Hi All,
Glad to be new to the forums. Looks like a great place to see what others have done or are planning to do. All the posts I've read so far have been filled with those generous with advice and best wishes.
I'm curious.... Anyone retire VERY early? I'm 33 and looking to "retire" at 34. I know I've been very lucky so far and I'm exceptionally grateful for that every day, but it's hard to find people who can relate and share advice for others in that situation. Maybe this is a good place to try. Background:
Started a business at 25, looking to sell later this year, should receive between $5m and $6m *after* taxes. Current assets:
$1.2M (non-retirement accounts, split 70/30 in equities and bond/income generating funds)
$200k (retirement accounts; 401k's and IRAs)
$350k (cash on hand)
Excluding the house (for asset purposes, it's a townhouse est. at $300k), I have approximately $1.5 in assets. Counting the sale of my business, I should have around $6.5M by year's end. I already have a financial advisor for asset allocations and investments in general. It's unlikely that I'll stop working altogether, but I will switch to doing what I want to do versus what I have to do for a living. I'm sure I'll take a year off and then get bored and go back to work, but until then, I'm doing my planning that I won't go back.
Has anyone been in a similar situation, or close to it (late 30's, early 40's)? Have you been able to retire altogether? It's worrisome with such a long time ahead of me to stretch it and ride the ups and downs of the markets. I have 50+ years, on average lifespan, to grow my principal even with annual income taken out. I'm planning on $150k annually to travel, pay my bills, and do whatever, within reason.
Healthcare is a large part of retirement, but being retired military (long story, but yes, full retirement from military at 22 including pension and benefits), I have Tricare Prime for $500/year. That's my backup though... because of active-duty disability leading to my retirement, the Veteran's Administration covers all my healthcare since I'm a 95% disabled rating.
I'm curious if anyone else has been in a similar situation, perhaps through selling a business, inheriting money, stock options, etc. Do you find yourself worried it'll run out in 30 years? Are you taking enough out to live a good time without going overboard? Anything you wish you could've done differently? Any advice?
Glad to be new to the forums. Looks like a great place to see what others have done or are planning to do. All the posts I've read so far have been filled with those generous with advice and best wishes.
I'm curious.... Anyone retire VERY early? I'm 33 and looking to "retire" at 34. I know I've been very lucky so far and I'm exceptionally grateful for that every day, but it's hard to find people who can relate and share advice for others in that situation. Maybe this is a good place to try. Background:
Started a business at 25, looking to sell later this year, should receive between $5m and $6m *after* taxes. Current assets:
$1.2M (non-retirement accounts, split 70/30 in equities and bond/income generating funds)
$200k (retirement accounts; 401k's and IRAs)
$350k (cash on hand)
Excluding the house (for asset purposes, it's a townhouse est. at $300k), I have approximately $1.5 in assets. Counting the sale of my business, I should have around $6.5M by year's end. I already have a financial advisor for asset allocations and investments in general. It's unlikely that I'll stop working altogether, but I will switch to doing what I want to do versus what I have to do for a living. I'm sure I'll take a year off and then get bored and go back to work, but until then, I'm doing my planning that I won't go back.
Has anyone been in a similar situation, or close to it (late 30's, early 40's)? Have you been able to retire altogether? It's worrisome with such a long time ahead of me to stretch it and ride the ups and downs of the markets. I have 50+ years, on average lifespan, to grow my principal even with annual income taken out. I'm planning on $150k annually to travel, pay my bills, and do whatever, within reason.
Healthcare is a large part of retirement, but being retired military (long story, but yes, full retirement from military at 22 including pension and benefits), I have Tricare Prime for $500/year. That's my backup though... because of active-duty disability leading to my retirement, the Veteran's Administration covers all my healthcare since I'm a 95% disabled rating.
I'm curious if anyone else has been in a similar situation, perhaps through selling a business, inheriting money, stock options, etc. Do you find yourself worried it'll run out in 30 years? Are you taking enough out to live a good time without going overboard? Anything you wish you could've done differently? Any advice?