25 years old with 250k net worth. my goal is to get to 500k by age 30. My income is 100k per year. Would it be realistic to semi retire with 500k and just working part time with 500k after 30?
Reaching 500k then take a Lower paying job
byu/EitherAd5892 infinancialindependence
Posted by EitherAd5892
11 Comments
Depends on your goals but yea probably
It depends on your career and how easy it is to find nice part-time work in it.
[https://www.reddit.com/r/coastFIRE/](https://www.reddit.com/r/coastFIRE/) would be the community for this general concept.
What’s your yearly expenses? How much would the part time job pay you a year? What age would you retire from that job?
Unlikely you’ll get to that stage of life and have the same goals/priorities as today. I’m at my first barista fire number now but… I have 2 kids in daycare, I’ve prioritized my wife being able to go part time, my income has skyrocketed and job satisfaction is higher than it’s ever been. Maybe at 40. 🤷🏻
Yes you could do that provided you lifestyle and longer term goals are aligned with this figure. You would be more looking at a relatively minimalist lifestyle but nothing wrong with that (and a lot right with it!) if that suits you. Basically you can live comfortably but you won’t be driving a Ferrari .
I share a similar goal. Just aggressively save to get ~815k inthe investment account and let that grow until I’m 65.
Maybe Work in non profit between 40-65 and so something community focused rather than corporate serving.
Barring disaster The money should mature to ~3million which would be enough to yield a 4% draw
Depends on what your goals are. If you’re single with no kids and don’t want any, sure. If you’re planning on having a family, paying for daycare, owning a home, etc. that’s probably not smart.
In this economy??
Safe withdrawal rate is 3%. If you were older, you could probably go a little higher, but since you’d need to make your wealth last for potentially 50+ years you’re going to want to be conservative.
Anyway, 3% of 500k is 15k. What ever part time job you’re thinking of, can you live on that salary + 15k/yr?
Personally, I couldn’t, but I’m sure some people could. It’s really just a question of how frugal you are.
Absolutely. You’d likely be coastfi at that number.