whats the score
Member
I'd say 2 million USD.
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how much would it take for you to retire?
- Thread starter whats the score
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Snook
Still Learning
I'd say "depends on how old one is". If 60 y/o much less than 40 y/o. Is ones dwelling rented or owned? Owned? is it paid for? 'Where' one lives has alot to do with that equaision too. It 2 million wouldnt make it if you're 40 y/o and live in NYC or SanFran. Does one like lobster or fishstix? How much alcohol does one consume on a regular basis? Male or female, is there a significant other in the picture? does he/she have a million or two also? TOUGH QUESTION, wts.
whats the score
Member
I'm 30 and single, no kids. I think I could retire with 2 million right now. Safely get 40K a year back on very safe returns. Say it's 30K after taxes (are those returns taxable anyway?). So I'd be living on 40K a year with no mortgage or foreseeable car payment. Hell yes I could do that, it's plenty.
Is my math wrong?
Is my math wrong?
To me retirement is all about reducing the expenses and needs.
I am half-retired by now in the sense that i am no longer willing to work only for a paycheck.
Nowadays i must believe in what i am doing, in the people involved and most of all in myself while doing it.Otherwise i will keep myself retired from the World
My guess is that we are not talking exactly about the same kind of retirement but here´s my 2p anyway
I am half-retired by now in the sense that i am no longer willing to work only for a paycheck.
Nowadays i must believe in what i am doing, in the people involved and most of all in myself while doing it.Otherwise i will keep myself retired from the World
My guess is that we are not talking exactly about the same kind of retirement
but here´s my 2p anyway
Snook
Still Learning
By the time you're 60, they will be taxing the sweat from your balls. Figure that in.
But good luck.
To me retirement is all about reducing the expenses and needs.
I am half-retired by now in the sense that i am no longer willing to work only for a paycheck.
Nowadays i must believe in what i am doing, in the people involved and most of all in myself while doing it.Otherwise i will keep myself retired from the World
My guess is that we are not talking exactly about the same kind of retirement
That's the idea, retired when i was 25 with $680 in cash, owned outright a specialized rock hopper. I actually had about 1,300 in cash but i bought a oneway ticket to Kathmandu coz that's where i wanted to be.
Won't say i haven't worked a day since, but it's different when you work to live rather than the reverse.
I know it's a hard concept to get your head around, but it's not as complicated or difficult as it sounds.
InJoy Your Day
J
$1.5 mil will get you about $60k a year for life if invested properly.
So to retire I'd need 5 mill + a house that is fully paid for.
So to retire I'd need 5 mill + a house that is fully paid for.
It depends on where you want to be ,and what you want to do.In 15 years ill be about 55,at that point ill be liquidating my material things and moving overseas .Money goes alot furthur,depending on where you choose to live.I put my life expectancy at about 80, i should be doing fine.As i don't require any nice things,just the life experience.
whats the score
Member
Egh, I like to use 4 percent. Perhaps you're more risky than I am though.
Even still, damn son! You have balla tastes. I'm just a simpleton. 150-250 max for a house, 30 for a truck, 30 for a boat, then 40K a year in returns in virtually no-risk situations. That's the life for me.
You like planes or sexy cars or what?
All of the above lol. But, I also currently live in one of the most expensive areas in the US. Am stuck here for a while too, so I use LA cost of living basis when doing the calculation.
I do like traveling, and cars, and luxury stuff in general, so I'd rather keep working until I get to that mark. Obviously I could retire with less, but I still got the drive.
You are right though I should be using 4% to be safe.
so what would be the yearly intrest on 1 million? i thought it was between 55-70 k a year just from sitting in the bank no?
If you put a million in the bank, you'll get 10,000 a year in interest. That's if you shop around and get the best interest rate on the market. That will probably change at some point. Right now the interest rates are set so low to encourage borrowing and discourage saving. You actually lose money in real terms in a bank account today, since the interest isn't enough to keep up with inflation.
You could use that million to buy an annuity that might pay 40k or 50k for life depending on age. You have to take inflation into account, though. 50k might be enough to live on today, but I'm pretty sure it won't be enough in 30 or 40 years.
If I move to a cheaper location with lower taxes, I might feel safe retiring with 2 or 3 million.
You could use that million to buy an annuity that might pay 40k or 50k for life depending on age. You have to take inflation into account, though. 50k might be enough to live on today, but I'm pretty sure it won't be enough in 30 or 40 years.
If I move to a cheaper location with lower taxes, I might feel safe retiring with 2 or 3 million.
never gonna retire. i already do what i love and dont plan to ever stop till i croak
i think i could do with 10 millions. better 100 just to be on the safe side.
whats the score
Member
Same here but to be honest, I'm a grower and I don't believe I'll be able to do this for life. I'll get popped and they'll take all my shit, pot will start going for crazy low prices, something will pop up.
Maybe I just don't have enough self-confidence as a grower or I'm just a negative shithead. But I am preparing a back up for later in life. I hope I can continue putting out a great product at what I think is a fair market price, but markets change as you know.
One thing I know for sure, man; I'd rather live bare bones than have to spend my life in a 9-5. Fuck that.
i dont have my eggs in one basket . and me and the old lady got the house paid. well we owe a tiny bit on a loan but its a small amount.everything i own was paid for with taxed income and not in my name. nobody will be taking my shit
I could very easily live the next 20 years on 1million , & 20 years is about how much longer i'll probably be on this planet if i'm lucky . the high end amount i'd need to live that out is 720K so yeah a cool million is enough for me ... i'don't want to be rich , just never need for anything .
Hell i'm pretty much retired now & all i need is 1200 a month to pay my bills & everything that comes out of my closet is gravy
Hell i'm pretty much retired now & all i need is 1200 a month to pay my bills & everything that comes out of my closet is gravy
probably in the 10 million range.....
i like to have fun and enjoy my life......
have many more years to live and alot more fun to be had.....
i like to have fun and enjoy my life......
have many more years to live and alot more fun to be had.....
