How much $ would it take to you quit working permanently?

[SSSnail]

Haha, honestly that is part of it

No, it was just stupid.

 

[roguerower]

Based on a $150,000 salary and 2% inflation, $17mil would hold me over. That said, if I'm not working there's other shit I'd want to do, so it would take a minimum of $30mil for me to just up and walk away from a career.

 

[sixone]

I'd be set with $5 million.

If only.

 

[Mixolydian]

5 million would probably be enough.

 

[Vdubchaos]

Even with billions I would continue to do things (just not get paid for it). But I'm a big do it yourself. Sense of completing something means a lot to me.

Also to keep busy. You wouldn't want to see death rates a year after retirement....

 

[Red Squirrel]

Even with billions I would continue to do things (just not get paid for it). But I'm a big do it yourself. Sense of completing something means a lot to me.

I'm the same way. I find I get a sense of accomplishment when I do something myself. I *could* have gotten a nest thermostat or similar, but instead I got a relay controller and made my own. Stuff like that is fun to me, and I would continue to do it even with lot of money. I've also been coding a monitoring program that monitors environmental and server stuff. It's actually kinda neat to see it in action and know that I made it.

 

[sixone]

Even with billions I would continue to do things (just not get paid for it). But I'm a big do it yourself. Sense of completing something means a lot to me.

Also to keep busy. You wouldn't want to see death rates a year after retirement....

Who wouldn't?

I'd be traveling the world with my camera and a hot hunka man to carry it for me.

 

[Sonikku]

If bank interest is a lower % than the given amount of inflation in a year, are you really getting ahead? Or is your money, despite being a slightly higher number of dollars actually worth less in terms of buying power?

 

[Naeeldar]

Funny the responses in this thread. IT shows why many americans don't have enough savings. They say 2 million in assets for an average middle class person is what you want to save for retirement at this point in time today. For my age 28, it's probably more like 4-5 mill. I think maybe if somebody handed me 25-30 million I'd retire but I'd have to watch the money like a hawk.

 

[sixone]

Funny the responses in this thread. IT shows why many americans don't have enough savings. They say 2 million in assets for an average middle class person is what you want to save for retirement at this point in time today. For my age 28, it's probably more like 4-5 mill. I think maybe if somebody handed me 25-30 million I'd retire but I'd have to watch the money like a hawk.

Depends on where you live. $2 million won't go nearly as far in New York as it would in the central US.

 

[Naeeldar]

Depends on where you live. $2 million won't go nearly as far in New York as it would in the central US.

YEs and no. Agree to the comment it won't go far but most of why they say people need that kind of money is due to the fact that healthcare costs are very high as you get older. People are living deep into 80's now and when you retire at 67/69 that's a lot of years with potential for stroke or heart attack recovery etc....

 

[FelixDeCat]

Just $105,000.00


Math

Buy $102,564.00 of Triple Levered QQQ ETF (FAS) @ 146.52 (as of 2/7/13), which is about 700 shares. Then sell monthly call options on those shares.

Feb income: $146.50 calls pay $1.25 x 7 contracts = $875.00

March incme: $147.00 calls pay $6.75 x 7 contracts = $4725.00

Averaging it out you could make about $54,000 a year on $100,000 selling covered calls.

Now for the *****Warning******:

I actually did this for awhile. It worked for a few months but I wasnt satisfied with just call income, so I decided to speculate since I had the whole day now to do whatever I wanted. Speculation is very difficult especially on a short term basis. I lost a lot of $ doing that.

So unless you still have something to occupy your time during the day and can avoid the temptation to trade (speculate), this should work.

Just $100k is all I need.

 

[TheSlamma]

Man that's a tough one.. with inflation the way it's been I wonder if Gen X and later is going to have the word "retire" removed from the dictionary. Seems like a lot of Gen Y can't even move out from home as it is.

Prolly have to say 10 Mil just to avoid risk.. and is that in gold or USD? lol, cause that might be junk soon enough too

 

[Raduque]

$4.5-$5 million. I'd be happy with around 40k/yr for the next 60ish years (I'm 31), adjusted for inflation.

I have no business I want to start, no projects I want to do, no travelling, I don't have a huge list of expensive junk I want to buy. I'd just like to be able to cover my bills, pay off my loans and move into a slightly nicer place than I live in now.

With all my free time, I'd probably sleep most of it, sit at random restaurants drinking coffee all day watching people, and maybe just cruise around town.

 

[Lepton87]

Why not move to a cheaper country than the US where your PPP is much more? If you have only a strictly defined amount of money living in an expensive country wouldn't be a good idea.

 

[Engineer]

i can live off of $1m for the rest of my days. 2m comfortably.

This.

Give me a million tax free and clear and I'll MAKE it work.

 

[disappoint]

How much what? Money? Silly question.

Informatics? Knowledge? All of it. But then I must perish.

Food is perishable.

Food for thought?

Why all these blank lines?

You've ot answers I've got blank stares?

Or the other way around?

 

[OnePingOnly]

How much what? Money? Silly question.

Informatics? Knowledge? All of it. But then I must perish.

Food is perishable.

Food for thought?

Why all these blank lines?

You've ot answers I've got blank stares?

Or the other way around?

 

[RaistlinZ]

This.

Give me a million tax free and clear and I'll MAKE it work.

A million? No way. For someone who's 30 years old and lives another 50 years that'll only be $20,000 per year. When you adjust for inflation over that span it'll be even much less than that.

$20,000/yr to do all the things you want to do over the next 50 years, AND have money to pay for emergencies? What about health care? That will get more expensive as you age too.

Unless you're already 65 I just don't see how 1 million can work "comfortably."

I say $10 million minimum. I think people grossly underestimate what food, gas, etc. will cost in the future.

 

[SSSnail]

Just $105,000.00
Math
Just $100k is all I need.

We can go in depth on why your math and optimism is a gigantic pile of fail, but I don't really have the time, nor care.

And, that's precisely why you'll remain poor.

 

[FelixDeCat]

We can go in depth on why your math and optimism is a gigantic pile of fail, but I don't really have the time, nor care.

And, that's precisely why you'll remain poor.

*wik-cha* back to work! :biggrin:

 

[Engineer]

A million? No way. For someone who's 30 years old and lives another 50 years that'll only be $20,000 per year. When you adjust for inflation over that span it'll be even much less than that.

$20,000/yr to do all the things you want to do over the next 50 years, AND have money to pay for emergencies? What about health care? That will get more expensive as you age too.

Unless you're already 65 I just don't see how 1 million can work "comfortably."

I say $10 million minimum. I think people grossly underestimate what food, gas, etc. will cost in the future.

I'm not 30 and like I said, give me $1,000,000 tax free and clear and I'll make it work. That would be enough to push me into my normal retirement years where I can pick up my pension and SS + medicare.

With that said, I might piddle around and pick up a job on the side but it would not be necessary. I owe nothing so there would not be a huge outflow to pay off debt.

You guys want to try an experiment: Round up $1,000,000 (after taxes) and I'll report back weekly to tell you how I'm doing! :biggrin:

Edit: Just read the OP again. If I can earn no money (pensions, SS, etc), then no, I cannot make it off of one million. Might try it off of $2 million but would feel better at 2.5 and higher.

 

[dethman]

no investments? at least 25 mil.

 

[SagaLore]

half a bil.

 

[the DRIZZLE]

Based on the OP's rules and 2.5% inflation I came up with $14.2m. I think I can keep my self reasonably entertained on 90k per year. Remember that there's no taxes since we have no income so that's equivalent to a salary of around 120k.