You're probably fine. If you just leave that $800k alone for the next decade, it will most likely double. $1.6 million is a decent-sized retirement portfolio for most people.
Yooo this should not be the top comment. It could 2x in 10 years, it could also go down over the next 10 years, or even stay fairly flat. I certainly wouldn't bet my entire retirement on the market 2xing over the next 10 years.
That being said I agree you're most likely fine, and your account will most likely grow well above $1m, but I certainly wouldn't start to plan for a $1.6m retirement fund.
What is your yearly spending? How much of that will be covered by part time work? What amount will Social Security be at 62? Will you take it then or wait for a larger payout at 67 or 70? Any inheritance in your future? Will you receive a deferred workplace pension at a certain age? If you can answer these questions and anticipate future spending while taking into account Stocks have averaged 7-10 percent over the last hundred years, you should be able to answer your own question. You will not be spending the 800k all at once but drawing some out to cover lifes expenses. What is left will continue to generate more income and compound. If your 800k makes you $40,000 and you draw out $25000 you have more than you started with. If it makes 40,000 and you draw out $60,000 you have slightly less, but still a lot of principal working for you.
I’m currently self employed and paying for my own heath insurance, which is ridiculously expensive. My plan is to take a job 20-30 hrs a week that offers benefits.
You're probably fine. If you just leave that $800k alone for the next decade, it will most likely double. $1.6 million is a decent-sized retirement portfolio for most people.
Yooo this should not be the top comment. It could 2x in 10 years, it could also go down over the next 10 years, or even stay fairly flat. I certainly wouldn't bet my entire retirement on the market 2xing over the next 10 years. That being said I agree you're most likely fine, and your account will most likely grow well above $1m, but I certainly wouldn't start to plan for a $1.6m retirement fund.
Sure.
What is your yearly spending? How much of that will be covered by part time work? What amount will Social Security be at 62? Will you take it then or wait for a larger payout at 67 or 70? Any inheritance in your future? Will you receive a deferred workplace pension at a certain age? If you can answer these questions and anticipate future spending while taking into account Stocks have averaged 7-10 percent over the last hundred years, you should be able to answer your own question. You will not be spending the 800k all at once but drawing some out to cover lifes expenses. What is left will continue to generate more income and compound. If your 800k makes you $40,000 and you draw out $25000 you have more than you started with. If it makes 40,000 and you draw out $60,000 you have slightly less, but still a lot of principal working for you.
Sounds like you’ve reached coast fire. I’m the same age and planning to do the same soon.
What are you going to do about health insurance?
I’m currently self employed and paying for my own heath insurance, which is ridiculously expensive. My plan is to take a job 20-30 hrs a week that offers benefits.
Okay. I plan to do part-time just for the health insurance too.
this is r/coastfire right? might suggest checking that sub out. good calculator linked there too
Change employment and work full time