How much money would it take for you right now to retire for good?

[Gunslinger08]

Let's say you're 25 and you plan to live to 75. You're married and live on $100k combined a year currently. That's $5mill over 50 years, not accounting for inflation or any type of investment earnings. If you want to say those will about even out, then $5mill is good. Realistically your investments will probably outperform inflation, so you can probably get by with $3.5-4mill.

 

[Sasiki]

I could live on a lump sum of 1.5 million given an understood return of 8%. We are getting by fine on 36k/yr. My wife stays at home with our 14 month old. At 8% interest the first year, that is $120,000. I'd take 60k of that and let the rest continue to build interest. 8% interest outweighs inflation by 250%.

 

[HybridSquirrel]

100 million dollars...tax free of course because im an evil genius

 

[sutahz]

Oh... I'd like to have 50k/yr. I'd take yearly payments or even as much as 10yrs in advance.

 

[BEL6772]

$3.5 Million is the minimum it would take to get me to go for it. I'd be happier with $6 Million since that would give me a nice buffer for unexpected circumstances.

 

[Orsorum]

$5 mill.

 

[dmw16]

$5Mil you could live nicely off the interest.

 

[spidey07]

Originally posted by: dmw16
$5Mil you could live nicely off the interest.

Not for long. Inflation and taxes. It won't go as far as you think it does unless your in your 50s.

 

[speg]

Originally posted by: spidey07

Originally posted by: dmw16
$5Mil you could live nicely off the interest.

Not for long. Inflation and taxes. It won't go as far as you think it does unless your in your 50s.

lol, 5million is way more than enough.

 

[edro]

$5Mil

 

[JDub02]

If I had $1mill, I'd be planning on coming into work tomorrow. At $2mill, I probably wouldn't. At $3mill, you better believe that my full time job would be managing that money. Screw work.

 

[IronWing]

2 million would do it. I'm assuming investments that keep 4% ahead of inflation over the long term. Less is actually needed but I would need a buffer for future health costs.

 

[JEDI]

Originally posted by: Syringer
If someone told you they wanted you to stop working and you could never earn another penny again in your life other than through simple investments like mutual funds, stock indices, etc., (you can't say invest in your own biz or provide capital to another company) or basic jobs like bartending/pizza delivery, how much would it take?

$1.5M at age 60.

From now to age 60:
$3.4M

 

[dainthomas]

We'd probably need around 3 mil to mach our current income with the earned interest. I definitely would want to exceed that, so at least 6-8 should do it.

 

[GagHalfrunt]

2 million would be doable. 4 million would be doable in comfort.

 

[Elbryn]

3 million today

2 million to joint immediate annuity - yields 108k a year, remaining million goes 50/50 fixed/equity index funds
using 70k/year costs of living with 3% inflation = 13 years until my costs go past 100k.
1 million assuming 6% net of taxes will yield 2.13 million in 13 years
pull 500k into another immediate annuity, yielding additional 24k a year buying another 10 years of inflation time
1.63 mil @ 6% gets us to 2.9 million.

2.9 million after 23 years = no mortgage, no more kids at home, reduced costs. can optionally pull additional funds out into another annuity for security but with 132k income now with reduced spending, i'm apt to say hold off a few more years. this point in time, should be plenty of money for additional inflation fighting or whatever.

you can usually get an insurance company to give you more than the standard 4% number used by financial planners for safe withdrawl percentage. just split the money up between several highly rated insurance companies to prevent them from going out of business and killing you in the process. meanwhile the other pool of money is still invested and fighting inflation for you.

 

[jlee]

Originally posted by: Syringer
If someone told you they wanted you to stop working and you could never earn another penny again in your life other than through simple investments like mutual funds, stock indices, etc., (you can't say invest in your own biz or provide capital to another company) or basic jobs like bartending/pizza delivery, how much would it take?

"Basic jobs" like bartending can pay a lot better than plenty of careers..depending on where you are, of course.

 

[PrinceofWands]

Originally posted by: guyver01

Originally posted by: holden j caufield
you guys must live high on the hog. 1 million is good enough for this simple guy.

Assume you're 25... 1 million will not get you a decent place to live for the rest of your life. it wont even get you a good rental for the rest of your life.

unless you plan on buying an RV and living at campgrounds for the rest of your life.. 1 mil wont last more than 2-3 years.

ROFL @ imbecile. He could easily get:

Good house - $200,000
New car - $15,000
Furnishings, etc - $35,000
Simple savings @3% on remainder - $22,500

That's higher than my average income over the last 20 years, with a family, and I've done fine.

Mind you, I don't need any of that myself, so I'd be able to live off the full million. Even at simple interest it would be a pay raise for me. Of course at 37 I have less time remaining than him, but still close enough.

 

[PrinceofWands]

Originally posted by: guyver01

Originally posted by: mchammer187
Any number you arrive at without projecting your own future earnings is absurd.

Maybe you want to live the way you currently live... but i dont.
if i wasn't going to work at all for the rest of my life.. i want to live comfortably.

this is a hypothetical situation... maybe you want to live for the rest of your life on $20000 a year..

i want to live on 1 million/year.

my life.. my choice.

who gives a fuck at projecting their future earnings.

If you ask any person on the street "how much would it take .. right now.. for you to give up working for the rest of your life" .. do you really think they're going to say "well.. i make $45k right now. and that's enough for me" .. no way... they're gonna say "if i live nice on $40k a year... imagine how well i will live on $400k a year"

Everyone wants to live the life of the rich.

Nobody is "content" with being middle class

anyone that says they don't want to be rich and well off and not have a care in the world is lying.

BULLCRAP YOU IGNORANT SELFISH PIECE OF DOG SHIT!!!

You just have to tell yourself that so you don't feel like such a total waste of human flesh. Newsflash asshole: YOUR A GREEDY BASTARD AND OTHER PEOPLE DON'T ALL THINK LIKE YOU! Some of us are actually decent human beings.

I don't say these things because you can't want to be rich, I say them because to claim that I want them is a personal and serious insult to me and everything I stand for. If you want the right to be greedy you must likewise accept that other people aren't.

 

[TwiceOver]

3 Million would probably work for me. Sadly more than I will make in the rest of my working life so...

 

[CountZero]

$4 million. 1 million for the setup of buying a house, paying off student loans, getting a car, etc. then 3 million to live off of for everything else. The hardest part would be not blowing through it all because you know you have it.

 

[thatguy82]

Originally posted by: Acanthus
3 mil would be plenty, assuming 5% gains over inflation YoY on investments.

that's key

 

[thatguy82]

Originally posted by: ahenkel
I could retire on 2 mil if I was guaranteed an investment return of 3% per year with zero loss.

30 year treasury bonds will give you 4.23% now, there's no chance of loss if you hold it to maturity

 

[spidey07]

Originally posted by: thatguy82

Originally posted by: ahenkel
I could retire on 2 mil if I was guaranteed an investment return of 3% per year with zero loss.

30 year treasury bonds will give you 4.23% now, there's no chance of loss if you hold it to maturity

I don't think people understand a million or two wouldn't be worth much in 40 years let alone any returns you've been scalping off it.

 

[thatguy82]

Originally posted by: Mike Gayner
I could comfortably live on $80,000 a year if I weren't working. Factor that into an 8% interest earning account with 30% tax, I'd need just under $1.5m in the bank. Add to that $500,000 to buy a nice house and car to get myself started, $2m would do it for me.

it woule be 15% tax if you held the investment over 1 year.