$1.9 million stock market, $500k of which is outside of a retirement account
$360k cash
Own both cars
Wife make $150k per year.
I’d be walking away from $170k per year.
Up vote for yes
Down vote for no
35 replies (most recent on top)
@2nof. You need to give it a rest. Criticizing people posts constantly is pitiful and not classy
@2klp+19SP1X1Q, sounds like you wasted a lot of money on that for profit university. First, never use absolute terms like 'always" to make your point. You automatically lose an argument 'almost' every time. Renting is NOT 'always' cheaper.
Good luck with that university of phoenix degree.
I had decades of student loan debt for undergrad and top of class MBA degrees. I could lose everything and get back because I have the skill set. renting is never cheaper than owning. Period.
@2emh+19SP1X1Q, yet you don’t bother telling us exactly what it is you know and have. The people that don’t have post, those that do, don’t.
Post ID: @kvv+19SP1X1Q
It is always better to own than rent, and even more so if you live in a high cost city.
However, this does require that you understand budgeting, tax law and can understand the difference between your personal income statement and your personal balance sheet. In other words, the exact basic skills that anyone with the educational background to apply to Wells Fargo employee would be assumed to have completed and demonstrated to be hired.
Or maybe Wells has given up on looking for competence from San Francisco public and college schools. I imagine that it can be easy to settle for less, things being what they are here.
If you have 360K in cash, you may want to rethink your financial prowess.
It's not just what money you have currently saved, but what is your net worth and lifestyle? Are you carrying major debt,, is your house paid for, do you want to travel, etc.
My advice is take a personal leave first before retiring. Your job isn't guaranteed to be there upon a return, but it's a great way to test out if you are mentally and financially ready to retire. If you have a good relationship with leadership and our valuable, they may keep your position available.
So many jealous haters on this board. Lol
So many haters. Lol
If you want to just live off of your wife's salary, go for it. If not, you need to double your retirement assets.
$170K is a high salary to give up. I wonder if your wife will become angry if she is working and sees you home all day. If you work at least another 3-5 years you can save several hundred thousand more. Maybe take one year off and see how you feel.
Don’t judge OP. He doesn’t do anything wrong he just asked a question. Don’t read into it too much nor assume anything. You don’t know him.
Post ID: @nmf+19SP1X1Q That’s what I was thinking... where did all of the the money go?
Pretty low savings rate for such an income level. We make a quarter of that but have half of your savings. Gambling problem or something?
Oh by all means retire. Everyone who has that much in assets visits this site daily for financial advise, and to post their retirement portfolio.
Dude, if you are serious, then talk to a Certified Financial Planner (CFP) and get their advice. It would seem you're affairly dilgent saver. Not to be too harsh, but posting the question to internet forum raises some doubts about judgement /financial confidence / literacy.
"This kind of question yields no good answer. Without knowing how OP lifestyle will be when he retires how can anyone decide for him if he can retire or not? People are so quick at delivering their 1 1/2 cent"
This is the only true answer. You need to consult with a fiduciary financial advisor at best. Only then, can a true analysis be completed on your situation and to possibly steer you to appropriate investments to preserve income. Afer all, you don't want to lose it.
The fact that you are seeking advice on early retirement from this site probably means you need to keep work a bit longer player.
Let your wife retire!
If you live in a low cost area, yes. Otherwise, keeping grinding until you get to $5m.
This kind of question yields no good answer. Without knowing how OP lifestyle will be when he retires how can anyone decide for him if he can retire or not? People are so quick at delivering their 1 1/2 cent
Other factors to consider are do you own your home, where do you live (expensive or inexpensive city), do you have children, what income will you need in retirement. But agree with the other posters this is not the forum for this question.
The money is less important than whether or not you WANT to work. Does it bring you satisfaction and purpose? If not, then sure retirement is an option, but I'd keep working a while longer. Significant inflation is possible in the medium term and your $2M sounds great until a loaf of bread is $10k.
Surely, you have a relative, friend, coworker who is not as well-off. Work one more year, giving them your entire pay, to see if you can do well without the income. Then decide to retire (or not), leaving one friend better off.
Sitting on that amount of cash and bringing in that much income with only 1.9m saved tells me that you could use some financial guidance. I’d keep working while you prepare yourself better.
If you and your wife combined make 320k and only have 1.9 million, you should not quit. You should have more saved because your savings won't accommodate your lifestyle.
Hard no. To a bunch of people, $2Mn looks like a lot of money. It really is not.
You are FoS. Attention seeking narcissist like Meghan Markle.
no keep working, most people in the country lazy so we need at least a few people working
That’s a big yes. Make sure your income is diversified with more than just the investment portfolio. Maybe buy a few rental properties or a side business? Either way, good job. You did good.
That’s a big fat yes if you own your home free and clear or owe less than $100k. Travel, enjoy a new hobby or bootstrap a small biz of your own
Can she work from anywhere? Move out of the high cost city and retire! If you can't move, then I say no, you are renting.
Isn't this a layoff site? Get off this site for your personal issues.
Great idea coming to a layoff site for financial advice. I’m going to fire my financial advisor pronto.
For sure retire bro. You did well. Enjoy the good life.
One more thing. Rent, don’t own. Live in a High Cost city where its much cheaper to rent than buy.