What is dole? You mean benefits? How much do you get just curiousGo on the dole?
What is dole? You mean benefits? How much do you get just curious
Not bad"On the dole" is old slang for "handouts." Yeah, benefits, social security, whatever you call 'em.
I don't collect - I'm not retired, not disabled, and my job pays enough that I'm not eligible.
not with that santa hat you cantI've always told myself with 1 mil I could retire if I'm smart with my money but never really took the time to calculate it. Just for fun here's some rough estimate:
Currently my expenses at my current location are about: $2,912/mo. That's all the bills and various reocuring costs. It does not count non constant costs like groceries as those are harder to track as it's not constant every month. So let's say I need $3,200/month and call it safe. That also covers various purchases, or 1 time costs that come up.
That's 38400/year. Let's call it 40,000/year as it's a nice round number and it's an extra buffer to cover unexpected 1 time expenses.
Costs of living keep going up, that I have not really taken time to calculate, but most of my bills have doubled since I live here and it's been about 10 years, so let's say that costs of living go up by 10% each year.
I'm 30, let's assume I'll live to 90. So I need enough money to live for 60 years and it is 10% more each year.
To make calculations easier I'm just going to go in decade increments. (is that doing it right, I might be messing up here)
So decade 1 I need $380,000.
Add 100% to that, so decade 2 I need: $760,000
Add 100% to that, so decade 3 I need $1,520,000
So to retire and keep living where I live and same life style I would need 3.8Mil.
Yikes, more than I thought. Keep in mind that's assuming I just keep living here and that costs of living keep going up at the same rate.
In reality, if I won the lotto I'd move to a smaller surrounding city and probably live off grid. Idealy in a location that is not taxed, if that even exists. So I could probably manage to squeeze 1 mil like originally thought. Though if I won 1mil I'd probably keep working for now but I'd treat it as job security and look at best way to invest it. I also would be less reliable.
not with that santa hat you cant
At 5% interest and withdrawing $40k/year, you could do that forever. Although in 20 years, $40k won't buy you much.
well being 30 i have lots of life left. but I'm sure i could get by comfortably with $5 million. Probably less.
Oh yeah, sound really confident, eh? You know something I don't?
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.
retire? and then do what?
Healthcare is the biggest concern in retirement - its not cheap and I have zero desire to live in a LCOL 3rd world shithole just scraping by.
this is me:Oh yeah, sound really confident, eh? You know something I don't?
10% a year increase would be way more than 100% in a decade since it compounds. Though 10% a year is pretty steep for cost of living increases.I've always told myself with 1 mil I could retire if I'm smart with my money but never really took the time to calculate it. Just for fun here's some rough estimate:
Currently my expenses at my current location are about: $2,912/mo. That's all the bills and various reocuring costs. It does not count non constant costs like groceries as those are harder to track as it's not constant every month. So let's say I need $3,200/month and call it safe. That also covers various purchases, or 1 time costs that come up.
That's 38400/year. Let's call it 40,000/year as it's a nice round number and it's an extra buffer to cover unexpected 1 time expenses.
Costs of living keep going up, that I have not really taken time to calculate, but most of my bills have doubled since I live here and it's been about 10 years, so let's say that costs of living go up by 10% each year.
I'm 30, let's assume I'll live to 90. So I need enough money to live for 60 years and it is 10% more each year.
To make calculations easier I'm just going to go in decade increments. (is that doing it right, I might be messing up here)
So decade 1 I need $380,000.
Add 100% to that, so decade 2 I need: $760,000
Add 100% to that, so decade 3 I need $1,520,000
So to retire and keep living where I live and same life style I would need 3.8Mil.
Yikes, more than I thought. Keep in mind that's assuming I just keep living here and that costs of living keep going up at the same rate.
In reality, if I won the lotto I'd move to a smaller surrounding city and probably live off grid. Idealy in a location that is not taxed, if that even exists. So I could probably manage to squeeze 1 mil like originally thought. Though if I won 1mil I'd probably keep working for now but I'd treat it as job security and look at best way to invest it. I also would be less reliable.
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.
also, Zin said "if you can withdraw $40k a year", but "in 20 years you would be broke".
No, because - outside of weird occurrences - with those 40k you wouldn't just eat and do drugs / hookers, you would devote some energy to making stuff. Making stuff that can then be sold is in the nature of humans, much more than coke and hookers is.