Lol that's exactly how it works! If you're not working you need a hobby or something to keep you going and give you a goal and purpose. You must have goals always.
How much money do you estimate it taking for you to never have to work again? Think the lottery.
- Thread starter Kiohtee
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The only thing that sucks for billionaires is that they can't take all their wealth and toys with them when they die. The guy with little or nothing on his name does not feel like he is losing out much lol and goes out the way he came into the world - with nothing!
$0.
I'll just start voting Democrat, since that's how that works, right?
Truth be told, I'd rather not even think about the magic number. I'll be working 'til the day I die regardless of the choices I make. SS will likely be gone by the time I need it anyways, and we're all just waiting for our 401ks to be sucked dry to pay off national debt at some point.
As long as I can get my mortgage paid off in the next 10-12 years, my "retirement plan" will work out just fine.
I'll just start voting Democrat, since that's how that works, right?
Truth be told, I'd rather not even think about the magic number. I'll be working 'til the day I die regardless of the choices I make. SS will likely be gone by the time I need it anyways, and we're all just waiting for our 401ks to be sucked dry to pay off national debt at some point.
As long as I can get my mortgage paid off in the next 10-12 years, my "retirement plan" will work out just fine.
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At 95 years old WGAF!
Probably 10 mil post taxes.
1M would do it for me right now.
After taxes, at my age, $4 million.
Considering most above 70 are not working and on a set income that never goes up only bringing $2k a month would be very hard to live on. I would definitely want other retirement as a subsidy.
They've had their entire life to work and save, or if someone wins the lottery to invest and save. I don't feel one bit for the elderly when I hear them complain about being on a set income or not having money. Especially in this country. Wtf were you doing for 50 years prior?
If I was never gonna work then ya would need to net the 10 mil or so to do it right. I don't see not working at all, I definitely wouldn't keep working this job though. I'd find something low stress that I enjoy
For me the never work again number would need to be high, because I would not want to leave my job and I like working. Speaking hypothetically it would take about $80 million. Plenty left after taxes and can set up a couple trusts for family members pay anything else that needs to be and invest the rest. Now if I just wanted to quit working forever I think $40million would be just fine.
The question was if you could retire today how much would you need.
One response was $2k a week for 50 years. While that equals $104k a year today, it would only be $37k a year in 30 years and $18k a year in 50 years. For me that is not enough to live on.
Now if it was $5 million up front and you could live off the interests without touching the principle. That’s entirely different.
Back to your point, I agree they should have lived on less than they make and saved for retirement. But it’s not that easy.
In the 80’s $40k a year is a lot, the new mustang GT sells for $10. A lot of adults say/think living on $40k a year with paid for house piece of cake. 20/30 years later that new mustang GT is now $50k their $500k paid for house and $40k in income goes nowhere.
My point being trying to live on $100k a year even with a paid for house will be difficult in 30 years.
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Some of you guys have expensive lifestyles if you need 20-200 million dollars (or you make a lot better money than I do)
My wife and I gross a little under 200K.
Only 34, so at least 26 years of work... call it 5.2 million before retirement.
But the large up front chunk of cash would yield decent returns to live off of.
Say 7-8 million gross to maintain my current lifestyle, but the more the better.
My wife and I gross a little under 200K.
Only 34, so at least 26 years of work... call it 5.2 million before retirement.
But the large up front chunk of cash would yield decent returns to live off of.
Say 7-8 million gross to maintain my current lifestyle, but the more the better.
In 50 years you'll be doing sweet **** all but piss & shit yourself!
If you're lucky!!
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