A Reddit user retiring in his 50s has amassed over $10 million, despite the high California taxes. He wonders if he can spend between $300K and $400K annually while leaving an inheritance for his children. Although he has substantial wealth, the focus should be on establishing a safe withdrawal rate. The traditional 4% rule has been adjusted to a more conservative 3.7%, suggesting a personalized plan with a financial advisor would be prudent. Affordability also includes covering future medical costs until qualifying for Medicare.
A Reddit user is retiring in his 50s with a net worth over $10 million and plans to spend between $300K to $400K annually.
With ample savings, the user must consider a safe withdrawal rate to ensure long-term financial security and leave an inheritance for his children.
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