How much would it take for you to retire today?

[SaltyNuts]

How much assets would you have to have for you to say, screw it, I'm out, I quit for life! I don't mean you can never work again, you could do whatever you wanted. I just mean what level of assets would it take for you to be comfortable that you would never have to work again if you didn't want to and thus quit? I'm curious how my level of assets fits in all this.

Thanks.

 

[Mayne]

100,000 dollars.

 

[SaltyNuts]

Surely you jest Mayne. No way could you live the rest of your life for that amount of money. Unless you have some chronic disease and have like a 1-year life expectancy haha.

 

[Mayne]

That buys a lot of potatoes. plus I would do the odd furnace install once in a while.

 

[tynopik]

well, to maintain my current atot baller lifestyle of $3 million a year until I'm 90, 3*69 = $207 million

 

[nakedfrog]

I'm pretty sure ten million would do it.

 

[IronWing]

well, to maintain my current atot baller lifestyle of $3 million a year until I'm 90, 3*69 = $207 million

You forgot about interest. $205 million.

 

[HotJob]

$800,000. That is $40k a year for 20 years at 5% interest. in 20 years I will be retired anyway. That is only a little less than what I am making right now.

 

[SaltyNuts]

$800,000. That is $40k a year for 20 years at 5% interest. in 20 years I will be retired anyway. That is only a little less than what I am making right now.

Thank you for the first honest reply Hotjob, I really appreciate it. Well, maybe Mayne was being honest as well, but I'm not so sure...

 

[dullard]

To be financially secure to where I would never have to worry about money? $5 million.

But if I had $5 million today, that wouldn't get me to retire. I'd go crazy after a few months. I don't think any amount of money would get me to really retire. I'd just change careers to be an angel investor / venture capitalist and philanthropist.

 

[dullard]

$800,000. That is $40k a year for 20 years at 5% interest. in 20 years I will be retired anyway. That is only a little less than what I am making right now.

At 5% interest and withdrawing $40k/year, you could do that forever. Although in 20 years, $40k won't buy you much.

 

[dainthomas]

Enough so that that the interest on some conservative investments would equal my current salary. Five million would probably do it.

 

[BxgJ]

Somewhere between 3 to 5 mil. I don't just need to equal my current salary with returns on investments, my wife would want to retire too, plus the added cost of health insurance that is currently mostly paid for by the company.

 

[nakedfrog]

Thank you for the first honest reply Hotjob, I really appreciate it. Well, maybe Mayne was being honest as well, but I'm not so sure...

I was honest, you said "enough to quit working and do whatever you wanted", and it seems I have a fair shot at making it another 70 years or more. Need to include money for medical stuff in there, after all, consider inflation, and that wouldn't exactly be a lavish lifestyle, just comfortable.

 

[cbrunny]

well being 30 i have lots of life left. but I'm sure i could get by comfortably with $5 million. Probably less.

 

[BoomerD]

But...what if something happened and, whether you were ready or not, you HAD to retire early?

I was nowhere near ready to retire when I got hurt at work...but basically got retired by the doctors at age 50. My workers comp helped...but our savings still dwindled away over the years. We live fairly comfodtably on my SSDI and disability pension, plus a small annuity I get...but it's nowhere near the standard of life we had when I was working...except I no longer have to crawl out of bed at 0230 to drive 2 hours for work...THAT is one of the benefits...

 

[dave_the_nerd]

Another $1.2M.

 

[Exterous]

Probably $4m

 

[Cozarkian]

Rate on 7-year treasury is now 2.14%. I'd like to have pre-tax income of about $150,000 without depleting the principal, so if I had $7 million today I would retire.

I'd take half that though if somebody was offering it on condition that I retire.

 

[ImpulsE69]

At 5% interest and withdrawing $40k/year, you could do that forever. Although in 20 years, $40k won't buy you much.

I'm more interested where he's getting 5% interest (reliably). You could say the market, but that is still heavily dependent on timing of you needing the money.

 

[shortylickens]

A billion dollars.


Those sharks arent gonna laser themselves!

 

[shortylickens]

 

[Cappuccino]

what if you have no money when you retire? what do?

 

[dave_the_nerd]

what if you have no money when you retire? what do?

Go on the dole?

 

[lxskllr]

I could live comfortably enough on $10k/year adjusted for inflation as necessary. That being the case, I could retire today, but would require the occasional bs job to keep the money stocks up.