Here at Physician on FIRE, I like to help people figure out how they can set themselves up to not only retire early, but to also retire well. Five million dollars should do the trick.
A 55-year old can expect to live an average of 26 (male) to 29 (female) more years, according to the Social Security Administration’s actuarial tables.
If you happen to be exceptionally skilled at something, particularly something athletic or artistic, you may be able to follow that passion to a big payday.
It’s the path I took, and although I retired from medicine without a $5 Million net worth, I was well on my way at 43, and investment returns alone should get us well beyond that mark by 55.
Bad news. Your rich uncle has passed away and will no longer be hosting you and your extended family at his beachfront compound. However, you have inherited a sum that will allow you to build a compound of your own, if that is your wish.
When you own and operate a small business, increasing your revenue as time goes on not only brings more money in for you to spend and save each year, but it also increases the value of your business.