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Old 10-19-2012, 02:49 PM   #81
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Tyro -- I think the reason some millionaires and billionaires (Rupert Murdoch, Sumner Redstone, even Warren Buffett?) work into their 70's and 80's is "lack of imagination" meaning they can't imagine anything else they want to do or could do. I'm all for loving one's job and career, but really? You need to make another $100 million? You have no other passions or dreams or interests, not even anything that warrants a leave of absence? I will never get that.
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Old 10-19-2012, 03:32 PM   #82
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These billionaires got where they are because they are good at what they do, and also because they enjoy it. I don't think it is any different than singers, musicians, or artists who want to keep doing what they enjoy for as long as possible. Who's to say that, while working, they do not also enjoy some leisures like travel, good food and drink, the opera, the arts, and sports, etc...?

If I could make loads of money the way they seemingly are able to do so easily, I would not quit either.

PS. Ah, I just thought of one thing I can do that the above men could not do. They could not take off for more than a month for an RV trek while staying incommunicado.

But then, many retirees here say that they would not care about RV either. So, what is it that a retiree can do that these billionaires cannot?
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Old 10-19-2012, 07:43 PM   #83
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Quote:
Originally Posted by midlifeguy View Post
Tyro -- I think the reason some millionaires and billionaires (Rupert Murdoch, Sumner Redstone, even Warren Buffett?) work into their 70's and 80's is "lack of imagination" meaning they can't imagine anything else they want to do or could do. I'm all for loving one's job and career, but really? You need to make another $100 million? You have no other passions or dreams or interests, not even anything that warrants a leave of absence? I will never get that.
I don't agree that they can't imagine doing anything else; I DO agree they don't want to do anything else.

People with extraordinary talent tend to do what they do until the end of their lives. These guys talents just happen to lie in the creation and accumulation of business empires & wealth.
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Old 10-20-2012, 08:31 PM   #84
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I'm a bit surprised at the folks who say he should keep working. Not disagreeing, just surprised.

If 2+ million bucks and a 3% WR isn't reasonably sufficient for ER - I wonder what is? That's not too far from what I'm shooting for.

I do get that Healthcare can be a wildcard.

SIS
Basically, no one has any idea what a safe withdrawal rate would be for a couple retiring at age 42. Most of the discussion of SWR comes from the Trinity study, but that study only considered the retirement of a 65 year old. As a matter of fact, I find the whole SWR concept to be useless for planning retirement. I assume its popularity is entirely due to its (excessive) simplicity.

I think the OP's retirement is dangerous and ill-considered. My advice to him would be to take advantage of his strong financial position to transition to a job that he enjoys and pays less than his career job. Just having some income and benefits going forward would reduce his long-term risk substantially. Otherwise he will soon have no market value, the American workplace being what it is. And that means that he is cutting off his options very early in life and will be at the mercy of events that none of us can foresee.
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