Turning 50 in a month, I know what you are going to say..

[HopeToGolf]

Isn’t this case super simple?

Yes, the math using any reasonable calculator and rule of thumb say you can walk away now and spend $300K. However, your comfort in doing so is a totally different question.

The reality is, based on your posts, it seems that if “you” want to feel “comfortable” walking away and not ever (even in your 70s) have to worry about changing your lifestyle (i.e. keeping two houses, paying for weddings and such for your kids, always having a country club membership, etc.) then yes, you need more money. It seems you need to spend time figuring out what level of lifestyle you want to lead and financial security you need to feel comfortable. If you want to spend only $300K and in the bad scenarios are comfortable having only one house at some point and maybe having the kids fund their own down payment for a home and their weddings, you are pretty far in the clear.

I’ve run similar expense numbers with a similar portfolio and no home equity and ******** and Firecalc get to 100%.

I think your post and this thread is another version of a typical OMY question.

Congrats on your achievements!

 

[tb001]

Isn’t this case super simple?

Yes, the math using any reasonable calculator and rule of thumb say you can walk away now and spend $300K. However, your comfort in doing so is a totally different question.

The reality is, based on your posts, it seems that if “you” want to feel “comfortable” walking away and not ever (even in your 70s) have to worry about changing your lifestyle (i.e. keeping two houses, paying for weddings and such for your kids, always having a country club membership, etc.) then yes, you need more money. It seems you need to spend time figuring out what level of lifestyle you want to lead and financial security you need to feel comfortable. If you want to spend only $300K and in the bad scenarios are comfortable having only one house at some point and maybe having the kids fund their own down payment for a home and their weddings, you are pretty far in the clear.

I’ve run similar expense numbers with a similar portfolio and no home equity and ******** and Firecalc get to 100%.

I think your post and this thread is another version of a typical OMY question.

Congrats on your achievements!

I think this is a great way to look at it. And I would also add that those ‘bad scenarios’ where you’re cutting out some of the big extras, are statistically much less likely than the good ones. Some of our extras like weddings etc are far enough away for us that we’ll have a decent understanding if we’re heading for a bad sequence or on a good trajectory, which was helpful in pulling the trigger.

 

[StuckinCT]

Isn’t this case super simple?

Yes, the math using any reasonable calculator and rule of thumb say you can walk away now and spend $300K. However, your comfort in doing so is a totally different question.

The reality is, based on your posts, it seems that if “you” want to feel “comfortable” walking away and not ever (even in your 70s) have to worry about changing your lifestyle (i.e. keeping two houses, paying for weddings and such for your kids, always having a country club membership, etc.) then yes, you need more money. It seems you need to spend time figuring out what level of lifestyle you want to lead and financial security you need to feel comfortable. If you want to spend only $300K and in the bad scenarios are comfortable having only one house at some point and maybe having the kids fund their own down payment for a home and their weddings, you are pretty far in the clear.

I’ve run similar expense numbers with a similar portfolio and no home equity and ******** and Firecalc get to 100%.

I think your post and this thread is another version of a typical OMY question.

Congrats on your achievements!

I agree with this, and appreciate it. I know it sounds like a big lifestyle, and it is in some ways, but there are definitely things we can cut like BMW and country club. Also, I won’t be spending 300k when I’m 80, unless I’m gifting or doing big family trips.
That’s another reason why I decided to try the Lake George place, later on for family get togethers that can be expensive. I like Disney etc but that can be spendy, but there is always Airbnb too.

 

[HopeToGolf]

To be clear, I do not think $300K is a big lifestyle in your described situation. It’s only big if you do not make enough or have saved enough.

I suspect most on this forum will die leaving far more to kids/charities/government than they expected. Most can probably spend more, including you.

If you don’t plan to spend an inflation adjusted $300K after 80, you are very much financially ready to hang it up.

 

[RetireeRobert]

Cut the country club.

 

[daylatedollarshort]

I agree with this, and appreciate it. I know it sounds like a big lifestyle, and it is in some ways, but there are definitely things we can cut like BMW and country club. Also, I won’t be spending 300k when I’m 80, unless I’m gifting or doing big family trips.
That’s another reason why I decided to try the Lake George place, later on for family get togethers that can be expensive. I like Disney etc but that can be spendy, but there is always Airbnb too.

You might want to calculate what the country club and vacation home cost you on a per hour of fun basis and see if you are getting your money's worth based on your values. We had Disneyland annual passes most years our kids were growing up and on a per hour of fun basis they were a pretty good deal, even factoring in flights and lodging. We usually had Six Flags and local waterpark passes, too, though those are pretty cheap and close to us, so the break even was just a visit or two. I dropped the pool club membership when the kids got older, lost interest and the last year we belonged the cost came out to $200 a visit.