Having a net worth of $15 million can provide significant financial freedom, making early retirement feasible even for younger individuals. However, it is crucial to evaluate your asset composition before making the decision to retire. Consider how you will support yourself in retirement, factoring in withdrawal rates from retirement accounts and any non-liquid assets. Experts recommend a cautious withdrawal rate of 3.7% to ensure financial stability throughout retirement. Creating a plan for spending your time effectively is essential before quitting your job.
If you are worth this much money and you are mentally done with working, you should be able to quit your job even if you are pretty young.
Before you quit work, you'll want to make sure you have enough money to support yourself for the rest of your life once you have given up paychecks.
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