Time to cash out?
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Time to cash out?
Hi Bogelheads, looking for some advice here. I have 2 children, one in high school, the other in middle school and both are home schooled by my wife. I’m 47, wife is 45. NW is over $5.5m and no debt, MCOL location. We own our house (worth $850k) and two rentals now worth $325k, $400k that generate $2600/month total. We have $700k in a 401k, $2.75m in taxable savings (60/40 index funds) and $300k in the bank at the moment.
I’m a partner at a consulting firm and I like the work, but it’s still work, often stressful, and I’d rather not have to do it. I have plenty of active hobbies and am very active in my church. In other words, I don’t think I need the job to find fulfillment in my life.
One of my business partners wants to retire. I’m trying to decide if I should buy him out and plan on working 5 more years or attempt to sell the company right now. I think I would personally get $4m if I sell today (so let’s say $2m after taxes) and probably have to commit to working another 2 – 3 years but at a fairly high salary. If I buy out the other partner, I should be able to save $300k per year and worst case scenario sell my shares internally at a reduced price later or possibly externally at the $4m or even higher if the economy is still decent.
Some other considerations: I’d like to leave something for my children but not so much that it ruins them. Maybe the rental houses. I don’t think it makes sense to sell them now because I’ve only invested $280k in them and depreciated them for over 10 years and would have large tax obligation. My MIL might need care at some point. I don’t have an inheritance coming my way but I don’t expect to have to spend money on my parents either. I’d like to sell everything and move to another part of the country but family obligations keep me here. Also, my kids are still in school for another 5 years and need a reasonable structure/routine. My occupation is closely tied to housing and infrastructure and a recession could significantly reduce my income.
The question really is, should I try to craft a deal where I put another $2m in the bank right now and am completely done working in 2 years or work another 5 years and likely put another $1.5m in the bank by the time I’m ready to sell and hopefully make more money selling at that time. Has anyone been in a similar position? What did you do and how did it work out? Any advice?
I’m a partner at a consulting firm and I like the work, but it’s still work, often stressful, and I’d rather not have to do it. I have plenty of active hobbies and am very active in my church. In other words, I don’t think I need the job to find fulfillment in my life.
One of my business partners wants to retire. I’m trying to decide if I should buy him out and plan on working 5 more years or attempt to sell the company right now. I think I would personally get $4m if I sell today (so let’s say $2m after taxes) and probably have to commit to working another 2 – 3 years but at a fairly high salary. If I buy out the other partner, I should be able to save $300k per year and worst case scenario sell my shares internally at a reduced price later or possibly externally at the $4m or even higher if the economy is still decent.
Some other considerations: I’d like to leave something for my children but not so much that it ruins them. Maybe the rental houses. I don’t think it makes sense to sell them now because I’ve only invested $280k in them and depreciated them for over 10 years and would have large tax obligation. My MIL might need care at some point. I don’t have an inheritance coming my way but I don’t expect to have to spend money on my parents either. I’d like to sell everything and move to another part of the country but family obligations keep me here. Also, my kids are still in school for another 5 years and need a reasonable structure/routine. My occupation is closely tied to housing and infrastructure and a recession could significantly reduce my income.
The question really is, should I try to craft a deal where I put another $2m in the bank right now and am completely done working in 2 years or work another 5 years and likely put another $1.5m in the bank by the time I’m ready to sell and hopefully make more money selling at that time. Has anyone been in a similar position? What did you do and how did it work out? Any advice?
Re: Time to cash out?
Do you like what you do? Does it get you up in the morning? Do you have something else to fill the void that will be in your schedule?
Re: Time to cash out?
I don't know why people always think money ruins people. If I was given money at an early age I would have been free to pursue my real passions and not having to worry about paying the bills and doing something I don't love. You can always use a trust to control what they get and when too.
But anyway personally I would sell. You don't need the extra money by a large margin. Enjoy the time. Whoever buys it may want to keep you on for longer giving you that flexibility. Or let you consult part time.
But anyway personally I would sell. You don't need the extra money by a large margin. Enjoy the time. Whoever buys it may want to keep you on for longer giving you that flexibility. Or let you consult part time.
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Re: Time to cash out?
Thanks for the replies.
Considering it's work, yes, I like what I do and most the people I work with. I have a reasonable schedule but I'm getting tired of the stress and frankly would rather play (and volunteer) than work. The job does not "get me up in the morning" but it does keep me up some nights. It feels good to be in charge at work but I have plenty of interests that would fill the void. I'm worried about a recession, my portfolio shrinking and me having to go back to work for someone else at a much lower salary and under less desirable circumstances. I'm also worried about working through another recession and finding myself just slightly better off financially and 10-15 years older. If I don't sell now I may not have another easy opportunity.
And, regarding money ruining kids I guess I used poor work choice. I'd like to provide some sort of assistance to them but make sure they understand the value of hard work.
Considering it's work, yes, I like what I do and most the people I work with. I have a reasonable schedule but I'm getting tired of the stress and frankly would rather play (and volunteer) than work. The job does not "get me up in the morning" but it does keep me up some nights. It feels good to be in charge at work but I have plenty of interests that would fill the void. I'm worried about a recession, my portfolio shrinking and me having to go back to work for someone else at a much lower salary and under less desirable circumstances. I'm also worried about working through another recession and finding myself just slightly better off financially and 10-15 years older. If I don't sell now I may not have another easy opportunity.
And, regarding money ruining kids I guess I used poor work choice. I'd like to provide some sort of assistance to them but make sure they understand the value of hard work.
- retired@50
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Re: Time to cash out?
I didn't see any mention of your expenses, now or in the future.
Do you have a handle on how much you spend?
Is your current net worth "enough"?
Regards,
Do you have a handle on how much you spend?
Is your current net worth "enough"?
Regards,
If liberty means anything at all it means the right to tell people what they do not want to hear. -George Orwell
Re: Time to cash out?
Those are fair and valid worries.rarelyright wrote: ↑Tue Sep 21, 2021 5:39 pm I'm worried about a recession, my portfolio shrinking and me having to go back to work for someone else at a much lower salary and under less desirable circumstances. I'm also worried about working through another recession and finding myself just slightly better off financially and 10-15 years older. If I don't sell now I may not have another easy opportunity.
However, if we go through a recession and your portfolio shrinks, your business value would probably shrink as well. Which would be worse? And would you really have to go back to work?
The one thing I am sure of though, is that time does not stand still. You will be 10 years older in ten years. You do not need as much money for expensive vacations and the golf course at 80 or 90 for the simple fact that we will have only a fraction of the energy and strength we have today. Assuming we live that long in the first place.
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Re: Time to cash out?
As a father of a homeschool family (long graduated) I would have loved the opportunity to make myself more engaged in their day to day education. That would be a major draw for me to cash out on the early side.
If you are confident your cost of living can generally hold in the 3% range on that 5.5M ($165K) I don't see a downside. But after reviewing your assets, I see you count the house at $850K in the 5.5M. It is kind of hard to count that as an asset to generate income. Truth is your 3% is really more like $4.6M so a 3% rate is about $140K a year. I choose 3% because you have a 50+ year retirement ahead of you for planning purposes so you need something close to a perpetual withdrawal rate.
Heck, with kids that age, you could go a bit entrepreneurial with them as the get working age, could be fun and educational and potentially profitable as long as you don't seed their ventures too heavily
One last thought. Details of you business and the number of partners is unclear. Is there a significant chance of failure after your partner retires? Do you need to take that in consideration? Also, are there willing buyers if you also decide to bail out no too? In other words, there may be business related priorities that make on approach more appealing from a risk / return perspective. From what you describe, it seems the low risk move may be to leave earlier (bird in hand and all that), but there is not really enough information to be informed.
If you are confident your cost of living can generally hold in the 3% range on that 5.5M ($165K) I don't see a downside. But after reviewing your assets, I see you count the house at $850K in the 5.5M. It is kind of hard to count that as an asset to generate income. Truth is your 3% is really more like $4.6M so a 3% rate is about $140K a year. I choose 3% because you have a 50+ year retirement ahead of you for planning purposes so you need something close to a perpetual withdrawal rate.
Heck, with kids that age, you could go a bit entrepreneurial with them as the get working age, could be fun and educational and potentially profitable as long as you don't seed their ventures too heavily
One last thought. Details of you business and the number of partners is unclear. Is there a significant chance of failure after your partner retires? Do you need to take that in consideration? Also, are there willing buyers if you also decide to bail out no too? In other words, there may be business related priorities that make on approach more appealing from a risk / return perspective. From what you describe, it seems the low risk move may be to leave earlier (bird in hand and all that), but there is not really enough information to be informed.
Re: Time to cash out?
This is the key question. Without knowing your expenses you cannot know if you need a $500,000 or $50,000,000 portfolio.retired@50 wrote: ↑Tue Sep 21, 2021 6:08 pm I didn't see any mention of your expenses, now or in the future.
Do you have a handle on how much you spend?
Using your projected $4.75M, at your age a sustainable withdrawal rate (SWR) is about 3%. This means that you can withdraw 3% of your portfolio each year with inflation adjustment to maintain your purchasing power.
So take your true annual net from your rentals and add $145,000. If your annual expenses are nicely covered by that total then I would sell out and get on with the business of family time and volunteer work.
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
Re: Time to cash out?
It's been scientifically proven that too much stress is a killer. If it doesn't get you out of bed in the morning, then I would consider other options. At your age, I'd figure out if you can live off of 2% or less of your liquid portfolio. If you can and be happy with that lifestyle, you should seriously consider taking action now.rarelyright wrote: ↑Tue Sep 21, 2021 5:39 pm Thanks for the replies.
Considering it's work, yes, I like what I do and most the people I work with. I have a reasonable schedule but I'm getting tired of the stress and frankly would rather play (and volunteer) than work. The job does not "get me up in the morning" but it does keep me up some nights. It feels good to be in charge at work but I have plenty of interests that would fill the void. I'm worried about a recession, my portfolio shrinking and me having to go back to work for someone else at a much lower salary and under less desirable circumstances. I'm also worried about working through another recession and finding myself just slightly better off financially and 10-15 years older. If I don't sell now I may not have another easy opportunity.
And, regarding money ruining kids I guess I used poor work choice. I'd like to provide some sort of assistance to them but make sure they understand the value of hard work.
I have never thought that I made the wrong decision in about ten years of retirement. It was a great decision for me.
Re: Time to cash out?
What would you do with your life if money was not an issue?
It isn't.
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Re: Time to cash out?
Thanks again for all the replies and excellent points. To address a few of the questions:
-The business will be just fine without the other partner.
-I'm in the driver seat on the next move and think I could convince the partner group to sell and I feel pretty good about finding a buyer.
We have regular inquiries and a real valuation from a respected M&A consultant.
-This came about suddenly so I don't have a good handle on my expenses yet but I feel like it should be pretty easy to live on $125k per year. I'll be sure to nail this down. I live a fairly modest lifestyle.
-If money were not an issue I certainly would not work at my current job.
-I'll take the house out of future equations. Heck, I should keep the rentals out as well just to be conservative. So...... for this discussion I have a little over $3.5m in the bank, a buyout now would put me at $5.5m.
-The business will be just fine without the other partner.
-I'm in the driver seat on the next move and think I could convince the partner group to sell and I feel pretty good about finding a buyer.
We have regular inquiries and a real valuation from a respected M&A consultant.
-This came about suddenly so I don't have a good handle on my expenses yet but I feel like it should be pretty easy to live on $125k per year. I'll be sure to nail this down. I live a fairly modest lifestyle.
-If money were not an issue I certainly would not work at my current job.
-I'll take the house out of future equations. Heck, I should keep the rentals out as well just to be conservative. So...... for this discussion I have a little over $3.5m in the bank, a buyout now would put me at $5.5m.
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Re: Time to cash out?
I would sell and spend more quality time with the family and kids, they are young only once, you would have a better influence on them to impart your values, those are invaluable.rarelyright wrote: ↑Tue Sep 21, 2021 8:21 pm Thanks again for all the replies and excellent points. To address a few of the questions:
-The business will be just fine without the other partner.
-I'm in the driver seat on the next move and think I could convince the partner group to sell and I feel pretty good about finding a buyer.
We have regular inquiries and a real valuation from a respected M&A consultant.
-This came about suddenly so I don't have a good handle on my expenses yet but I feel like it should be pretty easy to live on $125k per year. I'll be sure to nail this down. I live a fairly modest lifestyle.
-If money were not an issue I certainly would not work at my current job.
-I'll take the house out of future equations. Heck, I should keep the rentals out as well just to be conservative. So...... for this discussion I have a little over $3.5m in the bank, a buyout now would put me at $5.5m.
You have enough.
I recently retired at 61 with net worth 3 million in VHOL, portfolio at 2.54 million, pension at 66K, expenses 48K, I can live on dividends.
Re: Time to cash out?
I don't know why a person with your wealth would continue to work except that the job is important to you paid or not.
That, of course, depends on what standard of living you want to maintain.
That, of course, depends on what standard of living you want to maintain.
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Re: Time to cash out?
If you were not working and had the money, would you buy and run that business? This is how I talked myself into retiring early from a job I really liked at one time.rarelyright wrote: ↑Tue Sep 21, 2021 8:21 pm Thanks again for all the replies and excellent points. To address a few of the questions:
-The business will be just fine without the other partner.
-I'm in the driver seat on the next move and think I could convince the partner group to sell and I feel pretty good about finding a buyer.
We have regular inquiries and a real valuation from a respected M&A consultant.
-This came about suddenly so I don't have a good handle on my expenses yet but I feel like it should be pretty easy to live on $125k per year. I'll be sure to nail this down. I live a fairly modest lifestyle.
-If money were not an issue I certainly would not work at my current job.
-I'll take the house out of future equations. Heck, I should keep the rentals out as well just to be conservative. So...... for this discussion I have a little over $3.5m in the bank, a buyout now would put me at $5.5m.
Re: Time to cash out?
I’ll play the devil’s advocate and say that 45 is a long time to be fully retired. 5.5 million at 2% withdrawal rate is only 110k per year. 2.5% will get you to your spend level. The 4% inflation adjusted withdrawal amount is only until age 75 for you. Plus you have little kids to worry about.rarelyright wrote: ↑Tue Sep 21, 2021 8:21 pm Thanks again for all the replies and excellent points. To address a few of the questions:
-The business will be just fine without the other partner.
-I'm in the driver seat on the next move and think I could convince the partner group to sell and I feel pretty good about finding a buyer.
We have regular inquiries and a real valuation from a respected M&A consultant.
-This came about suddenly so I don't have a good handle on my expenses yet but I feel like it should be pretty easy to live on $125k per year. I'll be sure to nail this down. I live a fairly modest lifestyle.
-If money were not an issue I certainly would not work at my current job.
-I'll take the house out of future equations. Heck, I should keep the rentals out as well just to be conservative. So...... for this discussion I have a little over $3.5m in the bank, a buyout now would put me at $5.5m.
I think you certainly can retire, and do so relatively comfortably. However, your fears of a market downturn are not unfounded.
Personally, I’d soft retire. Go part time or do something less hands on. Work for 3 months and then take 6 off, repeat. Something like that. The kids are only going to be kids for a while.
Maybe move somewhere cheaper so your dollar stretches longer. With 125k a year spending amount, I think a 2.5% perpetual withdrawal rate will get you there. It’s probably a question of how much cushion you want.
Re: Time to cash out?
What an interesting perspective. I’m going to tuck that little gem away for future use on myself.rarelyright wrote: ↑Tue Sep 21, 2021 8:21 pm If you were not working and had the money, would you buy and run that business? This is how I talked myself into retiring early from a job I really liked at one time.
Re: Time to cash out?
I don’t disagree with thinking about a lower withdrawal rate, but recognize that the difference between a 4% withdrawal rate and a 2.5% rate is a big one. History is limited, but I always like to look at the chart Big Ern put together in quarter-point increments. Factor that in with a rich, broke, or dead calculator and I think it should give pause to considerations of working to get all the way to 2.5%. https://earlyretirementnow.com/2016/12/ ... t-1-intro/Lee_WSP wrote: ↑Tue Sep 21, 2021 10:40 pmI’ll play the devil’s advocate and say that 45 is a long time to be fully retired. 5.5 million at 2% withdrawal rate is only 110k per year. 2.5% will get you to your spend level. The 4% inflation adjusted withdrawal amount is only until age 75 for you. Plus you have little kids to worry about.rarelyright wrote: ↑Tue Sep 21, 2021 8:21 pm Thanks again for all the replies and excellent points. To address a few of the questions:
-The business will be just fine without the other partner.
-I'm in the driver seat on the next move and think I could convince the partner group to sell and I feel pretty good about finding a buyer.
We have regular inquiries and a real valuation from a respected M&A consultant.
-This came about suddenly so I don't have a good handle on my expenses yet but I feel like it should be pretty easy to live on $125k per year. I'll be sure to nail this down. I live a fairly modest lifestyle.
-If money were not an issue I certainly would not work at my current job.
-I'll take the house out of future equations. Heck, I should keep the rentals out as well just to be conservative. So...... for this discussion I have a little over $3.5m in the bank, a buyout now would put me at $5.5m.
I think you certainly can retire, and do so relatively comfortably. However, your fears of a market downturn are not unfounded.
Personally, I’d soft retire. Go part time or do something less hands on. Work for 3 months and then take 6 off, repeat. Something like that. The kids are only going to be kids for a while.
Maybe move somewhere cheaper so your dollar stretches longer. With 125k a year spending amount, I think a 2.5% perpetual withdrawal rate will get you there. It’s probably a question of how much cushion you want.
Re: Time to cash out?
It come down to expenses vs portfolio. I retired at 56 and that was early enough for me. With young kids, you still have a commitment to schooling, etc versus travel and things like that.
"I started with nothing and I still have most of it left."
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Re: Time to cash out?
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Re: Time to cash out?
If you can live on $7 to $10 million, it doesn’t sound to me like you want to continue with this firm/occupation. If that’s the case, there's little reason not to sell and get out now.
Good luck,
JT
Good luck,
JT
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Re: Time to cash out?
Regarding expenses, be realistic on healthcare. For your family of 4, I could easily see the premiums and OOP being over $15K a year even if you hardly ever see doctors.
At least in my state, the premiums for BCBS plans will double between ages 45 and 60. you will see a lot of inflation on medical.
Just the two of you when you reach 60 could be $15K in today's $
I am doing some planning and those numbers are current for HCOL east coast state using a bare bones basic Bronze BCBS plan.
At least in my state, the premiums for BCBS plans will double between ages 45 and 60. you will see a lot of inflation on medical.
Just the two of you when you reach 60 could be $15K in today's $
I am doing some planning and those numbers are current for HCOL east coast state using a bare bones basic Bronze BCBS plan.
Re: Time to cash out?
It depends on whether he wants to leave a legacy and AA. A lot of people do. But it’s up to OP.EddyB wrote: ↑Wed Sep 22, 2021 12:25 amI don’t disagree with thinking about a lower withdrawal rate, but recognize that the difference between a 4% withdrawal rate and a 2.5% rate is a big one. History is limited, but I always like to look at the chart Big Ern put together in quarter-point increments. Factor that in with a rich, broke, or dead calculator and I think it should give pause to considerations of working to get all the way to 2.5%. https://earlyretirementnow.com/2016/12/ ... t-1-intro/Lee_WSP wrote: ↑Tue Sep 21, 2021 10:40 pmI’ll play the devil’s advocate and say that 45 is a long time to be fully retired. 5.5 million at 2% withdrawal rate is only 110k per year. 2.5% will get you to your spend level. The 4% inflation adjusted withdrawal amount is only until age 75 for you. Plus you have little kids to worry about.rarelyright wrote: ↑Tue Sep 21, 2021 8:21 pm Thanks again for all the replies and excellent points. To address a few of the questions:
-The business will be just fine without the other partner.
-I'm in the driver seat on the next move and think I could convince the partner group to sell and I feel pretty good about finding a buyer.
We have regular inquiries and a real valuation from a respected M&A consultant.
-This came about suddenly so I don't have a good handle on my expenses yet but I feel like it should be pretty easy to live on $125k per year. I'll be sure to nail this down. I live a fairly modest lifestyle.
-If money were not an issue I certainly would not work at my current job.
-I'll take the house out of future equations. Heck, I should keep the rentals out as well just to be conservative. So...... for this discussion I have a little over $3.5m in the bank, a buyout now would put me at $5.5m.
I think you certainly can retire, and do so relatively comfortably. However, your fears of a market downturn are not unfounded.
Personally, I’d soft retire. Go part time or do something less hands on. Work for 3 months and then take 6 off, repeat. Something like that. The kids are only going to be kids for a while.
Maybe move somewhere cheaper so your dollar stretches longer. With 125k a year spending amount, I think a 2.5% perpetual withdrawal rate will get you there. It’s probably a question of how much cushion you want.
Re: Time to cash out?
Seems to me OP is in a position to do whatever he wants. If I were him and could sell at good price now I'd do so. If for whatever reason OP decides to work more in the future he can always do that.
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Re: Time to cash out?
Calculating a sustainable spend level using 2% or 2.5% is nonsensical.
Re: Time to cash out?
Since you asked. If it was me I’d sell in a heartbeat. Your children will leave the house forever soon. You have enough money where it’s basically a non concern at this point. Take the time to be with your kids. Another $1.5M will likely make zero difference to your life. Would you agree with that?
“Conventional Treasury rates are risk free only in the sense that they guarantee nominal principal. But their real rate of return is uncertain until after the fact.” -Risk Less and Prosper
Re: Time to cash out?
looks like you made it financially . you have to consider 5 years for your kids , that might be more important than $$$ .rarelyright wrote: ↑Tue Sep 21, 2021 5:00 pm Also, my kids are still in school for another 5 years and need a reasonable structure/routine. My occupation is closely tied to housing and infrastructure and a recession could significantly reduce my income.
Thanks!
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Re: Time to cash out?
rarelyright wrote: ↑Tue Sep 21, 2021 5:00 pm Hi Bogelheads, looking for some advice here. I have 2 children, one in high school, the other in middle school and both are home schooled by my wife. I’m 47, wife is 45. NW is over $5.5m and no debt, MCOL location. We own our house (worth $850k) and two rentals now worth $325k, $400k that generate $2600/month total. We have $700k in a 401k, $2.75m in taxable savings (60/40 index funds) and $300k in the bank at the moment.
. . . . .
Also, my kids are still in school for another 5 years and need a reasonable structure/routine. My occupation is closely tied to housing and infrastructure and a recession could significantly reduce my income.
rarelyright wrote: ↑Tue Sep 21, 2021 5:39 pm Thanks for the replies.
Considering it's work, yes, I like what I do and most the people I work with. I have a reasonable schedule but I'm getting tired of the stress and frankly would rather play (and volunteer) than work. The job does not "get me up in the morning" but it does keep me up some nights. It feels good to be in charge at work but I have plenty of interests that would fill the void. I'm worried about a recession, my portfolio shrinking and me having to go back to work for someone else at a much lower salary and under less desirable circumstances. I'm also worried about working through another recession and finding myself just slightly better off financially and 10-15 years older. If I don't sell now I may not have another easy opportunity.
And, regarding money ruining kids I guess I used poor work choice. I'd like to provide some sort of assistance to them but make sure they understand the value of hard work.
Based on your description I think it's probably time to step back and retire.
"Everything should be as simple as it is, but not simpler." - Albert Einstein |
Wiki article link: Bogleheads® investment philosophy
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Re: Time to cash out?
I really appreciate the different perspectives and counsel regarding withdrawal rates, healthcare, family time, etc.. Maybe everyone thinks this way but it seems to me if I my numbers were 20% higher it would be much easier to pull the trigger. This feels scary, if I sell now I'll never be in this position again. However, if I can get a good deal I think I'm going to take it. Who knows, I might not have the option later. If I live conservatively I should have enough to help out my kids some while they getting started in adulthood and leave a little after I'm gone.
Now to see if I can actually get a deal lined up......
Thanks again for taking the time to respond!
Now to see if I can actually get a deal lined up......
Thanks again for taking the time to respond!
- ruralavalon
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Re: Time to cash out?
In my experience a little bit more for a cushion/safety factor always seemed enticing, no matter how much I had.rarelyright wrote: ↑Wed Sep 22, 2021 7:09 pm I really appreciate the different perspectives and counsel regarding withdrawal rates, healthcare, family time, etc.. Maybe everyone thinks this way but it seems to me if I my numbers were 20% higher it would be much easier to pull the trigger. This feels scary, if I sell now I'll never be in this position again. However, if I can get a good deal I think I'm going to take it. Who knows, I might not have the option later. If I live conservatively I should have enough to help out my kids some while they getting started in adulthood and leave a little after I'm gone.
Now to see if I can actually get a deal lined up......
Thanks again for taking the time to respond!
Finally I just made the decision. It's all very personal. Good luck to you.
"Everything should be as simple as it is, but not simpler." - Albert Einstein |
Wiki article link: Bogleheads® investment philosophy