A Redditor recently posted on the FIRE (Financial Independence, Retire Early) subreddit, sharing a dilemma after inheriting US$2 million of his late father.
At 29, he is considering quitting a stressful job to pursue a more relaxed lifestyle focused on health, well-being and travel. He asked the community for advice on whether this decision would be selfish and what considerations to keep in mind.
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“My father recently passed away. He left me $2 million, which I will have full and unrestricted access to in the coming weeks. I work a job that brings me fulfillment, but with it comes a lot of stress, responsibility, and public presence that I haven’t been taking advantage of.” ‘ in the last two to four years. I want to quit my job, work part-time jobs, doing things I enjoy, like health, wellness and traveling, and not work more than 20 hours a week… That’s it. selfishness?
The Redditor explained that he does not have children and does not intend to have any, as he had a vasectomy. The loss of his father led him to confront his mortality, causing a reevaluation of his life choices. No longer burdened by the pressure of saving heavily for retirement thanks to a substantial inheritance, the user now has the freedom to prioritize their hobbies and their happiness. However, concerns persist about how his friends might perceive this change. He worries about being judged as an “inherited baby” who no longer needs to work full-time.
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One commenter suggested a practical approach: “If I were you, I would get my hands on the money and continue to work for the next few months with the mindset shift of not ‘having to’ work but ‘wanting to’ and see if that takes some of the pain away. stress.”
Another emphasized caution: “Take it slow. Don’t make any major decisions for at least six months, maybe even a year. Grief can really cause us to do things out of the ordinary.”
A different perspective highlighted potential financial considerations: “To make $2 million last, that’s just a 3% withdrawal fee$60,000 to live on isn’t enough in much of the U.S., but it may be enough in some more depressed areas or even some countries.”
One commenter shared an anecdote about a fellow retiree: “A company I work for hired a retired retiree… He refused to do so many tasks that were expected of everyone else… Now looking back, 10 years later , I completely understand where he was coming from and I don’t blame him in the slightest.”
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Overall, the community advised taking some time to process the loss and avoid making hasty decisions. They also recommended considering both financial stability and personal happiness before making a life-changing decision.
Retiring at 29, even at $2 million, can be risky. While $2 million may seem like a lot, it must be managed wisely to potentially last 50 years or more. Inflation, market fluctuations and unforeseen expenses can deplete savings faster than expected without careful planning and investment. Health care costs, especially as we age, can be substantial.
Social Security Benefits it won’t be affordable for many years and the cost of living can vary greatly depending on location. However, if invested appropriately and with a frugal lifestyle, it may be possible to live comfortably. Financial experts often suggest a conservative withdrawal rate of 3-4% per year to ensure the longevity of the funds.
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This article 29-year-old inherited $2 million and wants to retire early, but worries people will think he’s an ‘inherited baby’ originally appeared in Benzinga.com
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