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How much money would you need right now to retire off of?

L

lchyi

Senior member
I calculated by splitting this thing 13 ways between us co-workers, we're each going to receive 6.49 mil after taxes, lump sum charge, etc. I think this is more than enough to retire off of no matter where you're at. Though I think the absolute minimum for me would be somewhere around 2 mil before I think about just not working again. I mean 1 mil would be 10 years at 100k so that's a nice salary for doing nothing, but that would only bring me to what... 31 years old?
 
Nothing- I'd just change my future goals. Instead of working my ass off in college, I'd just start taking interesting/enriching classes. After graduating, I'd probably start some kind of philantropic organization- of course, that's assuming I was handed about $1billion, or at least $500million. Much less than that, and I'd probably not change much. No way I'd stop working now- I'd be bored out of my mind within 6 months.
 
I'm also 21.

6.5 mil... I'd start taking easy classes at school, pay off my house, my bike, and put a ton in savings. I'd probably quit my job and go work at best buy, or somewhere with people my age... probably go to a huge school... uga, or texas or something. I definetely would not quit school, or quit working.

keep in mind that the 6.5mil won't be nearly as much money in 40 years.
 
I'd retire if I had 1 mil handed to me, that's after taxes. Given that I've made like 20K a year for the last five years, I'd say that's enough for me.
 
I won't retire. Even if I had the money to do so. I might take it easy but I'll continue to work.

I would be bored out of my mind and that much closer to death.
 
Enough to get me 200k tax free (AAA/insured muni bonds at around 4.3%) plus keep up with inflation (other components of the portfolio).
 
Originally posted by: everman
Enough to get me 200k tax free (AAA/insured muni bonds at around 4.3%) plus keep up with inflation (other components of the portfolio).
Click to expand...

Where the hell do you get triple A munis that yield 4.3%?
 
One million after taxes. Hell, I might do a career change with $500k (Welcome to WalMart! Would you like a sticker?)! 😀
 
Its hard to say because I dont know what will happen with the economy.
I do know that even if I were to retire right now one million wouldnt be enough.
Crazy as it sounds a million bucks just isnt a lot of money anymore.
My mom lives in Northern VA, (near DC) and I've seen townhouses in Reston go for 550,000. I understand that real houses go for close to a million.
Granted I probably wont retire anywhere near DC, but she wants to.
Its something for me to think about. When I get to around 60 I'll probably need close to 3 million just to be comfortable and not have to worry about stuff.

Although I could retire in Bora Bora or the Phillippeans.
 
I could retire with $0.

Reason being, I could never live a retired life. I am a worker. Boredom would kill me. I will work until I die, at something or another. Retirement is for the birds.
 
remember, with 2 million in the bank, you get 76K of interest each year, just by putting it in an ING direct account... that's pretty good by itself.
 
Originally posted by: markgm
I'll retire once I have 2 million in the bank.
Click to expand...

what he said - 2 mill is enough to pay yourself a decent salary off the interest and with a little good investing even increase the principal in up years ...

6 mill? a no-brainer!
 
I would only need $2 million dollars. It's not a foolproof plan, but I would find a broker I could trust, give him $1 million and take the other million and travel around the world for a year. I hope to come back and be wildly rich, but if I'm not, I'm sure I would have some of the million left and just get an apartment and a job. It would be totally worth it.
 
Originally posted by: JS80
Originally posted by: everman
Enough to get me 200k tax free (AAA/insured muni bonds at around 4.3%) plus keep up with inflation (other components of the portfolio).
Click to expand...

Where the hell do you get triple A munis that yield 4.3%?
Click to expand...

A few months ago I thought I saw some CA AAA/insured at around 4%, but perhaps I'm not remembering correctly/dillusional/dreaming 😀
 
Originally posted by: Legendary
I would only need $2 million dollars. It's not a foolproof plan, but I would find a broker I could trust, give him $1 million and take the other million and travel around the world for a year. I hope to come back and be wildly rich, but if I'm not, I'm sure I would have some of the million left and just get an apartment and a job. It would be totally worth it.
Click to expand...

well technically he said retire, so Im not sure another job is an option, but I agree, 2 mill is enough.
 
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