Retirement in Bay Area
We are in our late 40s and have about $1.2M (in 3 houses) in real estate equity, $700K stock investment, and $900K in 401K. Is it sufficient to retire in Bay Area now? If not, where and when can we retire (1) now, (2) in 5 years, and (3) in 10 years?
Wooh nice money!!
How did you make that much money yet not be able to calculate your retirement income?
Right place right time worked for most people here who attribute their luck to their skills. At least, the OP is being humble and asking for advice.
Asking for opinions doesn’t mean I can’t calculate my retirement income. Yes, right place, right time is key. All about timing, luck and hard work!
stay where you are. just do part time work or consulting to sustain
I love blind
Move to Sacramento and you should be fine
Any debt?
No debt. And no kids!
Get familiar with at least one low COL state, maybe with a second home or frequent vacations in residential areas. That way, you won't have anxiety about moving if you're forced to. We can't predict COL and taxes 30-40 years from now, so hedge your bets and make friends elsewhere while you're younger.
Your desired yearly income in retirement times 26. You tell us. You have 54,400 a year now. Is that enough?
IMHO, you would need about 4 mil in net assets, if you want to retire in the Bay Area. You can go to the Fidelity NetBenefits site and try the what if scenarios. My instinct would be that you are at least 10 years out for retirement. Keep in mind, the health care costs are astronomical in the US. You have to account for that in your retirement years.
Didn’t know Cisco pays that much? Did you go through acquisition?
No, not through acquisition.