[USER]

Hi, we live in High Cost of Living city. Family of 3, kid is 5 years old. I make about 100K and husband makes about 150 K monthly expenses around 5 K.

We don’t have any debt our money is all invested and in between 401 k and investment accounts we have about 1,150,000.

We are on early 40’s is it realistic to say that we could retire in about 2 years?

We wanted to reach 1,300,000 at least and maybe move to a cheaper city in the USA or out of the country.

[Tom]

You are going to need 2mil in the bank plus a paid off home / lower monthly expenses.

Then once you get there, you’ll need to find affordable health coverage.

I have a paid off home, no debt, 1.1m in our accounts, low-ish monthly expenses, and I even think 2mil is cutting it close.

Late 40’s with 1 child 12 years old.

[Jason]

keep saving 10k a month. you are still 5+ years away. Getting there before age 50 works without cutting lifestyle while working regular jobs is still the pinnacle.

[Scott]

At 5k in monthly expenses you need more like 1.5m and that doesn’t account for 1 off expenses.

Of course if you become an expat, then you could absolutely live on what you already have.

[Sherie]

Umm I would say absolutely not if you expect that to sustain you both into your 80s and 90:

[Lee]

Absolutely no. With a 5 years old and being early 40, you need at least double that number before moving to a lower cost of living area.

[Mandy]

when you reach $1.3m, are you able to move to a place where you can live off of 4% of the $1.3m? (or $52k/yr, or $4333/mo)?

[Author]

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