I’ll have $5 million for retirement when I sell my dental practice next year — but my wife and kids don’t want me to retire – MarketWatch

I’ll have $5 million for retirement when I sell my dental practice next year — but my wife and kids don’t want me to retire – MarketWatch

I am a 60-year-old dentist. My wife is 56. I have been very diligent in working toward my plan to retire at 61 and am ahead of the game. My $750,000 home is fully paid for, as is my $450,000 vacation condo. I will have at least $5 million in a combination of retirement funds and nonqualified investments when I retire at the end of 2022 and sell the other half of my practice to my business partner. Much of what I have in my qualified plans is in a Roth. I have zero business or personal debt. My wife has not had to work, and she has a very comfortable life. We have two daughters — one 30-year-old, married with a 4-month-old and working as a dental hygienist for me, and the other a single 26-year-old fully employed nurse who is currently living with us but will be moving out once the housing market cools a bit. I have helped out both financially, but they would do fine without my help. 

Sounds great, right? Yet my family is giving me a hard time about retiring. I thought that they would be happy for me when I announced my retirement date. I am an avid golfer and outdoors person who will have zero qualms about keeping busy when I retire. My wife and I are very healthy. I have taken my wife to talk to my financial adviser, and he went over all of our finances. We discussed a future budget and anything that she feels that she would like to see in our future financially. I will be taking a large pay cut when I retire, but we will still have at least $200,000 per year at 4% of funds, which is at least $70,000 over our needs based on the projected budget. I am OK spending more in my 60s if needed as I am sure to be spending less in my 70s and 80s as I slow down. I plan to sit on my Social Security until 70. 

I really don’t think that this is about me not bringing home as much money and helping out the kids, because they will do fine without my help. I feel that they are being selfish in that they just don’t want a retired dad and husband. My job is not who I am, but I feel that for them it is a part of who they are, and my wife and daughters are having a hard time dealing with that. 

I would like to spend winters in Florida and join a golf club. I would be happy just renting for a month or two (or three) in Florida each winter until we find something that works for us to own. My feeling about my wife’s giving me a hard time about retiring is that she does not want to face that future. My retiring forces her to think about getting out of her comfort zone and not being around our two daughters who live in the area. I have seen this coming for years but figured that as she got older it would not be an issue, yet here we are. 

I can’t be the first person to have to deal with this, so how do you recommend that I go …….

Source: https://www.marketwatch.com/story/ill-have-5-million-for-retirement-when-i-sell-my-dental-practice-next-year-but-my-wife-and-kids-dont-want-me-to-retire-11640190797

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