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Retire with $3M net worth?

Good enough to FIRE in MCOL? 42yo Assume $120k expenses

Poll
144 Participants
Select only one answer
Snap azizoo Mar 5

The new 4% rule is the 3% rule.

Figma xzxzxx OP Mar 5

Why?

Qualtrics mlcZ36 Mar 5

Inflation and market volatility

Apple ak0n Mar 5

What about income tax?

Amazon tkiG67 Mar 5

Seems ok to me assuming 4-5% inflation adjusted return.

Microsoft utxo Mar 5

Do you always plan 40 years at a time?

LinkedIn bcnsvat Mar 5

Can your elaborate this statement MSFT? I’m slow.

Figma xzxzxx OP Mar 6

I understood it, I do try to control/plan too much when life is unpredictable. Life is almost better when you can cede control, kinda relieving.

Uber . . Mar 5

Kids?

Amazon ms_newgrad Mar 5

More like FIRE The formula i know is as follows *** 25x 35x 45x X being the yearly expense 25 for frugal 35 for sweet 45 for luxury lifestyle In your case its exactly at 25x If your have 401k amd roth extra apart from the current savings then yes Otherwise Reduce the 120k yearly cost (which sounds like a lotttt) Breakdown your cost and reduce it significantly 85k yearly experience would be a 35x sweet spot

Amazon ms_newgrad Mar 5

To learn and read more about it your self head over to r/FIRE

Amazon ms_newgrad Mar 5

PS. FIRE = Financial independence retire early

Amazon ⌨️🐵 Mar 5

with 3M , you can move to south asia and life like a king for the rest of your life.

Oracle kic5w77n Mar 6

The 4% rule is based on a 30 year retirement. At 42 you should have more than 30 years to go.

Figma xzxzxx OP Mar 6

3% ideally I guess

Oracle shbS85 Mar 6

Google karstens safe withdrawal rate toolbox . There is also a paid app called New Retirement