Okay, you're in The Fourth Quarter of your life and need/want to make a change but first you must address the pink paisley elephant in the room...MONEY. How are you going to keep a roof over your head and continue to eat three meals a day without a job? Never mind fulfilling your travel dreams of visiting every single baseball stadium in the country.
Let me start off the discussion by sharing a couple of numbers with you. Most financial advisors state that you need between 1.3 and 1.7 million dollars in your portfolio before you can retire. My own advisor has given me graphs that clearly show I will need to either keep working until I take my last breath or at best expire roughly 2 weeks after I cease working.
Conversations with my FA are rather doom and gloom with the take away being never stop working and never take a dime out of my retirement fund. His two big concerns are that I may live to be 100 and how I will pay for all those unnecessary tests the doctors and hospitals will want to perform during the last 6 months of my life.
Here are more numbers to contemplate:
317 Million-Total US Population
79 Million-Baby Boomers
9 Million-Millionaires in the US
I'm sure you are ahead of me on this but if all the millionaires in the US were 58+ then there would still be 70 million Baby Boomers who aren't millionaires. And we all know a good portion of that 9 million includes the 30 or 40-somethings that made their fortune in the tech world. So what's the plan for the rest of us?
Do you believe the FA's are right and it takes a million dollars to retire? If you have have a million plus in the bank, God bless you and I hope you stick around because as the weeks go by I am going to blog about living life in the Fourth Quarter with or without a job. But if you don't have that kind of money, will it stop you from retiring? What plans and dreams do you have for the Fourth Quarter of your life? Is money the only factor to consider in deciding whether to retire? Let me know what you think?
Hugs,
C