is 300k in retirement at 35 enough?
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Date: January 17th, 2017 4:17 AM Author: ungodly buck-toothed giraffe
i mean, can i quit my current job, do crappy state government work that will hopefully pay a pension, but even if not, like just make enough to live and in 30 years that 300k will be enough to retire on? i don't really have a ton else. 20k cash. 90k equity in 390 home. 20k hsa. 24k annuity after taxes for the next 20 years. also no loans besides home and a paid off, 2014 car. needs i think are fairly conservative.
basically, i want to take a 40k job, and i don't need a ton. i could live on that plus annuity pretty comfortably. but i want to not end up poor at the end of it all.
in a vanguard 2045 retirement fund. and the calculators seem to be all over the place. i know, technically i could lose it. and technically i could make 10% per year and be awesome. but like, is plugging in 6% fairly reasonable?
(http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390519) |
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Date: January 17th, 2017 4:36 AM Author: Twisted Razzle-dazzle Brunch Mad-dog Skullcap
Ahh, you're doing much better than median then.
Yeah, take the bullshit job and enjoy life.
(http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390552)
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Date: January 17th, 2017 5:08 AM Author: ungodly buck-toothed giraffe
probably. at least at the start. bureaucracy, etc. oh, and we're in one of those lovely states where the start time is actually 8. kill self.
and i've got my own nagging feeling. not about the money. but about the absolute waste. from t6 law school and v5 firm to: will i die impoverished.
like there were paths of a lot less resistance if this is the life i wanted. but i just got sick of being miserable.
i've been doing a low stress non big law job for the last 18 months, but it's still capital markets. and i just. ugh. can't.
(http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390600) |
Date: January 17th, 2017 7:01 AM Author: Mint ratface
I did something similar biglaw (paid off loans and got a nest egg) to much lower pay government gig (not quite 40k though).
Was a fantastic decision. You forget that there are things to do besides work. I got in great shape, got a dog, read all the books I've meant to read. It does take a while to reprogram (my phone going off gave me ptsd for a while lol). But yea I'd do it if I were you.
(http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390653) |
Date: January 17th, 2017 7:04 AM Author: shivering nibblets
300K at 35 and you want to quit and make 40K for life? ok you're just tired. go on a sabbatical. vacation.
is that annuity inflation indexed? 24K a year gets more and more worthless every year. i get that it covers your mortgage and taxes but taxes will likely go up and then you have maintenance. also you'll spend a few % of your house value if you ever sell (390K doesn't seem like you're in a region where housing has been doing amazingly?).
(http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390654) |
Date: January 17th, 2017 7:16 AM Author: Magical Queen Of The Night Juggernaut
it's really up to how comfortable u personally feel
i generally think it's best to get a few hundred K in * taxable * accounts before leaving biglaw so u are more liquid. suppose u had 300K in taxable accounts invested in dividend index funds yielding about 3%. after taking into account ur annuity, that would give u about 33K per year. u could further enhance returns by renting out ur house and capturing (presumably) another 20K or so after tax and staying somewhere really cheap. so now u're up to > 40K or so per year on an after tax basis without actually doing any work, plus u can roll ur 401K funds into a trad IRA and convert them into a roth IRA as you wish to take advantage of ur lower tax bracket.
of course this requires a few years of biglaw misery to save up 300K in taxable accounts but i think it's well worth the tradeoff. a lot easier to deal with biglaw when u have a concrete goal instead of an amorphous "i'll do something but i don't know what" later.
(http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390662) |
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