Correct.
However retiring in their 40s or 50s is simply not an option for the vast majority of workers. In our social circle - we are all Professionals well into our ‘Senior’ years - early retirement was not even on the radar. Unlike in Europe we have next to no social safety net.
Expenses here can be quite high. E.g., a one bedroom apartment in a good section of New York City, will be around $ 3k/month to rent. A 2 bedroom apartment will sell for ca. 1 million. Kid’s expenses at a good private university are upwards of $50k per year (before financial aid) a root canal is 1k+, a crown is 2k+, an office visit to an out of insurance plan doctor can be $300 not including medical tests, lawyers charge $350/ hr +, and so on.
I had colleagues who retired in their late 7Os, one retired at 80.
Edit: Full medical cover medical insurance is *very* expensive if bought privately. I recall a figure of $2k a month from a quality company for a family of four some years ago. Perhaps it is less now after Obamacare.
However retiring in their 40s or 50s is simply not an option for the vast majority of workers. In our social circle - we are all Professionals well into our ‘Senior’ years - early retirement was not even on the radar. Unlike in Europe we have next to no social safety net.
Expenses here can be quite high. E.g., a one bedroom apartment in a good section of New York City, will be around $ 3k/month to rent. A 2 bedroom apartment will sell for ca. 1 million. Kid’s expenses at a good private university are upwards of $50k per year (before financial aid) a root canal is 1k+, a crown is 2k+, an office visit to an out of insurance plan doctor can be $300 not including medical tests, lawyers charge $350/ hr +, and so on.
I had colleagues who retired in their late 7Os, one retired at 80.
Edit: Full medical cover medical insurance is *very* expensive if bought privately. I recall a figure of $2k a month from a quality company for a family of four some years ago. Perhaps it is less now after Obamacare.
Last edited:
