Fun Time........What would YOU need to retire????

[redgtxdi]

Originally posted by: Glavinsolo
I'm thinking 2 Million and an annuity of $50,000 a year retiring at 55 or earlier. There is much more to life than work.

So do you mean a $50K withdrawl from your 2Mil nestegg or a separate "Annuity" (as in, investment?)

(I'm not big on annuities so forgive my ignorance in that regard, I know they're still a vehicle used by many, but I don't see a need for one myself so I never bothered to learn up on them!)

 

[squirrel dog]

4% from 1 mil gets you $40k per . At retirement age for me that would work ,so my # is 1mil.

 

[JS80]

I'll need approximately $90 million to keep my lifestyle when I turn 45.

 

[redgtxdi]

Originally posted by: JS80
I'll need approximately $90 million to keep my lifestyle when I turn 45.

ROTFLMAO!!!!!!!!

Hey.........big pimpin' comes at a price, right???

 

[MX2]

:music: Back in the days, a ****** used to be ass out
Now a ****** holdin several money market accounts:music:

 

[Ausm]

Originally posted by: redgtxdi

Originally posted by: SlitheryDee
10 million

Ahhh........I see.........so you're on the "Working 'Til I Die" plan??

If the government keep raising the retirement age it will be this way.


Ausm

 

[redgtxdi]

Originally posted by: MX2times
:music: Back in the days, a ****** used to be ass out
Now a ****** holdin several money market accounts:music:

ROTFLMAOPMPSMFKTGLMNOPQRSTUVBBQ!!!!!!!!!!!!!!!

Originally posted by: Ausm

If the government keep raising the retirement age it will be this way.

And don't think I ain't ruled that out yet either........LOL.......... Heck, at the very least that would......

#1.) Calm my worries about having enough money......(provided someone would still wanna hire my aged arse!)

#2.) Probably keep me outta' trouble. (maybe?)

 

[tfinch2]

Originally posted by: dullard

Originally posted by: tfinch2
Considering $1 million draws more than $40,000 in interest assuming 4.5% return, I could earn 40k a year before taxes off interest, and still have plenty of money if I ever needed it.

Remember, that $40k before taxes will only be worth $8000 near the time you retire due to inflation. Can you honestly live off of $8000 BEFORE TAX?

From the OP:

how much would you need to retire at this point in your life????

At this point in my life (today), 40k is 40k.

 

[redgtxdi]

Bump for the night crowd & a question.......................


Would $40K reach 50% overall tax??

I'm tryin' to think if I could *reeeeally* live off of $20K if I subtract my mortgage from the mix & consider just.......

Utilities
Food
Gas
Insurance
Entertainment

Would $20K of disposable income cut it?????

 

[ponyo]

Retirement means you're that much closer to death. People age faster when they're not doing anything. Most people would be bored out of their mind retired.

I would need about 5 million to retire but I wouldn't even if I had the money. I will keep working as long as my body allows.

 

[bennylong]

Originally posted by: FoBoT
i will need $11 million if i try to retire in 2031 (at age 65)

so i'll probably work until i die or until ~2040+

Same here. Need $12 millions, which is only $5 million after inflation.

 

[TallBill]

Well hopefully I'll work untill I get a government pension, and then it wont matter what I have saved, since I'll make money till I die.

 

[skyking]

Originally posted by: Naustica
Retirement means you're that much closer to death. People age faster when they're not doing anything. Most people would be bored out of their mind retired.

I would need about 5 million to retire but I wouldn't even if I had the money. I will keep working as long as my body allows.

:thumbsup:
We could quit drawing a salary if we had say, 1.5 million. We both have pensions or 401ks that are significant.

 

[bennylong]

Originally posted by: TallBill
Well hopefully I'll work untill I get a government pension, and then it wont matter what I have saved, since I'll make money till I die.

good luck trying to collect in 30years!

 

[Glavinsolo]

Originally posted by: redgtxdi

Originally posted by: Glavinsolo
I'm thinking 2 Million and an annuity of $50,000 a year retiring at 55 or earlier. There is much more to life than work.

So do you mean a $50K withdrawl from your 2Mil nestegg or a separate "Annuity" (as in, investment?)

(I'm not big on annuities so forgive my ignorance in that regard, I know they're still a vehicle used by many, but I don't see a need for one myself so I never bothered to learn up on them!)

Yeah, I meant to say 50k withdrawal. That 2 mil will still be collecting interest and I'll basically just be withdrawing the interest plus a bit of the source. I recommend everyone take a few finance courses even if it isn't degree seeking.

 

[redgtxdi]

So lookin' at something like this in *today's* money............

(Assuming I've got the house paid off & all I've gotta worry about are the following).......

Property Tax.............$4,000/yr
(Utilities)
Electric.....................$1,200/yr
Gas............................$300/yr
Phone (cell/land.).......$1,800/yr
TV/Internet................$1,200/yr
Water/Trash.................$500/yr
Entertainment..............$2,500/yr
Clothes......................$1,000/yr
Food..........................$5,000/yr
Home/Auto insurance...$1,500/yr
Misc Doc/Dentist.........$500/yr
Gifts/Holidays............$1,000/yr
Annual vacation..........$1,500/yr


And all this above is assuming I still mow my own lawn, wash my own cars, do my own brake jobs, don't need a single tire for my cars, don't have a single appliance problem, or have anything expensive happen to me or my wife.

Looks like $22,000. With any luck, I *might* be able to pull it off at $40K/yr 'pre-tax' (maybe $45K depending on my tax bracket) if that's what it would reeeeeally cost.

Of course my pessimistic gut tells me to double that amount, but the truth probably lies somewhere in-between.

Anybody thinkin' different #'s????

 

[D1gger]

Originally posted by: redgtxdi
So lookin' at something like this in *today's* money............

(Assuming I've got the house paid off & all I've gotta worry about are the following).......

Property Tax.............$4,000/yr
(Utilities)
Electric.....................$1,200/yr
Gas............................$300/yr
Phone (cell/land.).......$1,800/yr
TV/Internet................$1,200/yr
Water/Trash.................$500/yr
Entertainment..............$2,500/yr
Clothes......................$1,000/yr
Food..........................$5,000/yr
Home/Auto insurance...$1,500/yr
Misc Doc/Dentist.........$500/yr
Gifts/Holidays............$1,000/yr
Annual vacation..........$1,500/yr


And all this above is assuming I still mow my own lawn, wash my own cars, do my own brake jobs, don't need a single tire for my cars, don't have a single appliance problem, or have anything expensive happen to me or my wife.

Looks like $22,000. With any luck, I *might* be able to pull it off at $40K/yr 'pre-tax' (maybe $45K depending on my tax bracket) if that's what it would reeeeeally cost.

Of course my pessimistic gut tells me to double that amount, but the truth probably lies somewhere in-between.

Anybody thinkin' different #'s????

I've done the same type of calculations in the past, and what I think you are missing is the unexpected big ticket items (new roof for the house), and the occasional one time expenditures (new car, new PC, new ....).

 

[redgtxdi]

Originally posted by: D1gger


I've done the same type of calculations in the past, and what I think you are missing is the unexpected big ticket items (new roof for the house), and the occasional one time expenditures (new car, new PC, new ....).

And I believe you're right!! Even after I typed that I started thinking of other things & they definitely add up quickly. Like my wife's impulse buying of concert tickets or knick knacks for the house, surprise root canal, or the 'must-have' cell phone, etc. etc.

So ya, I'll need 2 mil to sleep at night................

 

[GasX]

A $5 million (after tax) pay day, I am can retire

 

[Doboji]

Originally posted by: redgtxdi
So it looks like $1,000 earns about $4.25 per month right now.....(roughly figured) in interest if you're parked in a money market account earning about 5% interest.

At that amount.........how much would you need to retire at this point in your life????


(Yes, this is just make-believe fun, type day-dreamer crap, but I love this stuff).........

somewhere between 4 and 5 mil...

 

[GasX]

Originally posted by: D1gger

Originally posted by: redgtxdi
So lookin' at something like this in *today's* money............

(Assuming I've got the house paid off & all I've gotta worry about are the following).......

Property Tax.............$4,000/yr
(Utilities)
Electric.....................$1,200/yr
Gas............................$300/yr
Phone (cell/land.).......$1,800/yr
TV/Internet................$1,200/yr
Water/Trash.................$500/yr
Entertainment..............$2,500/yr
Clothes......................$1,000/yr
Food..........................$5,000/yr
Home/Auto insurance...$1,500/yr
Misc Doc/Dentist.........$500/yr
Gifts/Holidays............$1,000/yr
Annual vacation..........$1,500/yr


And all this above is assuming I still mow my own lawn, wash my own cars, do my own brake jobs, don't need a single tire for my cars, don't have a single appliance problem, or have anything expensive happen to me or my wife.

Looks like $22,000. With any luck, I *might* be able to pull it off at $40K/yr 'pre-tax' (maybe $45K depending on my tax bracket) if that's what it would reeeeeally cost.

Of course my pessimistic gut tells me to double that amount, but the truth probably lies somewhere in-between.

Anybody thinkin' different #'s????

I've done the same type of calculations in the past, and what I think you are missing is the unexpected big ticket items (new roof for the house), and the occasional one time expenditures (new car, new PC, new ....).

Health Insurance is mind bogglingly expensive for a family if you pay for it yourself ($500-2000/month)
College Fund for kids
Inflation
Classic car collection

You always need more money than you think you do.

 

[redgtxdi]

Originally posted by: Mwilding

Health Insurance is mind bogglingly expensive for a family if you pay for it yourself ($500-2000/month)
College Fund for kids
Inflation
Classic car collection

You always need more money than you think you do.

VERY good point!!! I totally blew that one off!! How's that for not thinkin'!! LOL!!


So, ya, probably throw another $500/mo ($6K/yr) on top of that.......(assuming just the wife & I)......and the bills just grew by over 10% in one fell swoop!! Yeoww!!

College fund is being handled with an investment I made at my kid's birth. It'll probably be a descent chunk of change by the time they're 18 & then they'll split it & can do whatever they want with it. If they want more, I've instructed them to hit up "GRANDPA" & to leave "DAD" alone! :laugh:

And, yes, the classic car collection........I almost forget about that. THAT should be somewhere between "Property Tax" and "Water".............

 

[Dunbar]

Originally posted by: Mwilding
A $5 million (after tax) pay day, I am can retire

So I assume you currently make about $400k a year? Otherwise you don't need no 5mil to retire...

 

[redgtxdi]

Then here's another part of the equation to think about.................



What do you do during those times that the market is like it was between say '01 to '05??? When ya can't hardly earn 2% on your money?? Then what do ya' do??

 

[PowerEngineer]

One missing piece of information in most posts is how long you really expect to live on that nest egg. I don't see that many are making enough allowance for inflation either. If you'd really be comfortable with what $40k-$50k buys today, then a 3%-4% inflation rate will require you to double that in about twenty years. For me, the "magic number" would be $3,000,000 within the next five years.

Not likely to happen...