escape_nyc
Dryer sheet aficionado
Age - 35
Married - spouse is 35
Jobs - both employed in money management and megacorp, work about 40-50 hours per week
Household Income - variable between $300k-$800k
Tax Rate - about 45%
Children - 1 infant, plan to have 1 more
Location - Manhattan, NY
Savings/cash/liquid investments (10% in stocks) - $2.3 million
Retirement/401k/Pension plan - $250k
No other assets/real estate
Yearly costs (prior to child) - between 90k and 120k per year
Yearly costs (with child, estimated) - between 140k and 160k per year
I've been an occasional lurker over the years. I am intrigued by early retirement, specially semi-retirement where we could work on something part-time to pass the time and pay a few expenses and manage our own money via investments (I am an investment professional). We would also love to move to a low(er) cost area that has good weather, is low-key, avoids the rat race and has good access to good education, some culture and diversity, natural beauty, the outdoors. I've read all the jargon about withdrawal rates and scenario analyses given various market conditions (I am capable of running the numbers and simulations myself) but I'm struggling with coming up with a ballpark figure $5mil? $10mil) and rough age (40? 50? 60?) for when I should be comfortable pulling the plug. Anyone in a similar situation to ours? When did you decide to pull the plug? And how has that worked out for you?
Married - spouse is 35
Jobs - both employed in money management and megacorp, work about 40-50 hours per week
Household Income - variable between $300k-$800k
Tax Rate - about 45%
Children - 1 infant, plan to have 1 more
Location - Manhattan, NY
Savings/cash/liquid investments (10% in stocks) - $2.3 million
Retirement/401k/Pension plan - $250k
No other assets/real estate
Yearly costs (prior to child) - between 90k and 120k per year
Yearly costs (with child, estimated) - between 140k and 160k per year
I've been an occasional lurker over the years. I am intrigued by early retirement, specially semi-retirement where we could work on something part-time to pass the time and pay a few expenses and manage our own money via investments (I am an investment professional). We would also love to move to a low(er) cost area that has good weather, is low-key, avoids the rat race and has good access to good education, some culture and diversity, natural beauty, the outdoors. I've read all the jargon about withdrawal rates and scenario analyses given various market conditions (I am capable of running the numbers and simulations myself) but I'm struggling with coming up with a ballpark figure $5mil? $10mil) and rough age (40? 50? 60?) for when I should be comfortable pulling the plug. Anyone in a similar situation to ours? When did you decide to pull the plug? And how has that worked out for you?