Assuming you want a family, 2 kids, live in nyc etc, it seems one needs to have 10mm saved to be able to retire? That’s equivalent to 10+ good years assuming you don’t over spend?
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I really don’t understand why anyone would mention early retirement and living in NYC in the same sentence. If you don’t have to work anymore and your best idea of where to live in NYC I literally feel sorry for you.
Relatively speaking given you are in PE - 10-20 good years, with a few blowout years scattered about and equity/carry/something that will give you a chunky payout. You need to be realistic about the expenses that come with high earners, who have two kids - that takes a huge bite out no matter what you do, even if you avoid private schools and general lifestyle creep. A second high earner would help - that gets even tougher when kids are involved, as costs go parabolic if you don't have someone to take care of the kids.
You also need a good amount of luck - avoid layoffs, tough economic cycles, draw downs on savings, your firm performing well - those all take a chunk out or slow you down.
Totally depends on your lifestyle.
Its absurd to think you need $10M saved to be comfortaly retired in NYC with 2 kids unless you're covering their expenses (and their kids) for the rest of your life.
If you mean $10M total net worth with your spouse, that sounds right if you want to sustain a comfortable lifestyle within Manhattan (assuming you're not one of those folks that think a comfortable living in NYC means owning a Hampton summer home).
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