I was let go unexpectedly 4 weeks ago.
I don’t want to face the indignities of interviews and being the proverbial new guy.
I have no debt, and own my North Oaks home.
I have about $2 million invested.
I did get a severance package that includes medical.
Should I just retire?
Well if you don’t want to interview or be the new guy…….why are you asking this question? Are you being funny or something? At the very least you are being insensitive.
I have a mansion on Lake Minnetonka that’s paid off and 3 million dollars in a Swiss Bank account and gold bars hidden in a strategic location. I just turned 55 my question is can I retire or should I keep working? I asked my butler but he wasn’t much help…
I think there’s two different groups here:
So let’s make this site something that lifts everyone up. Power grabs and name drops like “North Oaks” will not go anywhere. OP could’ve just said “home.”
Well done to your $2 mil retirement fund.
Congratulations on having the self-discipline and good fortune to put yourself in that position. You have been blessed. Does the $2M of investments include your 401k and pension lump sum or will you take the pension as a monthly annuity? Are you single or do you have a partner with investments and/or retirement income? How much will it cost to maintain the standard of living you desire in retirement? If you are a frugal mid-westerner who can survive on $80k a year or less, then you're golden. If your lifestyle requires more than that, you may need a more detailed financial plan. I detest CFPs that charge 1% or more of assets annually, but you can find someone to help you put together a plan that you're comfortable with for a one-time fee and you should be just fine.
There are no shortage of companies paying 3-4% dividends right now. 5% or more if you're willing to take on more risk. 10 year treasuries are just shy of 4%. I have other 5 to 8 year bonds paying 5-6%. You can get 4.4-4.5% on 5 year FDIC insured CDs right now if you're risk intolerant. So you can easily bring in $80k or more in interest and dividends per year without touching the principle or taking any capital gains. 5 year or longer maturity bonds and CDs can help you get to Medicare eligibility at age 65 and then you can start taking social security whenever you want/need it.
Then there's the whole question of what you will do with your free time? Hobbies, volunteering, join a service club, etc. You need to stay busy with something for your own physical and mental health.
Good Luck with your retirement!
I have $5 mil in total assets, and still working here. I am waiting for the severance package which could top another $500k for my long service here. Meanwhile I will just hang around a little longer, since it's working from home (WYW)
Retire at 60. what world do you live in
what the? i'll take your problems any da
I'd retire before 50 with $2M invested, personally. Especially with a paid off home.
Question for you. What would you work at if the money did not matter? If you can retire and play happily, do that. If you need work to scratch an itch, your good financial decisions over your career have freed you to do something you love and not sweat what it pays.
You can be proud of that.
Retired at 65 recently. Before retirement, someone told me this, and it's proven to be mostly true. Surprisingly, since you're not putting away 401K money or paying social security, and perhaps not paying for life insurance, "take home pay" is about the same as while employed. Medical is the big issue, but if you've got coverage for a while, that will help a lot.
Mike V, that you?
Dude-are you serious? How unaware can you be? Do you have a clue of how many people have been let go who aren’t close to that savings level or the fact in cushie North Oaks. Get off of here. Omg!
Lol! U came here for advice?
Can you afford to? Maybe meet a financial advisor to help you work through the math? I'm planning to retire before 60 - I would do it in a heartbeat if I were you!
Good luck!
Why not? There are 3M’ers who set goals and succeeded in retiring at or before 60. Sure, this clearly wasn’t your Plan A, but take this as a fork in the road and blessing in disguise!
Take the offer to be the Boeing CEO. Outsource all engineering to India. See how that works out.
Go for it. You're in a much better situation than most! Time for you to live your best life!!
How long more do you think you can live on mother earth?