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Old 07-02-2019, 07:03 PM
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Voyager is offline
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Join Date: Aug 2002
Location: Deep Space
Posts: 46,539
Originally Posted by bump View Post
I still maintain that single-digit millions isn't enough. I mean, insurance only pays so much- if you get some diseases, it's really easy to blow past your coverage. And then it's out of your own pocket.
Retiring at 46 would take a bit more, but I did retire at 64 1/2 with just over $2 million. 3 years later I have about as much as I started with while living the same life I lived before retiring, except sleeping later and no commute. We did pay off our house (only $150K) since we don't get a mortgage tax break anymore. (Standard deduction too high now.)

Insurance: If you take Medicare Plan F, in the Medigap coverage, you have no co-pays. A bit more but well worth it. The only non-insurance money I've paid since 65 is a few bucks every 3 months for pills. Really, really bad stuff, like dementia, could hurt, but why delay for that?
You can count in Social Security depending on when you want to start it.
Move your investments into ones that are stable and income producing, and you will generate plenty of cash to live on. Index funds are great, but as you near retirement other options can be better.
Both our kids were out of college with college loans paid off. We don't splurge, but we never did.
And you will find as you get to 70 and over your desire for stuff and expensive traveling decreases. Happened to my father and my father-in-law. Hasn't happened to me yet.
$20 million is way too much. Don't scare people out of retiring so they can give their jobs to your kids.