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is 300k in retirement at 35 enough?
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Date: January 17th, 2017 4:17 AM Author: vivacious flushed crackhouse persian 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? |
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Date: January 17th, 2017 4:20 AM Author: vivacious flushed crackhouse persian should mention it's the sort of job where i should get up to 60-70 fairly quickly and reliably (2-5 years) but also top out near there unless i get really lucky. so don't want to count on more than that. (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390526) |
Date: January 17th, 2017 4:20 AM Author: titillating olive mother You won't be balling but if you get a pension not a bad deal + social security. (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390524) |
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Date: January 17th, 2017 4:28 AM Author: vivacious flushed crackhouse persian i think i'd feel pretty comfortable if it were about 2 million by then. but like, the numbers are all over the place with what people say to use as compound interest figure. if it's 8%, hell yeah. if it's 6. ok. if it's 4, well, shit. and of course, it could end up being nothing.
the uncertainty of money is such a bitch. |
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Date: January 17th, 2017 4:31 AM Author: titillating olive mother just looking at your math, how do you figure you have 300k right now? includes NPV of the annuity? (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390542) |
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Date: January 17th, 2017 4:33 AM Author: vivacious flushed crackhouse persian no, the 300k is all 401k in three separate retirement accounts.
the house equity/annuity/hsa/savings are all separate/additional. |
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Date: January 17th, 2017 4:36 AM Author: titillating olive mother Ahh, you're doing much better than median then.
Yeah, take the bullshit job and enjoy life.
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Date: January 17th, 2017 4:35 AM Author: lemon orchestra pit 40k job for a JD? (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390550) |
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Date: January 17th, 2017 4:37 AM Author: lemon orchestra pit Housing bros: is a 390K house on 40K responsible? (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390554) |
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Date: January 17th, 2017 4:37 AM Author: titillating olive mother The annuity covers it. (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390555) |
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Date: January 17th, 2017 4:39 AM Author: lemon orchestra pit he divorce a rich girl? win the lottery? how do you get an annuity? (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390560) |
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Date: January 17th, 2017 4:40 AM Author: titillating olive mother Probably a settlement from ADM. (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390561) |
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Date: January 17th, 2017 4:46 AM Author: vivacious flushed crackhouse persian yeah, i don't want to go into the details on the annuity. but it comes out to 2080 per month after tax, and my housing payment/taxes is 1850. So really, just need to support myself on the rest. It'd be a big change, but I think it's doable- and I have a savings cushion if it's a little tight before my salary goes up to 60k or so in 2 years (most likely amount of time.)
Something does seem pretty wrong about going from big law to 40-70k without real advancement options, but whatevs, I think I'll like it. |
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Date: January 17th, 2017 4:48 AM Author: lemon orchestra pit C'mon bro you can't work for $20/hr get a grip. (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390573) |
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Date: January 17th, 2017 4:49 AM Author: titillating olive mother please tell me you are ding something awesome like being a park ranger (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390575) |
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Date: January 17th, 2017 4:58 AM Author: vivacious flushed crackhouse persian nah, though my dad does run the state parks as of like last year. i get all the good camping hookups. i didn't even have to pay $6 park entry on the 4th. (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390583) |
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Date: January 17th, 2017 4:59 AM Author: lemon orchestra pit (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390584) |
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Date: January 17th, 2017 4:59 AM Author: vivacious flushed crackhouse persian i do think the hardest part will be transitioning from a job where i work a ton, on my schedule, to working very little but having to be somewhere from 9-5, and that being like the only thing that matters. that part kind of sucks.
especially for 40-fucking-k. |
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Date: January 17th, 2017 5:01 AM Author: lemon orchestra pit bro you could teach 3rd grade and make more (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390588) |
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Date: January 17th, 2017 5:04 AM Author: vivacious flushed crackhouse persian yeah, heh. now you've got both my parents. that's my mom. she's a middle school teacher and now with her national boards and various prep-selling, etc. stipends makes almost 60.
but whatevs. it's one of those, i'd come in as an intern because all the legal experience i have doesn't count, but in six months a raise, and 1-2 years a significant raise. 60k is still shit. but it's a cheap state. and the annuity helps. considering that's after-tax money, should be like living on 90-100k. i can do that. |
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Date: January 17th, 2017 5:06 AM Author: lemon orchestra pit BIGLAW must be THAT BAD. (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390598) |
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Date: January 17th, 2017 5:06 AM Author: titillating olive mother I took a three month leave of absence from work this last year (8th year big lawyer) after a couple weeks I started getting a nagging feeling I should be somewhere working on something.
Is your job going to be one where showing up at 9:05 is a problem? |
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Date: January 17th, 2017 5:08 AM Author: vivacious flushed crackhouse persian 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. |
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Date: January 17th, 2017 5:20 AM Author: titillating olive mother Sounds like a 180 dad. (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390607) |
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Date: January 17th, 2017 5:23 AM Author: vivacious flushed crackhouse persian yep. they both are. it's nice being close. (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390608) |
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Date: January 17th, 2017 4:50 AM Author: laughsome aquamarine casino generalized bond prore terr: being worried about money (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390577) |
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Date: January 17th, 2017 4:58 AM Author: flirting masturbator (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32390582) |
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Date: January 17th, 2017 7:01 AM Author: dull thriller rigpig space 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. |
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Date: January 17th, 2017 11:57 AM Author: Charismatic chest-beating crotch How much was your nest egg? (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32391998) |
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Date: January 17th, 2017 7:04 AM Author: Contagious coral double fault 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?). |
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Date: January 17th, 2017 7:16 AM Author: Bipolar cracking shrine chad 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. |
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Date: January 17th, 2017 12:06 PM Author: Naked Tattoo Subject: You are burnt out. You are burnt out. I felt like this in my 30's. I was thinking about applying for work managing a National Park gift shop. These are escape fantasies, and you will go mad working in state government - plus it's not necessarily that secure over the long term. Do something different but at a higher level, even if you have to work more. There are jobs outside big law and government that will interest you. How about getting into a smallish business, or starting one? If you are going to work for a low salary, at least find something for which you have some passion and which has an up side. (http://www.autoadmit.com/thread.php?thread_id=3493748&forum_id=2#32392081) |