I am here for support. I am the first person in my family to have ever invested outside of a company sponsored retirement plan. So there is a huge learning curve for me.
My goal is/was to be able to retire once I hit 2.5 million with a 4% withdrawal rate.
I don’t really expect to spend 100k a year, simply because I’m a minimalist, and conspicuous consumption just doesn’t match my lifestyle.
However, I wanted to be sure that I could pay for assisted living and any experimental medical procedures that insurance might not cover in my old age.
My old FA would never give me a straight answer when I asked about how a longer than normal life span would effect my retirement savings-which is why I switched FAs.
Literally, one of the first things out of my new FA’s mouth was that I had a 40yr retirement horizon instead of the 20yr used for most calculations. He advised that I withdraw 3% for a yearly income of 75k instead of the planned 100k, because he was worried that I would run out of money.
I have every expectation to live into my early 100s. My family has the longevity genes.
I am very thankful that I started investing early, so that I have enough money in retirement-even if I don’t get to retire early.
My FIRE journey was taking so long that I decided to start my own rental business.
I realized that it wasn’t that I didn’t want to work,I just didn’t want to work for someone else.
I’m going for a promotion in another state and have the money set aside to put a down payment on the rental when I get there.
So, I do have a plan.
I just wasn’t expecting my FA to tell me that 2.5 million wasn’t enough to retire early because the horizon was so long. submitted by /u/3rdthrow
[link] [comments]
My goal is/was to be able to retire once I hit 2.5 million with a 4% withdrawal rate.
I don’t really expect to spend 100k a year, simply because I’m a minimalist, and conspicuous consumption just doesn’t match my lifestyle.
However, I wanted to be sure that I could pay for assisted living and any experimental medical procedures that insurance might not cover in my old age.
My old FA would never give me a straight answer when I asked about how a longer than normal life span would effect my retirement savings-which is why I switched FAs.
Literally, one of the first things out of my new FA’s mouth was that I had a 40yr retirement horizon instead of the 20yr used for most calculations. He advised that I withdraw 3% for a yearly income of 75k instead of the planned 100k, because he was worried that I would run out of money.
I have every expectation to live into my early 100s. My family has the longevity genes.
I am very thankful that I started investing early, so that I have enough money in retirement-even if I don’t get to retire early.
My FIRE journey was taking so long that I decided to start my own rental business.
I realized that it wasn’t that I didn’t want to work,I just didn’t want to work for someone else.
I’m going for a promotion in another state and have the money set aside to put a down payment on the rental when I get there.
So, I do have a plan.
I just wasn’t expecting my FA to tell me that 2.5 million wasn’t enough to retire early because the horizon was so long. submitted by /u/3rdthrow
[link] [comments]