Each has to find his own way. While some are "allergic" to work, others find fulfillment, purpose and of course, financial rewards from their work.
So yes, quit your work and retire if you don't find it rewarding nor fulfilling. And downgrade your lifestyle if you have not saved enough. But make sure to occupy your time when retired, because boredom and lack of mental stimulation is not good for mind, soul and health. Worse is when you find that more and more things are getting out of your reach while your friends who are still working are buying new cars, going for holidays and leading meaningful lives.
Retiring from work, especially at a relatively young age of 55 or younger, is not an answer to unhappiness from work, as you could be unwittingly plunging into another set of problems - boredom, stress from insufficient savings, reduced social interaction and in general, lack of sense of purpose in life.
$5m in savings should be sufficient to last a couple a good 50 years at $100k pa. If not including their home value (say at $1.5m for a condo), then they still have a respectable $3.5m to depend on. If they are able to invest that money to generate 5% return, they could reap a passive income of $175k pa. This is more than enough to afford them a comfortable life! But for some people, it is not always about money anymore, it is about deriving the meaning of life.
Quote:
Originally Posted by Unregistered
Your combined net worth with your wife is already $5m. You can afford to retire now if you wish. As long as your passive income is greater than your expenses (just you and wife and assuming you no longer have dependents), you will be ok.
Don't make the mistake of working too long and dying young or becoming sick young and leaving all your hard earned wealth to your children. As long as you have given your children a proper education, they will survive on their own. Don't worry about their housing as our good system allow our citizens to own BTO flats very cheaply. You can own a nice 4 room BTO flat for only $200k. This cost less than your current annual savings of $350k pa.
|