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General Investing and Economics Discussion - No Politics
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<blockquote data-quote="RonJohn" data-source="post: 811561" data-attributes="member: 2426"><p>I once worked at a factory that the owner later sold for $40million. While there, the owner was working until 2 or 3 AM, and back at 6 AM while he and his sales team were trying to land another client. A mechanic made the statement to me that he would not work that hard if he had as much money as the owner. I told the mechanic that one of those things probably has something to do with the other. I didn't specify whether the owner had that much money because he worked so hard or if the mechanic didn't have as much because he didn't work as hard.</p><p></p><p>In this case, I don't think it is laughable that they are concerned. You don't typically get to $6 million in non-retirement savings without planning and executing. Now, they are looking at a possibility of a future with less certainty in their planning. In the question, they say that they estimate their yearly expenses to be in the $100k-$150k range. You should be able to generate that easily with $6 million. They are uncertain about health insurance, primarily because their current health plan is very good. I personally know a few people in their early to mid-50s who have said they would retire right now if it wasn't for potential medical expenses. </p><p></p><p>I would say for this couple, they should be able to retire now easily. However, I would suggest that they see a financial planner, and probably that they visit more than one. Go through their assets, their projected expenses, their goals, their health, etc. If they want to live on $100k a year and get a decent health care insurance plan, they are set. If they have a goal of owning a house in West Palm Beach on the sand, and $8 million net worth won't cut it.</p></blockquote><p></p>
[QUOTE="RonJohn, post: 811561, member: 2426"] I once worked at a factory that the owner later sold for $40million. While there, the owner was working until 2 or 3 AM, and back at 6 AM while he and his sales team were trying to land another client. A mechanic made the statement to me that he would not work that hard if he had as much money as the owner. I told the mechanic that one of those things probably has something to do with the other. I didn't specify whether the owner had that much money because he worked so hard or if the mechanic didn't have as much because he didn't work as hard. In this case, I don't think it is laughable that they are concerned. You don't typically get to $6 million in non-retirement savings without planning and executing. Now, they are looking at a possibility of a future with less certainty in their planning. In the question, they say that they estimate their yearly expenses to be in the $100k-$150k range. You should be able to generate that easily with $6 million. They are uncertain about health insurance, primarily because their current health plan is very good. I personally know a few people in their early to mid-50s who have said they would retire right now if it wasn't for potential medical expenses. I would say for this couple, they should be able to retire now easily. However, I would suggest that they see a financial planner, and probably that they visit more than one. Go through their assets, their projected expenses, their goals, their health, etc. If they want to live on $100k a year and get a decent health care insurance plan, they are set. If they have a goal of owning a house in West Palm Beach on the sand, and $8 million net worth won't cut it. [/QUOTE]
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