Personal Finance

My net worth is $4.3 million and I want to retire to be with my fiancé but I don't want to be financially dependent on anyone

Maurie Backman

Published: January 5, 2025 5:15 am

Key Points from 24/7 Wall St.

• A $4.3 million net worth could easily set the stage for an early retirement.
• If you’re able to continue generating income with investments, you can potentially cover your costs.
• Set yourself up with the right insurance so you’re not reliant on anyone else.
• Retiring early is possible, and may be easier than you think. Click here now to see if you’re ahead, or behind. ^(Sponsor)

A lot of people dream of early retirement. But it’s a hard thing to pull off if you don’t have a lot of money.

If you’re in your early 40s with a net worth of over $4 million, though, then you’re in a very different boat. And that’s the situation one Reddit user described in this recent post.

Here, a 42-year-old attorney wants to sell their legal practice and stop working so they can spend more time with their fiancé, who’s already retired and living in Europe. They own $1.5 million in real estate, have just over $3 million in stocks, and have $750,000 in cash.

My initial reaction is heck yeah, go ahead and retire. You’ve clearly earned it, and you’re clearly miserable at work. But it’s also important to go about things the right way.

Making sure necessary costs are covered

What I really love about this particular post is that the Redditor started their own business in their late 30s so they could leave their husband at the time. Their business then exploded, allowing them to earn millions.

But that came at a cost of working 14-hour days. And the poster is done with that lifestyle and wants to prioritize their relationship with their finance.

The poster could keep working a few more years and make a few more million bucks. But that doesn’t sound like a smart move.

Maintaining a long-distance relationship is not easy, and it sounds like this person’s relationship is the one thing in their life that’s bringing them joy. It also sounds like their work is not only a source of stress and misery, but an impediment to keeping the relationship stable.

If the poster had a $1 million net worth, I’d be worried about them retiring in their early 40s. With a net worth of over $4 million, most of which is in stocks, and no dependents, I’m less concerned.

I think that with the right investments, this person can quit the grind, live on dividends, and enjoy life more (though I do question that $750,000 in cash and think moving some of that money into the stock market will make sense as interest rates continue to fall). But they should also take steps to secure their financial independence.

Putting the right insurance in place

The Redditor here carved their own path and can continue to be financially independent even upon quitting their job. To that end, I’d suggest long-term care insurance eventually. It’s not usually something you buy in your 40s, but for this person, it may be a good thing to buy in their 50s so they’re not reliant on their current partner to provide care for them later in life. The poster should also consider a prenup before getting married to make sure their assets are protected.

Of course, the best course of action when dealing with a major life change like early retirement is to talk to a financial advisor before taking any sort of leap. An advisor can recommend an investment portfolio capable of generating enough income to live comfortably, keeping in mind that the poster expects to split their time between the U.S. and Europe.

I’ll also throw in something else. It’s clear that the poster in question is dealing with a major case of burnout. And I think selling their practice and unloading that burden is a smart move, especially since they think they can sell their practice for about $1 million, which will only add to their net worth.

But I’d encourage the poster to keep their skills current and not write off the idea of ever working again. When you’re used to working 14-hour days, going from that to not working at all can be jarring.

Sure, at first, it might seem great. But people who know how to grind away at a job don’t always do well with too much downtime. Part-time legal work that’s done remotely (specifically, overseas) could end up being a good compromise for this burned-out attorney.