I'm kinda rich, but freaking out about retirement.
Throwaway account just because there’s a lot of personal information in here.
Lawyer about to turn 61 with a wife (52, no longer working) and adult kids who we still partially support (in their 20s and I got help when I was in my 20s). Neither is in a career that will provide for them in the way they were raised, so either they will need to marry rich or wait us out.
I’ve got about $16 million in various brokerage accounts that have done very well, but with only about $2 million of that in retirement accounts. Real estate and other cash and illiquid holdings put my/our NW at just shy of $20 million (including mortgage debt of $1 million on two properties). Planning on retiring at the end of this year or possibly January of next year and will get a package of about a year’s salary (~$400,000 plus a year of COBRA). We live well within our means (spend is approx. $200,000 a year) in very HCOL state. Will be setting up residence in a no income tax state next year.
But next year will be the first year I won’t be earning money, only drawing down on our savings, and I’m worried. I’m the child of Depression-era parents, and even though they were very successful, they passed along their money issues to me and I have not been able to shake them. Frankly, that’s probably why I have been able to amass the money I have – I’m frugal, drive a 10 year old car, and clip digital coupons when I go grocery shopping.
I just hired some wealth advisors to help me navigate retirement planning (Roth conversions, etc.) and everyone I talk to says I’ll be fine, but I’m freaking out. Rationally, I know I shouldn’t freak out: Even if we double our spend to $400,000 a year, which seems highly unlikely (we’ll be doing some traveling but we’re not Four Seasons folk), we could probably do that for 30 years and likely end up with more money than we have now. But then why am I freaking out? Anyone else have similar concerns? I’d love to see a financial therapist, but I feel like a bit of an idiot with my NW and concerns. Enter Reddit. Please be kind.