I just hit 3 Million and Put in to Retire

57
302K in retirement
200K owed on 350K house
no other debt
live happily
I could not do it as you did but guarantee I'll have far more awesome memories when we both check out of this place.

 

You should have paid that house off a long time ago.

 

good point!

I'm very fearful of that.

I'm 62 and have about 5 million. My wife and I had no children, and she passed away a year ago. I am considering retiring in the next year, and I think I'll be fine. Pharma is a great gig, but I'm tired of the pressure and all the stuff we have to do. The money is great, and we are blessed, but at some point we all need to weigh the pros and cons. I think it's time for me to stop soon. Not sure of when but soon.

 

I paid off my house when I was 47. I hate having a mortgage. I'll never have one again.

 

Sorry about your wife. How long were you married?
Here are some things to think about:
1. Were do you want to live?
you may already know, or you can visit towns you might like.
2. What kind of hobbies do you have?
this will help pass the time, and some hobbies pay lead to some income
3. are your parents still living?
do they need help

Again good luck to you, and yes I was in pharma for 30 years and I made a bundle. I loved it. Some reps were not so good, but I ignored them.

 

thank you.

I was with her for 30 years. It's very difficult. I need to get more hobbies. My parents are deceased. I'm not sure where I want to move to.
Lots of decisions to make. thank you

 

love to have 3 or 5 million

I have about 2 million and I'd like to get to 3

no mortgage

 

47.

nothing to show for.

No savings and spent what I had as gambling addict.

im screwed

 

What is your net worth? Ours is 2.8 million. That includes a pension worth 1.8 million over 35 years (36 is the number of years because we are already drawing it in our early 50s.) House is 550K but not included in the net worth for this post. The number includes investments, SS projected payout at 62, pension, and cash.

 

Why would anyone give a damn what your net worth is?

 

This is a thread about retirement assets and people talking about theirs and what they think they might need to retire. People who get upset over these posts are obviously broke as hell and just pissed off. Move along with your broke ass.

 

ha I agree

 

What makes you think more money spent equates to better memories?

 

husband and I just hit 5.3M. It can be done ladies and gentlemen and kids

 

I'm with you

no kids and have the same.

I'm out of here in Jan.

 

exactly

why are they even reading and responding?? lol

 

I retired in the middle of this decade after nearly three decades in the field. My wife was terminally ill. I had 4.25 million in the 401k. I put the maximum in from my first day. I took everything out in a lump sum as I did not trust the company and placed it with a well researched and trusted financial company. I have an individual advisor with it. In the years since, my portfolio has grown and is now 8.65 million. I take four percent a year without touching the principle. That’s 340,000 yearly divided by 12 for 28,000 a month plus 3,100 a month from Social Security and my late wife’s spousal pension of 2,700 per month for a total of 34,000. a month and my now IRA principle of 8.65 million is untouched.

Home is paid off. I’ve complete freedom. After 7 plus years of widower life, I’m in a new long term relationship and do what I want when I want, together with my special lady. I have no wants because I buy anything I desire. I now drive a BMW suv.

In short, even with 30 years in the field, if you save early and live beneath your means, you have a GREAT life from your late 50’s forward.

 

Well... you did it right, that's for sure. I didn't start saving for retirement till I was in my early 40's. My wife started when she was in her 20's. If I had started in my 20's, we would be right where you are. Still, we've two homes (though neither are paid off but one pays for itself), $1.6 mil in IRA's, ROTHS and 401K's. By the time retirement rolls round which is about 5 years (at 65), we should have about $2.4-2.6 mil in those accounts. Between SS and the retirement accounts, we should be able to have a net annual income of $185K... Net mind you!!! This is also indexed for inflation so that it will increase each year. We won't be leaving any huge sums of cash but we won't run out either. All of this has been gamed out with worse case scenarios of a 40% loss in value (along with a recovery) and an additional 20% loss in value (with attendant recovery). I wanted to pull the plug at 62 but the cost of medical insurance is crazy. Those three years would bleed us dry!!!! Man!!!! If I had $4-5 mil I would be pulling the plug the second it got to be boring or annoying. All of you who started early and maxed things out... you were smart. I wish I had been. Good luck and have fun.