I've got a question about Retiring Early at B& L

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Anonymous

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Can I make 40,000 bucks a year doing something else and still retire in 10 years? I won't go back into pharma again.

Here's my scenario:
I want to retire in 10 years and am age 48. I have about 1.15 million in retirement and income accounts.. I also owe only about $210,000 on a 15 year mortgage on a house that's worth about 600,000. Not gonna pay it off early because the mortage is 2.78% and you can make more money in the stock market, so silly to pay off since there's still a tax savings at end of year (right now). I'm still putting 20% of my income away for retirement. You can always live on less.

I look at all pharma jobs now as temporary. If you're lucky to get 3 years in that's good. I have a pension that will pay me in 10 years about $1700 a month for life from the last drug company. Not really counting on social security because it will probably be needs based at that point and since I read that only 25% of Americans have $25,000 saved for their retirement I was shocked.

So with basically about 1.5 million net worth, can I retire in like 9 years and just work part time?
Thanks
 






Anonymous said:
Can I make 40,000 bucks a year doing something else and still retire in 10 years? I won't go back into pharma again.

Here's my scenario:
I want to retire in 10 years and am age 48. I have about 1.15 million in retirement and income accounts.. I also owe only about $210,000 on a 15 year mortgage on a house that's worth about 600,000. Not gonna pay it off early because the mortage is 2.78% and you can make more money in the stock market, so silly to pay off since there's still a tax savings at end of year (right now). I'm still putting 20% of my income away for retirement. You can always live on less.

I look at all pharma jobs now as temporary. If you're lucky to get 3 years in that's good. I have a pension that will pay me in 10 years about $1700 a month for life from the last drug company. Not really counting on social security because it will probably be needs based at that point and since I read that only 25% of Americans have $25,000 saved for their retirement I was shocked.

So with basically about 1.5 million net worth, can I retire in like 9 years and just work part time?
Thanks
Click to expand...

If you have 1.5 million and do not know to consult a financial advisor then you are a rich idiot. Since you are a complete idiot you will likely lose your money on some bad investments over the next 10 years so you will have to work until you are 70.
 












Anonymous said:
Can I make 40,000 bucks a year doing something else and still retire in 10 years? I won't go back into pharma again.

Here's my scenario:
I want to retire in 10 years and am age 48. I have about 1.15 million in retirement and income accounts.. I also owe only about $210,000 on a 15 year mortgage on a house that's worth about 600,000. Not gonna pay it off early because the mortage is 2.78% and you can make more money in the stock market, so silly to pay off since there's still a tax savings at end of year (right now). I'm still putting 20% of my income away for retirement. You can always live on less.

I look at all pharma jobs now as temporary. If you're lucky to get 3 years in that's good. I have a pension that will pay me in 10 years about $1700 a month for life from the last drug company. Not really counting on social security because it will probably be needs based at that point and since I read that only 25% of Americans have $25,000 saved for their retirement I was shocked.

So with basically about 1.5 million net worth, can I retire in like 9 years and just work part time?
Thanks
Click to expand...

You should be discussing with your financial advisors, not a website where pharma reps complain. You are obviously a complete tool and desperately need an advisor. If you are bragging, not doing a great job. I've seen this type of post on other pharma boards.
 
























the only flaw in your planning is that the 1700 pension from the previous company is not a secure pension. If the company is ever taken over or bankrupted, they can bankrupt the penions, it goes to federal and they pay 10%, so that 1700 goes to 170 per month. Only federal pensions are exempt. (and law enforcement which has a totally different national pension and is the largest in the nation.) Judges in CT, made precedent in the 80s with the airline bankruptcy and pensions, and protected their pensions which are federal.

Plus if you're a salesperson, you can make 100k doing just about any sales job, B2B anything like payroll, even with 90% turnover.

I figure 2M is the nut I need to hit to keep quality of life. But with inflation and taxes, who knows what that 1.5M today is worth 10 20 30 years from now. Keep working till you are definitely sure. Plus your healthcare costs in the future. Forgettaboutit.
 












Anonymous said:
Thank you. That was good advise
Click to expand...

Why are you posting fake threads on pharma cafe? Nobody is going to ask for serious personal financial advice from pharma cafe. Are you really not just from corporate HR trying to get people to change the topic away from the usual criticism of Valeant to more mundane topics like my boyfriend left me should I find another with a good retirement savings plan or can I retire at 48 if I have 1.5 million dollars and half a brain.
 






This Valeant purchase of B+L is the beginning of the end for B+L reps and products. I wouldn't be too worried about working here. Chances are you won't last more than a few years and then you'll be out looking for your next job. The only problem is that people in the industry will know what a joke B+L is. If you worked here it won't look good on your resume.
 












i have 1.8 million including my condo but I've heard you shouldn't include your home. Can I retire at 2.0million with my wife's retirement? She unfortunately spends money and you can see how much she has saved, only 200 grand. This is why I'm having an affair.
 


















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