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A letter writer on his travel and dining out: “I justify it because we’re saving $50,000-plus a year toward retirement and have zero bad debt.” GETTY IMAGES/ISTOCKPHOTO |
Retirement
is the withdrawal from one's position or occupation or from one's active
working life. A person may also
semi-retire by reducing work hours or workload.
Now that
you have an idea of what this write-up is about, check this out: A couple seeks
answers for a retirement plan by writing to Quentin Fottrell, a MarketWatch's
Managing Editor-Personal Finance and The Moneyist columnist.
‘We live
a rather lavish lifestyle: My wife and I are 33, live in New York City, and
earn $270,000. Can we retire at 55? We travel a lot, eat at nice restaurants
and essentially buy what we want’
Courtesy,
MarketWatch, read the letter below and follow up with Quentin’s response,
certainly, you would learn something from it.
Dear
Quentin,
My wife
and I, both 33, are lucky enough to have high-paying jobs in New York
City.
Collectively,
we make $270,000 a year. We own a home
in Seattle, worth $500,000, that is rented out and covers the mortgage and cash
flow. We have zero debt outside of our mortgage. We have an emergency fund of
$45,000. We rent our house in Brooklyn. Collectively, we max out our 401(k)s,
and I receive a pension of $8,500 a year, so we’re saving approximately $53,000
a year toward retirement.
We have
about $75,000 in our retirement accounts from our work in Seattle. We have no
kids and likely don’t plan on having any. We’d like to retire at 50 to 55. My
question is: Are we saving enough? We live a rather lavish lifestyle. We travel
a lot, eat at nice restaurants and essentially buy what we want. I justify it
because we’re saving $50,000-plus a year toward retirement and have zero bad
debt.