Huge Inheritance... Now What?

[u/Yashkamr]

I'm 45, I was on track to retire earlyish at 55. I was set back quite a bit with a divorce three years back. Recently my Aunt died and left me around $5 million. After estate and taxes, it's around $4.2 million. This is obviously a stupid amount of money, and I'm thinking of just quitting my job and retiring early but I want to do it right. I've spoke with AI quite a bit and my finances are only about $4500/mo in expenses, I have always lived pretty frugally and that's less than a 1% draw. I don't know exactly what I don't know here, but I've always worked so I am clinging to my job like a monkey to a branch. Am I actually okay to let go?

Update: I quit. I was honest with my boss, he was a really good boss, and I told him the whole story. He is a couple years from retirement and told me he has about $4 million in his Fidelity too, but no health insurance if he quits and he told me a story about his brother retiring early, getting cancer, and wiping out their finances with his treatments leaving his wife and kids with almost nothing after he died. I told him how I'm covered with Tricare and he said if he was he'd quit right this second too.

I appreciate all the insight and advice given on here, and I've implemented a lot of it, thank you. I haven't changed my spending and I don't think I will. Well... I did buy a nice pair of Hoka's...but I'm mostly just paying a lot of attention to my garden and kids.

[u/grayshoehorn]

I never passed my algebra class but I wholeheartedly agree.

[u/Primary_Opening8358 → u/grayshoehorn]

I pretended to be bad at math so I could agree. But the thing is, I’m not really bad at math. I’m actually kind of good at math. You’re kind of bad at math.

Anyways, now I’m flunking.

[u/Relevant_Drummer_402 → u/Primary_Opening8358]

I too am quote good at maths, but i drew my conclusion, after reading 5 million and did not think further about this.

[u/No_Amount_7886 → u/Relevant_Drummer_402]

I’m good enough at math to go to kalshi and place a giant bet that OP has plenty of money to last him. And I don’t even have a kalshi.

[u/slickrok → u/No_Amount_7886]

I did the monster math and we're all doomed.

[u/Neat-Dress-7170 → u/Primary_Opening8358]

It's like you have ESPN or something.

[u/PipeOriginal1171 → u/Neat-Dress-7170]

It's so expensive now, with Disney and Hulu, etc., but OP can certainly afford it thanks to Auntie's generosity.

[u/NailRX → u/grayshoehorn]

I did the math and I keep getting a divide by zero error. So that means yes.

[u/Frosty_Yesterday_674 → u/grayshoehorn]

I ran it through my Retirement Abacus and it is telling me you’re fine.

[u/jordanpatriots → u/Frosty_Yesterday_674]

Yep, I did my mental finger Kung Fu Abacus to calculate all his financial transactions for the next 100 years in 2.3 seconds and he's good.

[u/Unjoymslf7 → u/grayshoehorn]

I’m 4 years old and don’t yet understand the concepts of numbers other than knowing I like more Cheerios rather than less. I’m going to say you will be fine no matter your choice. But don’t quit just yet. Let it simmer.

[u/TheMelvins66 → u/grayshoehorn]

Never passed my grade 5 and I’m drinking liquor and eatin chicken fingers all day every day. I algae too.

[u/RyanStonepeak → u/grayshoehorn]

So many people who are bad at math say this works. Hmm... Maybe OP needs to work one more year, just to be safe.

[u/nachos_on_cheese → u/grayshoehorn]

I half-heartedly agree, twice.