Hi,
I will be 50 next month and I am still working. My goal for retiring at 50 will not happen. Well in 1999 I thought that stock investments were going to get me there quickly. Well we all know how that went. In 2000 I had a portfolio of $1.1 million weighted around 75-80% stocks and the rest in cash and bonds. I also had about $150K in a 401K. I also owed over $100K on my house. By 2001 that portfolio shrunk to around $500K (including the IRA). Early retirement dreams ruined.
Fast forward to 2007. I made a comeback sort of, thanks in most part due to an unlikely source, my day job. Yes the one I wanted to retire from gave me stock options that grew to contribute a nice sum of money to my assets. I still do not think I have enough to retire. My assets are as follows.
1. 925K (725K cash and bonds, 200K stocks)
2. 450K in 401.k wieighted 50/50 stocks and bonds
3. 80K in company sponsered retirement account. If I work to age 55 I will get roughly 2000/month should I opt for SS leveling. When I am 62 the value does NOT increase as the payout from the company sponsered plan will be reduced by the amount SS gives me.
4. No mortgage on my home worth over 500K
I simply do not trust the stock market and refrain from puting any new money there.
Also as I write this someone informed me of a clause about ending medical coverage if terminated by my employer. I have 10 years here, and the clause states that coverge could continue if you have 10 years of service and are between the ages 50-55. I perviously thought I had to wait until age 55.
I am not married and have no children and save most of my salary except for some luxuries I like (Mercedes Benz AMG).
I will be 50 next month and I am still working. My goal for retiring at 50 will not happen. Well in 1999 I thought that stock investments were going to get me there quickly. Well we all know how that went. In 2000 I had a portfolio of $1.1 million weighted around 75-80% stocks and the rest in cash and bonds. I also had about $150K in a 401K. I also owed over $100K on my house. By 2001 that portfolio shrunk to around $500K (including the IRA). Early retirement dreams ruined.
Fast forward to 2007. I made a comeback sort of, thanks in most part due to an unlikely source, my day job. Yes the one I wanted to retire from gave me stock options that grew to contribute a nice sum of money to my assets. I still do not think I have enough to retire. My assets are as follows.
1. 925K (725K cash and bonds, 200K stocks)
2. 450K in 401.k wieighted 50/50 stocks and bonds
3. 80K in company sponsered retirement account. If I work to age 55 I will get roughly 2000/month should I opt for SS leveling. When I am 62 the value does NOT increase as the payout from the company sponsered plan will be reduced by the amount SS gives me.
4. No mortgage on my home worth over 500K
I simply do not trust the stock market and refrain from puting any new money there.
Also as I write this someone informed me of a clause about ending medical coverage if terminated by my employer. I have 10 years here, and the clause states that coverge could continue if you have 10 years of service and are between the ages 50-55. I perviously thought I had to wait until age 55.
I am not married and have no children and save most of my salary except for some luxuries I like (Mercedes Benz AMG).
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