Can I retire with what I have?

Quote

Anonymous

Guest
47 year old single male no kids with 1 million dollars in retirement and cash and investment accounts, 200k mortgage left on a 550,000 house. Does anyone know if I can retire in 10 years if I in the future don't contribute to my retirement (i.e I lose job at Lilly)
Currently I put 20% of income away. I have a pension from 20 years with another drug company. New at Lilly. 1 +year here

Thanks for assistance. So scared of losing job
 






Anonymous said:
47 year old single male no kids with 1 million dollars in retirement and cash and investment accounts, 200k mortgage left on a 550,000 house. Does anyone know if I can retire in 10 years if I in the future don't contribute to my retirement (i.e I lose job at Lilly)
Currently I put 20% of income away. I have a pension from 20 years with another drug company. New at Lilly. 1 +year here

Thanks for assistance. So scared of losing job
Click to expand...

To whomever it may concern,

I currently have a net worth of $500,000,000 and an annual income of nearly $20 million, if you count my non-Lilly paychecks as well. I do serve on a number of other corporate boards you know. As for myself, if I watch my pennies, I believe I can scrap by in retirement with what have.

Yours truly, JL$
 






Anonymous said:
47 year old single male no kids with 1 million dollars in retirement and cash and investment accounts, 200k mortgage left on a 550,000 house. Does anyone know if I can retire in 10 years if I in the future don't contribute to my retirement (i.e I lose job at Lilly)
Currently I put 20% of income away. I have a pension from 20 years with another drug company. New at Lilly. 1 +year here

Thanks for assistance. So scared of losing job
Click to expand...

Your fear is warranted in this volatile industry and wobbly company.
If you get your home paid off...you will be in good shape. Healthcare until Mediscare will probably be an issue. Good luck...you're not alone.
 






Anonymous said:
47 year old single male no kids with 1 million dollars in retirement and cash and investment accounts, 200k mortgage left on a 550,000 house. Does anyone know if I can retire in 10 years if I in the future don't contribute to my retirement (i.e I lose job at Lilly)
Currently I put 20% of income away. I have a pension from 20 years with another drug company. New at Lilly. 1 +year here

Thanks for assistance. So scared of losing job
Click to expand...

Single, no kids and a 550K house. I'd say downsize...unless you are living on the beach in CA or something like that. That would make a big difference. As long as the stock market doesn't crap out, which is very well may, you should be in good shape. Hopefully you are extremely diversified to protect yourself from anything like 2008 all over again. It could happen, so be careful. Yes, healthcare is for sure another big issue. But, with 20 year pension available at 55, 60, or 62 depending on options and how big of a hit you will take by tapping it early, I'd say you are in really good shape and shouldn't have to worry TOO Much. Downsizing home would make biggest difference, not just freeing up you from mortgage, but also strengthening cash position, and lowering your property tax bill significantly as well. Good luck.
 






I'd say you're not in good shape at all, considering that reps will be laid off big time before fall of this year. The dollar will be worth nothing so savings have no meaning. It's going to be 1929 all over again.

As for downsizing that implies that someone would buy your home. The real estate market is dead.

The bubble is about to burst.
 












Top Bottom
Back
Quote