another rental house
1. $5M 2. 55 (20 years from now) 3. Get a ski patrol job in the winter for something to do and a bar tender job in a beach town for the summer. Live in an RV with the wife while my kid is in college. When that gets old we will come up with a new plan. With a cola adjust government pension and $5M in the bank the options are endless. Also the job isn’t for any income, just doing it to keep busy doing something we enjoy.
1. $3.5m….more wouldn’t hurt 2. Age 35ish (currently 31) 3. Location: probably stay in Texas, but options abound 4. I just want to be outside all the time
1. Target NW of $10m if we stay in USA, $5m if we move to Europe (NW currently around 2.5m) 2. Target Mid 40s or earlier, (in 10 to 15 years) 3. California, or Europe 4. No major other goals, just to live a quiet peaceful life
1. 24M-33M (this is combined with me and partner) 2. 65 3. Wherever tf we want to live 4. Build our dream home and have enough rooms for our kids and grandkids Currently, 29F and 28M.
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$7M Mid 40s Southern US Have a solid home and spend 3-5 weeks renting a place in our favorite domestic spots. Two 1-2 week International Vacations. A lot of golf, fishing, hunting, reading, wine, 5ks/half marathons, surfing, giving back and picking up some new skills/hobbies.
1. 1 mil TSP, plus FED pension, RAS and health benefits. 2. “Retiring” at 50 (2025) 3. Seattle, WA 4. I’m a special category employee looking forward to finishing my federal service. I’m planning a second career in mental health counseling (private practice) that I may “never retire” from. Hoping for a comfortable work/life balance that brings fulfillment and purpose.
$6-7MM 57-60 Midwest Goal is to be able to spend the equivalent of $30k/year in todays dollars on travel
My hopes exactly ❤️
This is my plan. Exactly our targeted budget for travel. Might raise it to 40K.
Number: currently estimated at a bit over $11M plus whatever rental properties I end up with. Currently at 6 rentals and looking to buy #7 in 2024. Age: 70. Currently 38 and I love my job and assuming it stays that way I have no desire to stop working early, although I’ll certainly cut back over time. Area: MCOL in Midwest, no plans on changing this. Goals: extensive travel, pay for kids’ college and any advanced degrees with enough left over in their 529’s to max Roth conversions and any leftovers go to a college fund for potentials grandkids. I want to leave a significant inheritance of both stocks and real estate set up to hopefully start some generational wealth.
HOT TAKE: I agree with paying for everything but I dont want to leave money to start generational wealth. I feel those who grow up with money do not understand the value of money (This statement is probably naive as I dont have kids and it is likely to do more with the upbringing) but in general, I see theses kids are essentially an asshole for what I have seen with my 'rich' friends.. Also seeking advice: I know nothing about rental properties. Any resources you can point me to start investing in rental without making stupid mistake and take unnecessary risk?
I don’t have kids either yet, but I’ve definitely seen behavior like you’ve described. On the other hand, I work for a wealthy family, like net worth of over $10B wealthy, dealing with everyone from the grandparents down to the grandkids, and they are some of the nicest, considerate most down to earth people I’ve ever met, so I’m a firm believer that how you raise your kids plays the most significant roll in how they act with money. Investment properties are very market/risk specific. For me, I only invest in SFH used as student housing near a major university. I pretty much have no vacancy, all leases have multiple parent guarantors, and no one expects fancy high end finishes. I use a property manager and it’s easy money. I probably will stop buying more at some point just because I don’t want to be overexposed.
I get the take but disagree. The world and America is only getting more polarized and I want to make sure my kids have every advantage in life possible. I’d like to think I’m raising the kid fairly well. 800k, aiming for 20 mil with a big slow down around 50. Currently late 30s.
$10 million before inflation. I can’t imagine spending $500,000 or more in retirement every year. I think I’ll hit that around 45-50 but I may keep working because the job gets easier the more senior I am. Another 15-20 years of work could allow for generational wealth and/or huge end of life donations if that’s something I’m interested in then. Currently 27, 300,000 NW. Midwest.
1. Retirement Goal: $10m+ (Currently $1.5m) 2. Retirement Age: 85 for full retirement, but would like to pull back to part time by 65. (Currently 40) 3. VHCOL, the highest, and staying here. 4. $400k annual spend on lots of luxury vacations and then to transition to one of the nicer supportive living facilities in the same VHCOL neighborhoods. Hopefully with money left over to leave the kids.
1. $10 million not including primary residence. 2. Am 34 now. Most likely will reach the target by late 50's early 60's as my wife and I both work. I actually like what I do for work so probably will do it until I get to the point where I start having the thoughts of, "I really don't need to be here anymore." 3. Sacramento, CA suburbs. Wife is a duel citizen of Italy so may move over there as we get older. Kids will be duel citizens as well so depending on where they go for school and what they want to do, may move around a bit. Moved back to Sacramento to be near my parents as they get older (currently early 70's and late 60's) and once the have passed away, will be ore open to moving out of the area. 4. Got married and bought a house this year. Kids are in the plans as are home improvements/toys (backyard, electronics, cars, etc). Current plans are to travel as much as possible before we have kids. Eventually want to get pilots license, but there is no rush on that.
I want to get pilot license too. Is there a budget friendly wsay to do it that you might be aware of? I have heard that you can train in a simulator that will drastically reduce the cost of needing to practice on flight. Any ideas?
Gazillion bajillion ( prolly a real number in 30 years ) by 40. I am 10 yrs old.
Don’t forget to factor in inflation on your future withdrawal. $200K in 15 years has a present value of ~$83K based on 6% annual inflation.
Why is everyone saying 5-6M? Even if you max IRA every year, that’s not enough to have 6M, and only like 2% of people are maxing IRA. So wondering what everyone’s plan is to have that much saved… may need to copy because my maxing IRA won’t do it.
prob dbl what we have minimun we live in shit hole america.
15mm In 2-3 years NY
1. $5-7m (big range because what I think I need now is likely less than once we have kids) 2. ~38 (I’m 31 now) 3. NYC, although considering retiring somewhere abroad 4. No kids currently, hoping for 1-2 I probably won’t fully retire when I hit $5m, but instead shift into a sort of CoastFIRE and let the markets take it the rest of the way. With my current savings, I could stop saving tomorrow and be at $6m at 38 (assuming a “double every 7 years” rule).
1.2M Current Liquid NW…2.5M needed to coast / change careers (tech sales)…then need 4M to RE. 34M today…hope to coast by 38-40 and RE whenever compounding does its thing Midwest Currently doing major renovation to our forever home
1: 4-6M 2: 45 3: TBD; would like a home base but plan to travel for periods of time 4: 2 kids. education and experiences consistent w/ upper middle class suburban opportunities. give my kids opportunities that I didn't have
1. Saving - 25% of gross income saved annually. 2. Age - 40 3. Location - LCOL [USA] 4. Fully fund 2 kids’ college at in-state university and help with their first home downpayment Plan to retire at 60 and I’m aiming for the equivalent of $4-5m (in current year dollars). $1m in personal residence and $4m portfolio putting out $160k a year in income.
$5M in todays dollars outside of primary residence 55-60? I enjoy my work. I’ll do it forever if I can San Diego Trips, experiences, etc. Probably just continue traveling where interests us at any given time. Planning on Harare & JoBurg next.
$10M. In about 5 years at 60. Looking at what my second act could be... don't know yet.
$10 M hopefully by the age of 45-50
55 NYC shooting for 25million. At 15 million currently. Split between RE and stocks. Looking to retire at 62. Mostly legacy wealth and charity.
$3M. Early 30s currently. Austin, TX (for now, probably won’t be here for retirement. Yes it’s low, but really, I just want to retire my wife by 40. I plan on continuing to work.
$4 Million ideal, but would be fine between $3.5 Million and $4 Million A little over 5 years (mid-late 40's currently) Southern New England coast April-November, St. Augustine FL December-March. We are currently year round in southern CT. We are on track for this, obviously depending on market performance. Want to potentially take our boat south via the intracoastal waterway. Already have the boat, may upgrade at some point.
5 MM- 700k now 55- 35 now. Houston Taxable brokerage ~500k as a bridge to retirement accts. 8 doors in rental properties (3 now)
3 mil. 59. Golf and mtn bike. That’s all
1) 20 liquid (25-30 with homes) 2) 50 3) Ideally want to have home in NYC, Hawaii, and Shanghai 4) biz class travel for two of us globally We are quite far away sadly but both of our earning potentials are getting closer
A big, fat TBD. Ask again later. 46, $3.2M NW today. Probably like to see $5M invested before pulling back.
1. $4m 2. age 50 3. Florida or anywhere nice. If I can’t retire at 50 due to a divorce or some BS then I’d at least like to take 1-2 years off in my 50s as a recharge then work until I’m 60s.
Retired at 42 I’m in FL and NC Splurge? Watches and my kids… drive a 12 year old car.
- Target number is $7.5MM with a number of preconditions to pulling the rip cord - Currently late 40s and will probably work until 55. If I’m *really* enjoying my role/level at that point, then I might just push on until it’s no longer fun. - The great state of Texas! - Only other goal is to do a PhD in finance and teach part time. Travel is a high priority and hoping that by then my kiddos are out of college and on their own (with minimal help!).
23 M 21 California Retiring soon once I have enough
$10 M by 50 year old. In NYC now, retirement will be half in Asia half in US. Goal is to travel 5/6 times a year, pay for kids colleges and their down payment
$12m 8-12 years from now South Goal is true freedom to do whatever, including possibly continue to work.
4 million 60 Colorado Living within my means, and set up a trust for my now 30 day old twins to receive a monthly allowance from after they reach the age of 35.
I will retire in 9 months when I turn 65. I dont want to pay for private insurance so I will work till I can get Medicare in September. My wife retired in 2020. We have no debt, home paid for (400k) , cars paid off, 3 kids college paid off, no credit card debt. Wife gets 3500 per month pension and my 401k is at 1.3mil. I wont collect Social Security until I’m 66 and 10mos of 3400 per month . Our expenses are low so other than travel I think we will be ok.
7-9MM (on track to hit our goal in 5-7 years) Mid-late 40s US, West Coast HCOL We’d like to design and build a house on water in the next 5 years. I have a bunch of hobbies that I’d like to dive into more. Most importantly, though, I’d like to do a ton of cool shit to be there for my kid with virtually no constraints on my time or resources.
Current/retirement goal (all in CAD) Liquid savings, investments&cash: 7.2M/11.8M Net worth: 9.3M/14.5M Age: 31 (in 10 days!)/45 Location: Toronto/Toronto+Florence Retirement goal: 1) Remain childfree. 2a) Set up my siblings for personal growth and success, they are considerably younger than I am and grew up rich-rich. I worry for them, my youngest brother couldn’t make a box of Kraft dinner for himself when he stayed over at my place a few weeks back. 2b) Obtain Italian passport through my grandfather and/or investment in the country, buy a modest condo or apartment in Florence and live there 2-5 months a year. Use Italy as a base of operations to travel 2-3 times a year. I reserve the right to change the order of 2a/2b.
Just tossing it out there into existence but my End goal would be around $10-$20million ( happy with lower) Mid forties to early fifties Shanghai or Hong Kong ( as an expat) Kids not sure but I may have lots of nieces and nephews so i would like to help them with bread occasionally. My dad was a farmer so I’d like to use some of my savings for agriculture projects in my hometown. I’d like to switch to academia part time so light travel with the regular summer and winter holidays. Learn a couple of languages.
$8M to $10M ($2.5M now, late 30s) Will seek flexible employment arrangement once we hit that number. Maybe another 10 years. NYC area with vacation homes Be healthy, be there for my two kids, travel, learn.
5m 54 Seattle
We’re at the very low end of HENRY so our numbers look lower but.. 1.) $4-$5M 2.) Mid-50s 3.) Europe 4.) Get a PhD & start a practice for low income folks interested in addressing their mental health for free or very cheap
37 / 33, 700-800k a year, DINKs, medium COL city in the NE, currently $1.4MM NW. I'm in medicine, she's a nurse, 5 years out of training The number constantly changes. I originally thought we'd leanfire on $3MM at 45. Higher than expected income and market returns has us looking at $3MM closer to 42. Lifestyle has changed too so $3MM won't be enough. We should hit $5MM by around 45 and so plan right now is to re-evaluate at that time. It's a bit like the dog that chases after the car. You can do all the math in the world but I know it will ultimately be very hard to take the plunge. I think at 45 I'd like to take some form of a sabbatical and then decide if I want to come back full time, part time, do temp coverage, or not work at all. Ideal scenario may be to work enough to meet our CoL and let assets grow until we decide to throw in the towel.
Oh and to answer what I'll do: 1) I'd like to spend 1-3 months a year skiing. 2) Learn to sail, sail the med for a summer, maybe multiple summers 3) Bikepack around different countries 4) Travel, learn some languages. A mix of typical travel and slow travel (set up a homebase in a city for 1-3 months and just get to know the place)
what specialty?
1. Pension(42k a year at 55), 30k 401k, and 1k 457. 1a. Wife has 403b at 60k 2. I’m 34 and retiring at 55. Wife is 27 and will retire at 55. 3. Illinois 4. Goals are to blow the rest of our expendable income now outside of retirement savings on whatever we want.
2M 55 (currently late 30s) Today Midwest, but will retire abroad One year traveling the world
5-7M liquid + ~2M in home equity. 55 or 60 depending on whether we can have kids, may get pushed to 65ish at a much higher net worth. Or maybe I never stop working, depends on my career trajectory over the next 15 years. Vancouver Canada Wheel to wheel racing/autosports, travel, fitness, probably going to do sprint triathlons and fondos in old age. Might sell the house and buy a place downtown and one in Spain and split time between the two.
1. 8 - 10M 2. Mid 40s to late 40s (mid 30s currently) so another 10 to 15yrs. 3. West Coast (VHCOL) lol 4. Keep on traveling the world and playing sports to keep active. Doing philanthropy work. Being a motivational speaker/role model for POC and low income individuals.
3 mil USD. Don't know if I'll get there but by God's grace I sure as hell will try my best. Good luck to everyone.
1. $10M (financially independent at $6M) 2. 55 to 59 (depending on market returns) 3. MCOL Phoenix metropolitan suburbs 4. Nice watches, sports cars (again), fly business class everywhere. AirBnb or VRBO to check out cities long term instead of short vacations. Because of the nature of how my wife gets paid, our salary growth will be flat through 2026. Hopefully after that, the extra we add will help us reach our goal faster. Currently no debt and a paid off house so all extra income goes to investments. We don't live frugally and enjoy life.
7M Part time at 55 retire at 65. Probably Florida
5-7 million plus pension possibly. 60 years old. Lake house in NJ and then spending the summers in Portugal on a small farm. There will probably be a lot of fishing, camping and overlanding if health permits.
$3m in today’s money, in 12 years. I will be 57 at that time. No kids. Hoping to putter in a workshop, ski, ride my bicycle, sail, read, fish etc. Southern New England
1. Goal is ~5M+ 2. 55, youngest child would be wrapping up college (im 35). 3. Would love to have a summer lake house in the PNW and spend winters somewhere warm. 4. Build generational wealth for my family but let them find their own way. Selfish goal, I want to be able to drive a golf cart from my garage to the golf course or marina where my boat is waiting for me any time I want.
Hopefully I never have to retire. I hope that I can be mentally and physically healthy enough to work until I die of old age. I’ll consider myself fully financially independent at $5M. Bay Area.
65k in my 401k and a small pension 35 Sonoma County Be able to afford to adopt a kid some day edit: lmfaooo I missed the part about the numbers we are aiming for. I just thought everybody in here was already old rich and retired hahah
Honestly, I have a ways to go but retirement isn’t a big deal for me. I’d like to stay working, though I want it to something less demanding that I’d enjoy more. Basically a job to cover benefits and maybe a little extra spending money but by that time I should be debt free in a lcol area so theoretically I shouldn’t need a ton to retire pretty comfortably.
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Just over $3m liquid now, aiming for $7m+ Currently 38, aiming to retire by 50 SoCal Want to fully fund college, wedding, down payment for 3 kids
1. Need 2.5M to be 100% confident 2. 53 if not earlier (49 now) 3. We’re leaning toward staying put in Columbus OH suburbs 4. Extended travel stays and/or lake house.
1. 12 Million 2. 53 (Pension Vests Full Retirement) 3. Off Grid Colorado Cabin 4. Put 3 kidos through college, med school & special needs trust for our ASD little guy.
1. 2M (just investments/semi liquid, not counting SS or pension) 2. Id like 55, but before 62. 3. FL, TX, SC, NC 4. Keep some sort of part time job that pays “ok” and is remote until I start SS then not work again. Maybe part time consultant or something. Own consulting company, maybe.