Volunteer work?
Volunteer work?
I recommend doing something you like or love to do. Retirement is not for everyone. With this type of savings a part time minimum wage job will get you to retirement if you want. So find something you want to do whether part or full time. Enjoy life. If giving back volunteer some where that gives you satisfaction.
How do you manage to save up 900k in retirement.
Seriously you would each need to put away 20k a year for over 20 years and I'm assuming you didn't always earn as much?
fdsfasdfsaf wrote:
Gravy wrote:ftfy
ftftfy
I made a summary.
Severence package? 2 weeks for every year, minimum? If not then don't sign sh't, wait about 6 weeks for them to bring in the 20 something hipster(s) then sue. They call this The Rejuvination Program at my place. They first tell the old sap they want to get rid of that "the company did not make its numbers in the Timbuktu office, therefore management must make cuts, and unfortunately it came down to you." My place does need the cutbacks, for the fresh ground Starbucks Coffee machines and trans-gender bathrooms and the eight figure $ annual CEO compensation. All good - they pay McKinzie to say so.
If you step back from this scenario and realize that you have, presumably, a young, healthy, dynamic person/couple, with 1.3 million dollars, the option of going back to work seems so strange.
Unless the work was entirely meaningful, like pediatric surgeon, why would you go back to work? How much security do you need? Nothing is guaranteed.
You could do so many fun things, meet so many interesting people, volunteer wherever you'd like.
If something really goes wrong you could always get a whatever job to fill gaps.
I can't help but imagine the hardcore numbers/calculus/$$$ centric way of thinking about these types of questions becomes exceeding foolish when a person gets a diagnosis/injury and has money instead of memories.
Sure, you need to take reasonable steps $$$ wise, 1.3 million is beyond reasonable. You could live off interest and still gain balance against inflation.
My advice: read, "Into the Wild," and get the f out into the world, or suck the marrow of life.....you get the point.
DjdjdjdjxjzRoyo wrote:
My advice: read, "Into the Wild," and get the f out into the world, or suck the marrow of life.....you get the point.
You really lost me there. Nobody needs to read the story of a pompous kid who hadn't even the slightest respect for nature and defiantly charged towards his Darwin award. If you're looking for motivation to get out of the rat race, I'd rather use any of Richard Proenneke's self-filmed documentaries:
https://www.youtube.com/watch?v=iYJKd0rkKssFlagpole wrote:
Fired wrote:I just got fired after being employed with a financial services company for 16 years. I am 49 and married. My wife has a good job. We don't have kids. We have retirement savings of about $900K and property worth another $400K. What would you do next if you were in my position? I have always wanted to travel around the world for a few months. However, my wife would have to quit her job. I could go back to school and get a Masters because I am not sure if I want to stay in financial services. However, my previous salary with commission was about $100K, so I don't think I would increase my earning potential with school. If I did something that didn't involve sales or financial services, I probably would take a 20-30% pay cut. Finally, maybe I just need to find a new job quickly because of my age.
1) No way would I go back to school to get a Masters at this point. Do it only for your own edification, but not to get another job in financial services.
2) If it were ME, and I had no kids and a wife with a good job (especially if she wanted to continue working), plus $900,000 in retirement at age 49 then I would either just flat out retire and let her income pay the bills, or just go do something part time for something to do.
3) Back to you though, how long would you have worked at that job if you weren’t fired?
4) Does working mean a lot to you? If so, then just go get any job. Unemployment rate now is 4.7%. You should be able to find a job pretty easily doing something.
Math time.
If you earn just 5% annually on that $900,000 in the next 11 years when you are 60 and don’t contribute any more, you will have $1,781,773.64. With contributions and higher than 5% return, easily $2 million (or just sell that $400,000 property and you’re over that).
Take 4% of that at age 60. 4% of $2,000,000 is $80,000. In two short years after that, you could get Social Security. If both of you are the same age, you will likely get another $45,000+ per year when you are 62. You will easily be able to retire on that.
If you think that’s not enough, then find a job and keep working and contribute a ton to retirement over the next 11-13 years. You could retire at 62 with over $3 million in retirement if you really want to.
Ah, flagpole's mythical 5% per year interest. Much like the unicorn, it's somewhat hard to prove its existence.
Fake math time wrote:
Ah, flagpole's mythical 5% per year interest. Much like the unicorn, it's somewhat hard to prove its existence.
You realize he's talking about equities or even bonds, and not just your bank savings account, right?
+1Check out my retirement savings thread
DjdjdjdjxjzRoyo wrote:
If you step back from this scenario and realize that you have, presumably, a young, healthy, dynamic person/couple, with 1.3 million dollars, the option of going back to work seems so strange.
Unless the work was entirely meaningful, like pediatric surgeon, why would you go back to work? How much security do you need? Nothing is guaranteed.
You could do so many fun things, meet so many interesting people, volunteer wherever you'd like.
If something really goes wrong you could always get a whatever job to fill gaps.
I can't help but imagine the hardcore numbers/calculus/$$$ centric way of thinking about these types of questions becomes exceeding foolish when a person gets a diagnosis/injury and has money instead of memories.
Sure, you need to take reasonable steps $$$ wise, 1.3 million is beyond reasonable. You could live off interest and still gain balance against inflation.
My advice: read, "Into the Wild," and get the f out into the world, or suck the marrow of life.....you get the point.
The Obvious Answer wrote:
I would take a year off and do nothing but run. Should be easy since you have no children.
Then you can train your brains out and pound everyone into the ground at the local 5k next summer.
This is the right answer
You should find a much different path and enjoy your freedom for a while. The worst time in my life was while I was in the corporate world.
I am 48, have about $800k in the bank, no wife, no kids, no mortgage and I just enjoy my running and travel.
If you enjoy traveling, take a trip to a place that you have always wanted to see but have not had the chance.
If you have some health problems that are preventing you from enjoying your running, then get them taken care of, even if that means you will have to take a trip overseas to get them fixed up.
Life is short. Since you are 49, close to my age, you are probably experiencing some age-related physical issues. You might be feeling your mortality.
"We're not here for a long time, we're here for a good time."
ukathleticcoach wrote:
How do you manage to save up 900k in retirement.
Seriously you would each need to put away 20k a year for over 20 years and I'm assuming you didn't always earn as much?
The company typically matches retirement plan savings up to 6% or 7% of salary. Sometimes even more. So someone putting away 10-12% of income into retirement fund in that income bracket can easily get to almost 20k per year. Investment gains take care of the rest
Note that all these savings (employer and employee) are on a pretax basis, so 900k is really worth more like 750k after tax
Flagpole wrote:
1) No way would I go back to school to get a Masters at this point. Do it only for your own edification, but not to get another job in financial services.
Flagpole, I believe it's spelled edumacation.
Throw all your money in TSLA call options. Preferably out of the money on margin. Guaranteed island in the Bahamas in 5 years.
You could drop dead within 10 years and won't be in the physical condition to have fun traveling after 10 years either. Take a portion of that 900k and travel for a solid year or two. Travel now, not later.
Clearly, don't ask for advice on this forum.