5 Ways to Retire With $5 Million by Age 55

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.

According to DYQDJ, that would put you at about the 98th percentile in terms of U.S. net worth (primary home equity excluded). That’s definitely fatFIRE.

How does age 55 sound? Yes, there are people out there who have retired by 45, 35, and younger, but you do need some time to amass that big nest egg.

How does age 55 sound? Yes, there are people out there who have retired by 45, 35, and younger, but you do need some time to amass that big nest egg.

Let’s say you finish high school at 18 and graduate from college at 22 with a degree that will help you land a good job. In college, you met someone who followed a similar path.

#1 Slow and Steady Wins the Race

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.

#2 Develop a Remarkable Talent or Product

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.

#3 A Negative Net Worth at 30 (With Great Earning Potential)

Good news. You won the lottery! If the payout was at least $10 Million before taxes, you can now retire with $5 Million or more. Bad news. Your rich uncle has passed away and will no longer be hosting you and your extended family at his beachfront compound.

#4 Good News / Bad News

I noticed a new home going up on a nearby lake, and it looked to be enormous. Who was building it? One of the athletes or entertainers we talked about earlier? Nope. A guy who owned a local septic and drainfield business who recently cashed out.

#5 Build Up a Business and Cash In

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