College basketball coaches most likely to follow Jay Wright's lead by retiring early

I thought it was a bit strange at first too, but his logic makes some sense. If he just stays at the same salary- 25 years of making $3 million/year, hard not to be tempted to retire at 60. The second I can afford to not work another day in my life, I'm retiring, but I get these guys are wired differently.

 

I suppose, but heck: I could live a modest life style and have $10M in the bank before my first recruit graduates. Retire then.

It's not money that keeps coaches coaching.

 

I'm 63 and could retire comfortably or I can work another 3-ish years and live very well; I chose the latter. I don't like some aspects of my job, but not enough to throw away living very well for 30 years (great history of longevity runs in the family).

He won't have $10M after 4 years as taxes will eat a bunch. However, if he's here in 5-10 years, that means he's a winner and getting new contracts. Say taxes take 50%, he could still live like a king in Hogtown on $500,000/year and bank $1M/year. With decent investments, he could have >$50M when he's 50 so that might be a good time to drop from the employment rolls.

 

rule of 72 boys, divide the rate of return you think you'll earn into 72 and it will tell you how many years it takes for your investment to double,....before taxes

 

They say that you can’t spend more than 4 percent of your savings each year, if you hope for that retirement account to last 30 years. You have $1 million in the bank, you can spend approximately $40,000 per year, plus your social security income. Now that could change if you are investing more aggressively or interest rates become higher due to inflation, but the greater the return, the greater the risk. I know people that have lost 10 to 20 percent of their retirement savings due to market volatility. Many retirees are going back to work due to inflation, increases in homeowners, property tax, medical insurance, food, gas, automobiles, travel, …