how much is enough to retire in our industry

Wife and I have amassed 4.6 million dollars. I'm a rep. She works for a technology company. Both mid 50's and just house debt. really burned out and think it's time to retire.

 

Very few people in their 50's have amassed that amount of money (if it's true.)
If you have raised children and put them through school, don't know how you were able to amass that on a rep salary, but more power to you if you have. ( Coming from a career pharma rep in my 50's, who raised 2 kids, put them through Big 10 universities, own beautiful home, always put away at least 10 percent in 401K, but don't have close to what you have in savings)
Retire early, enjoy life, travel, start a business. The possibilities are endless. Good for you!

 

If you have that amount in securities/bonds/cash and it’s not your house equity you are counting then think you should get out of pharma and pursue other interests. Just be sure you can secure decent medical insurance to avoid some unforeseen illness which unfortunately in this country could bankrupt you.
Retired from pharma and luckily saved quite a bit - also luckily had children who were super hard working students who made their way though grad school getting into PhD programs which by the way generally gives students free tuition and fellowship monies. Now have a 31 year old who got PhD in engineering with his own start up tech company who has more money than we do not only in savings but earns more than I ever did in pharma. Saying this cause we spent our money on our kids- private school tuition and plenty of focus on activities outside of sports. It paid off and have our retirement money to spend on ourselves.

 

no children. she wasn't able to have and we passed on adoption. we have volunteered with many organizations to help others. thank you

 

Good for you. So many organizations need people like you right now. Have done much volunteer work after retiring and it is extremely gratifying. Hope you and your lovely wife have many happy years ahead of you. Will help your relationship for you not to be miserable in a job. Best wishes.

 

Why not just stay in pharma and milk it? I am a few years older than you, and I will continue to collect this check as long as they want to send it. With COVID stay-at-home guidance from our industry, this stupid job we do is easier than ever!!

Now, if you have a manager that is pushing you and making life miserable, then that is a much different story. But even with that, because you are over 50, they will have a hard time pushing you out.

I wish you best of luck.

 

Hi, I am in a very similar position. Mid 50’s, equal $ saved, no debt. I vest early next year and I am actively working on my exit plan. I have taken control of former 401ks, now iras. I focused on dividend stocks to provide income in retirement. I have researched medical coverage through my state - about 5k per year for a basic medical policy to bridge me to Medicare. My goal,is to generate 100k per year in passive income which is all I need. I plan on working three more years and then I am done. The biggest issue is to figure out what will I do in retirement. Sitting at home is no good. I am looking to volunteer and find A way to give back. I know you are burnt out - me too!. I am waiting until I get the vaccine and life returns to normal. Why retire now where there is nothing to do or nowhere to go? I also want to go with grace and give my best to this company and industry on the way out. OP - if you are willing to connect, I will post an email address for you to reach out. Two heads are better than one. We can compare notes and plan our exit together. Happy new year to you, and to all that read this.

 

To the Original Poster: That should be plenty, unless you have massive bills or live in super expensive area. My situation is very similar, just slightly younger than you. Our financial planner just ran the numbers, estimating death at age 95. Calculation showed 2.5 million remaining at death to pass on to children. FYI--Don't include your home equity in the calculation. HIGHLY RECOMMEND having a professional to run the numbers for you. Enjoy your retirement!

 

OP here. Definitely never include home equity. Net worth to me is what's basically semi liquid. If I added the 1M house with 300 left on mortage you could add 700 grand to my statement but it doesn't really matter cause I'm not selling our house. Lots of financial calculators online. I do like SmartAsset and NerdWallet too

 

if you are married, or date a lot, you will never have enough to retire.

I am single.

Retired at 44.

 

I retired 2 years ago with less than you. My wife was going to work an additional year since she thought it would be too much change for both of us to retire at the same time. The key is to know what your expenses are and can you live the life you want on 4% of simi liquid assets. You could push it to 4.5% but I’m conservative. I had struggled with access in offices and feeling guilty about not being able to fill a day. Everyone is different with this. For me calling it quits was a great decision. I miss some of the people but haven’t had problem filling my days and feeling better about what I do. Good luck with your decision. It’s a hard thing to pull the trigger.

 

This is a no brainer unless you really love your job.... there a plenty of ways to fill your days besides working for da man.

 

what did you do for medical insurance?

 

Different company. Got healthcare at lower rate till 65. That can be a game changer.

 

If that is true you have enough. Even if you are in CA you have enough. Enjoy and I am jealous!

 

age 53 $3M saved , but still owe $275K for home. No kids, and no other debt. I am thinking 3-5 more years. I do not enjoy this career anymore, but it has been a great ride. I think I can muddle through and TRY to enjoy these last years.
If I had over 4M i would pull the lever now.

 

Thank you. Good luck!

 

Keep in mind medical, dental and vision costs. If you retire now your social will be reduced as well. You prob make a high salary so I’d try to last a few more years so you can build up more cash, get the company match and def do a back door Roth. This will help minimize taxes and possibly your IRMa when you go on Medicare. Good luck!

 

Don't worry Biden will be coming for 50% of that. You will be selling for Novartis for another 15 years.

 

DAMN!!!! Good for you. Envious/Jealous.

$4MM is relative. Its COLa (Cost of Living), Lifestyle, and Activities.
But that dollar amount should make you comfortable for sure, assuming you live beneath your means.

If you moved abroad, you could live like a dictator! And those SOB's live phat!
Some retirees move abroad with far less than $4MM. Hell, probably less than $1MM, and they live well.

You have options.

I vote stick around until you get downsized or win Mega Millions.