Quote:
Originally Posted by Unregistered
I'm a successful executive who has decided to retire to focus on my health and family.
Net worth $2.2m. Annual passive income $53k. No car, no liabilities, no holidays. Live in a small condo with wife and two kids. Our condo is our holiday. Nice greenery, gym, swimming pool, BBQ pits and tennis courts.
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How old are you? And how young are your children?
If your kids are working and independent of you financially, and if you are already in your 60s, I would say you deserved to enjoy the fruits of your labour. But I would not described myself as successful. Not more than the next guy.
If you are young, with children still schooling and dependent on you, and some more living in a condo, then you will be in for a rude shock retiring with just $2.2M and with just $5.3K per mth passive income. University fees are on the up & up, so are general cost of living. Set aside any funds for medical emergencies?
So which situation are you in ?