CanI just retire?

let's talk about each other's (anonymously) net worth. Subtract homes or put their equity in there. I am single, 260,000 in retirement accounts, 16,000 in bank accounts. Owe 110,000 on my townhouse, but have about 210,000 equity in it. No car loan or anything like that. I am 42 so think I'm doing pretty darn good. $376,000 net worth. Woot!

 

that's great but don't think you will retire early?

 

seems like a lot of money to me

 

Still not enough to retire early..... retirement savings + cash savings =$276,000. Figure on a 4% withdrawal rate to even have a chance at perpetual generation of income leaves you with $11,400 a year to get by on. Generally, don't include home in calculations. But still not doing too bad....

 

don't be mean! I'm gonna rely on Social Security

 

I plan on winning the state lottery. Don't give a crap about worrying about all this saving Mumbai jumbo. You people worry too much. Worrying kills you.

 

I believe Jesus would want me to retire and donate money once a year before Christmas. That is all

 

Ok I’ll bite..... 935k in retirement, 30k in cash. 300k equity in house conservatively. Married ,50 with kids...... and there ain’t no way I’m ever retiring!!! I️ used to hop to retire at 60 and I️ can’t temotely see any light at the end o the tunnel if I plan to help educate my kids. Oh well.

 

OK, figure if you can average 7% return over the 10 years, your retirement investment will double. That would give you $1,870,000 without further additions..... At a MINIMUM you should be contributing what Alcon matches. Say combined with company match you hit $2k a month continued contribution . So rough estimate $2,227,000 at 60. That gives you about $89k a year in income. Sounds like you're in good shape by 60 with conservative numbers and if you don't let the kids sponge off you too long.....

 

yes you're doing great! have the kids go to state college and heve them contribute to their edumacation