A 54-year-old man and his family are nearing retirement with a $3.4 million nest egg and plans to reduce annual expenses from $200k to $120k by 2028. The couple seeks advice from the Chubby FIRE Reddit community about retirement planning. Suggestions include setting a net worth goal, which the husband aims to reach at $5 million to ensure sustainable withdrawals under the 4% rule. Their retirement is anticipated for 2029, with the wife continuing to work until 2032.
"Setting a net worth goal can inspire you to be more prudent with your finances and possibly exceed your target, as demonstrated by the husband's $5 million goal."
"With a $5 million net worth, the couple could potentially withdraw $500k annually under the 4% rule, allowing for sustainable living during retirement."
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