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

lchyi

Senior member
May 1, 2003
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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?
 

LtPage1

Diamond Member
Jan 15, 2004
6,311
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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.
 

zixxer

Diamond Member
Jul 6, 2001
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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.
 

JS80

Lifer
Oct 24, 2005
26,271
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81
I would try to snowball the money into $1 billion then I would start to give it away.
 

Jasiek

Member
Jan 4, 2006
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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.
 

ponyo

Lifer
Feb 14, 2002
19,688
2,811
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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.
 
Dec 27, 2001
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I could all but retire with 500K. If I were to keep working part time for fun, then, ya, 500K would be enough.
 

everman

Lifer
Nov 5, 2002
11,288
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0
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).
 

JS80

Lifer
Oct 24, 2005
26,271
7
81
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).

Where the hell do you get triple A munis that yield 4.3%?
 

Engineer

Elite Member
Oct 9, 1999
39,230
701
126
One million after taxes. Hell, I might do a career change with $500k (Welcome to WalMart! Would you like a sticker?)! :D
 

shortylickens

No Lifer
Jul 15, 2003
80,287
17,081
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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.
 

giantpinkbunnyhead

Diamond Member
Dec 7, 2005
3,251
1
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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.
 

stan394

Platinum Member
Jul 8, 2005
2,112
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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.
 

joecool

Platinum Member
Apr 2, 2001
2,934
2
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Originally posted by: markgm
I'll retire once I have 2 million in the bank.

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!
 

Legendary

Diamond Member
Jan 22, 2002
7,019
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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.
 

everman

Lifer
Nov 5, 2002
11,288
1
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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).

Where the hell do you get triple A munis that yield 4.3%?

A few months ago I thought I saw some CA AAA/insured at around 4%, but perhaps I'm not remembering correctly/dillusional/dreaming :D
 

Skunkwourk

Diamond Member
Dec 9, 2004
4,662
1
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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.

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