[USER]

Hi everyone! Im curious about everyone’s goals. How much is enough?

I don’t have kids or a spouse and live a pretty simple life.

No debt/ no mortgage.

Can I retire with $1M at 55? The calculators say yes, but I want to know your opinions.

Also, how do you ignore the fear of losing it all?

Thanks for any advice/insight.

[Pam]

I retired at 45 with 500,000. I’m not a big spender, and my house is paid off.

I’m living comfortably.

I actually have more discretionary money now because when I was working I filtered so much into my retirement.

But I also do eBay as a hobby so that brings in a little money and it’s something I really enjoy

[Lester]

Time isn’t money. Think about what you want to do in life, then figure out the money you need to get there.

Life comes first.

But yeah $1 million is a good start.

[Leanna]

Your situation sounds similar to mine when I left my job at 54. You can always get a part time gig.

I signed up for a 3 month project that has been going almost 3 years now!

Helps me still use my brain and ease into retirement …

on a stress free basis!

[Dillon]

Where is your 1 million parked? I’m not sure if I read correctly that it was an inheritance?

If the money is in a growth vehicle (mix of stocks, bonds, HYSA) you have a greater chance of retiring and having a comfortable life that’s enjoyable.

[Jon]

The simple answer is no. Inflation has sort of killed the million dollar retirement and I’m sure after the government didn’t see any riots after deflating the dollar so much they will do it again.

Sorry

[Dennis]

Take your time. Use the spare time you have now to figure out what you really want to do all day.

I’ve been working for 45 years and was planning on retiring in 5 months.

The company I work at gave me the opportunity to work remotely the last 4 years and we moved to the beach so I could help my mom.

They asked me if I would be interested doing one more year at 3 days a week, I’m considering it.

Sometimes I hate my job but I’m good at what I do and I’m not really sure what I will do with my time as my wife is still working so I might do it.

Time goes by fast.

Remember you still have years before Medicare and SS kick in and medical bills can be a bitch.

Knowing you can quit is nice to have in your pocket.

[Nicholas]

There is not enough information to provide an informed opinion. One million is not a lot any longer imo for most people at 55 to retire.

Without knowing your expenses and retirement plans though it is hard to tell.

Even if you live a very frugal life now, having some cushion for changing circumstances in the future may be something to consider …

It would be important to know if that one million was in Roth or tax deferred accounts so that taxes were considered.

Numerous pundits now suggest that the 4 percent rule may not be applicable given the high valuations of the market, suggesting a safer withdrawal rate like 3.3 percent may be more realistic.

We also need some sense about your healthcare plans and options.

Some employers allow, for example, those who retire from their companies to stay on their plans and pay a reduced rate for health insurance while others do not.

More information on your expenses and desired future would be helpful then in forming a response.

[Joe]

Based on the 4% rule, if you can live on $40k/year when you’re 55, then $1M is enough.

[Nicole]

Being an accountant, you could always do taxes for 3 months of the year.

[Trinh]

I am younger than you but I don’t really spend much money. I put all my money in investment.

I have no desire to buy anything.

I can live on less than $1K/month in the Bay Area.

It is hard for me to think about spending than saving.

[Ernest]

Not enough info.
You can retire whenever 4 percent of a portfolio you have penalty free access to is more than your living expenses.

You can get a lot nerdier with the math but that’s the rough idea.

[Arun]

You need 25 x your total annual expenses. Do keep in mind you will need health insurance especially later in life even with Medicare.

[Phani]

Just add long term care and critical illness coverage if you don’t have it already …

you should be good…

those are major drain to your liquidity during old age when you can no longer work to replenish

[Alberto]

I know a couple 55 retire with 900k they work part time occasionally, live simply lives everything paid for got a small piece of land living in a mobile home.

No stress no worries.

[Christian]

To me the key question is how you would pay for health insurance prior to Medicare kicking in?

I think cost of health insurance keep people in the game alone!

[James]

The goal of the James Financial Independence & Stock investment organization is to assist individuals in achieving early retirement and financial independence.

The organization encourages its members to save responsibly, invest wisely, and create secure financial futures through advocacy and education.

[Rob]

If you can live on $40k in retirement, $1M is enough. That’s not enough for us, but that’s us.

Our goal is to not concern ourselves with money when we’re retired.

We want to travel multiple times per year, take multiple cruises, etc.

[Author]

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