I just realized I will probably be a millionaire in 5 yrs. Should I retire then?

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Steelhead

I just realized I will probably be a millionaire in 5 yrs. Should I retire then?

Was just running the numbers and assuming my 401k mutual funds keep at or near their current pace they'll reach a mill in about 5 years. I would be 55 so I think I'll plan to take early retirement where I work. I'll have 25 years so my pension will be decent. I think I'll get about 3k per month if i get out at 55. That and a mill in the mutual funds should do me oky, hu? Of cousre soc sec kicks in at 65...sound cool?

homerocks7001

Hey that sounds like a pretty sweet idea. I could type a couple of huge paragraphs from where I get my information but I would prefer to just give you the link:

http://www.plannerconnect.com/retirement...

They cover pretty much every question you could think of when it comes to retirement. They also have a retirement calculator. There is information on investing for retirement, 401Ks, IRAs, and all that great stuff. I actually eneded up calling these guys with a list of questions and meeting with a financial planner and it didn't cost me a dime. With that much money you should really talk to a professional about retiring.

Bignizz66

Sure why not.

sweet_sunshine

Definitely sounds cool if you really got all that Maths right.

Do take into account future contigencies. The best is to double present day costs. :)

fullblastus

I'd say your figures don't add up. Substantial penalties for early withdrawal before 59-1/2. The tax bite on the pensions should bring you back to give us more wisdom on Y! Answers in the two years before you turn 67, when SS kicks in.

mntndo

You know the chances that your 401k mutual fund probably won't keep at its current pace, right? That is unrealistic.

Paradox

IMHO if you have access to that much capital - consider buying some rental properties with cash and turning them over to a property management company. Their fees are tax-deductable. Without a monthly mortgage payment, you will get great cash flow and possible capital gains via appreciation without spending your time or energy. Just try to pick a market that is growing.

Whitey Ford

Hell yeah! I would retire right now If I had a mill and Im in college and 21

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