Is $100k enough for a 35 year old to retire?

[olds]

Originally posted by: Evadman

Originally posted by: BrunoPuntzJones
Inflation would eat your ass quick.

How do I get me some of this inflation?

 

[FoBoT]

try this instead of guessing

retirement calculator

 

[olds]

Originally posted by: FoBoT
try this instead of guessing

retirement calculator

Not working for me.

 

[JEDI]

yes, if you move back in w/your parents rent free + free food aka $0 expenses

100k @ 25k/year expenses = 4 years

even if u make the historic avg of 8%/year in the stock market, that only adds a year.

ok, lets do some basic algebra... 25k/8% = $312500 is what you need to retire

 

[Reel]

Originally posted by: FoBoT
try this instead of guessing

retirement calculator

can't do under 50.. what a piece of junk!

 

[Atrail]

My grandma told me I will probably need $1 million to retire on, the way things seem to going.
I don't doubt that...

 

[Metalloid]

Originally posted by: oldsmoboat

Originally posted by: Evadman

Originally posted by: BrunoPuntzJones
Inflation would eat your ass quick.

How do I get me some of this inflation?

LMAO!!!

EDIT: No pun intended there.

 

[Metalloid]

EDIT: Double Post.

 

[AlienCraft]

no way.

 

[Sepen]

Originally posted by: rnmcd
If this person needs only $25k a year to live on do you think that with proper investments that a 35 year old person could retire?



I say $800k is about the minimum needed for someone that is 35 years old to retire, With that amount he could maybe start a business and invest the rest and, maybe, get $25k a year to live on.

Hahahahahaha....hahahahahaha...I lost that much and then more on the market in the last 3 years, hahahahahahahahahahaha. I need to take my pill.

 

[NumbaJuan]

sure, just invest it all in the stock market then sit back and reap the rewards :Q

 

[Wolverine27]

Originally posted by: NumbaJuan
sure, just invest it all in the stock market then sit back and reap the rewards :Q

I was going to suggest buying 100,000 lottery tickets first.

 

[Dragoon42]

i'm prolly the only person thats going to say yes he could retire, but he would have to be a wiz at stocks or other investments such as real estate. 100k can buy you some nice property (this would depend on the area too). But it is possible, he might have to wait a few more years but in either case its definitely a good way to start planning for retirement.

 

[etech]

My rough rule of thumb is that you should have 20 years of the salary that you want to retire on saved up.

If you want $25K to retire a year then you should have $500,000 saved. I'm conservative and am only planning on a 5% return.

Take the salary you have now and add 3% a year for inflation until the year you want to retire. That's the salary you should be shooting for. take that salary and multiply it times 20. That would be a good retirement to shoot for. I am purposely ignoring the possibility of any Social Secuity and the company retirement and will use that as a cushion in case of any economic downturns.


This is what I am doing. It may not work for everyone based on different situations. Crunch some numbers on the benefits of time and compound interest. The earlier you start the better chance you have of a good retirement. If you don?t you may want to start practicing saying ?Would you like fries with that?? or ?Welcome to Walmart.?

 

[Jugernot]

Hell no! I'd guess $1.5 Million minimum for a 35 year old.

 

[Ameesh]

if you are a hobo, maybe.

 

[T2T III]

At 39, I feel that I could retire with $500K. IF (a big IF) I could earn a 10% return.

 

[bbkat]

Originally posted by: Wolverine27

Originally posted by: NumbaJuan
sure, just invest it all in the stock market then sit back and reap the rewards :Q

I was going to suggest buying 100,000 lottery tickets first.

same thing

 

[bsobel]

Originally posted by: rnmcd
If this person needs only $25k a year to live on do you think that with proper investments that a 35 year old person could retire?
I say $800k is about the minimum needed for someone that is 35 years old to retire, With that amount he could maybe start a business and invest the rest and, maybe, get $25k a year to live on.

Figure you can safely live indefinately if you can clear 4% after inflation (so real return of 6-6.5% average). So, for $100k would give you about $4k yearly.

Bill

 

[Skyclad1uhm1]

Depends at what age he plans to commit suicide.

Or a major criminal offense of course, so he can live out the rest of his days on taxpayers' money

 

[RobCur]

Not unless you are on welfare, then no.

 

[huey1124]

i'm sure the original post was meant as a joke. come on, 100k??

i use this as my retirement calculator. the way i'm saving right now, i'll have about $4 million when i retire, but i'll need to do better than that, since you never know what the economy will be like in the future.

 

[Shockwave]

You guys are pretty negative.
I think a 35 y/o with 100,000 could retire. BUT. He has to be an absolute financial genious. Thus, most people would not be able to, but there are a few exceptions who can really work the system and make it happen.

 

[dquan97]

Not even close...

 

[amnesiac]

Depends on your standard of living. If you are single and do not plan on raising a family, I suppose that a $250,000 nest egg should work if manipulated correctly. Any less than that and you'll be cutting corners for the rest of your life. Everyone needs room for creature comforts here and there.