How much do you need to retire?

**superchargedblackgto** · 11-09-2007, 09:13 PM

Originally Posted by Y2KPewterSS

You wouldn't know it by seeing me in person, no jewelry, shitty clothes etc. Just have expensive hobbies/toys

+1 on that Preston, I say 3mil. as well, It just so happens, I know someone who just inherited close to 500k and let me just say it is not enuff

, kids school, ect. It is in CD's however with 5.12% return, comes to just a little over 1k a month.......in interest(clear)....however this is not the best investment, however it is secure, with the market fluxuating.....DON"T TRUST THE MARKET KIDS

....dollar is WAY down......such, however the CD's come do in Feb.....and I guess we'll see what happens.....

**Kjz99z28** · 11-09-2007, 09:19 PM

+1 for $3M... I got lotsa time left.

**440 rwhp trans am** · 11-09-2007, 09:49 PM

wow sarge good one. I would not want any of the above. my personal goal is 10 mil. with 1 mil in the high risk oil investment im in now paying 10% a month and the other 9 in cd's I could live just fine. funny how some of these people say 500k my friend just won 500k in the lottery and 10 months later he is broke and lost his nw car and house. the average person will justify spending money on everything untill they are broke.

**B34M3R** · 11-10-2007, 02:22 AM

I could make it work with 500k. It would be something of a challenge... but do-able. I have enough knack in the market + real estate to live off that indefinately. I would imagine I could MAKE money off that, at current inflation levels, no freakin problem.

Florida = low COL (duh its the retiree state)

**tnthub** · 11-10-2007, 04:58 AM

If I needed to live on it immediately, it would be difficult with 500k but possible. With 3m, the investments could be made easily so I would actually earn more than I would spent but with 500k it would take awhile until the portfolio could be built up...

**charliebrown1321** · 11-10-2007, 05:39 AM

if inflation didn't exist 500k would last me the next 50 years (i'm 23) but I'd say even with inflation 1kk would cover me till I die (no kids and my tubes are tied, wife is low maitnence, hell I only make 38-40k a year as is). Now if someone handed me 500k I'd be a bit riskier with it and try to invest it to earn some real money, but if i could never work again I'd invest low risk and live on interest

**Sarge** · 11-10-2007, 05:44 AM

Some of you have brushed on the "trick" of living off $500K. Live like a miser and reinvest the interest/dividends for the first few years. $500K grows to $2MM @7.5% interest compounded annually if you reinvest half of it how quickly? The answer is you can live like a king after 6-7 years. And never work another day in your life. Youjust A) must get $500K B) Live just above poverty level for 6-7 years. C) Never dip into your nest egg. From there you can be living off of well over $100K per year after taxes and still have not touched your nest egg. And by the way...your nest egg has kept growing and is now well over $2MM.

Then by the time your my age.....you'll have well over $25MM and can party like its 1999.

**Nastyfoot** · 11-10-2007, 10:00 AM

500k and I move to Southeast Asia and live like a king for the rest of my days

**gonzo99ta** · 11-10-2007, 10:01 AM

since i would need to enjoy my retirement and not live like a miser, i voted $3M.

to retire today that is what it would take.

Without touching the original sum that leaves about $150K a rear in interest to live off of in "not so risky" investments. Now because of inflation you would have to reinvest some of that to grow the original $3M to higher level to then be able to draw off more down the road as expenses will continue to rise every year you will need to draw off more in interest to maintani the same lifestyle.

Think abut it if your retired what are you going to do all day? it takes some money to entertain me... travel, racing, sporting events it all takes money. If all i could afford to do is sit around and watch TV, i might as well go to work so i could afford to do some of the above occasionally.

Not to mention the big bills of sending 2 kids to college...

**310stanger** · 11-10-2007, 10:20 AM

i like this thread. i think about stuff like this all the time, i dont quite understand all the math, but I do know that when i retire, i wanna buy whatever i want without hesitation. I suggest we make a forum where sarge gives out financial advice lol guy knows a shit load about money. i like money. i want more of it.

**astyles** · 11-10-2007, 10:26 AM

i vote 3 million because i live in california and it takes alot more to live poor here

**Nastyfoot** · 11-10-2007, 10:33 AM

Originally Posted by Sarge

Some of you have brushed on the "trick" of living off $500K. Live like a miser and reinvest the interest/dividends for the first few years. $500K grows to $2MM @7.5% interest compounded annually if you reinvest half of it how quickly? The answer is you can live like a king after 6-7 years. And never work another day in your life. Youjust A) must get $500K B) Live just above poverty level for 6-7 years. C) Never dip into your nest egg. From there you can be living off of well over $100K per year after taxes and still have not touched your nest egg. And by the way...your nest egg has kept growing and is now well over $2MM.

Then by the time your my age.....you'll have well over $25MM and can party like its 1999.

So your worth over 25 m is what you are you trying to tell us "Ol' bestest Buddy,My hands-down-favorite LS1.commer"?

If so, just buy this website and get rid of all rules!

**86 IROC-Z** · 11-10-2007, 10:37 AM

Originally Posted by Nastyfoot

So your worth over 25 m is what you are you trying to tell us "Ol' bestest Buddy,My hands-down-favorite LS1.commer"?

If so, just buy this website and get rid of all rules!

This website would fall apart with out rules.

**Hi-Po** · 11-10-2007, 12:32 PM

500 K.

I 100% believe I could make THAT money make money, for a long time.

**NE98LS1** · 11-10-2007, 01:47 PM

Originally Posted by Sarge

Well some things to think about. My place is paid for. But I pay over $2000 a month in property tax. Basic services like water/trash pick up etc. Would add say another $500 a month. Your money would have to earn enough interest for you to pay the bills. Don't leave that out. And food would be nice. So if I put $500K in Tbills/Municipal Bonds what ever and got 7% I would make $35,000 dollars a year minus the 15% income tax ( you should be able to wipe out)....but could you make it forever on the original nest egg of $500K and live off the $35K per year income it generated?

good luck getting 7% on a Tbill or a muni, lucky to get 5% right now.

**1MileCrash** · 11-10-2007, 02:16 PM

Originally Posted by Sarge

Some of you have brushed on the "trick" of living off $500K. Live like a miser and reinvest the interest/dividends for the first few years. $500K grows to $2MM @7.5% interest compounded annually if you reinvest half of it how quickly? The answer is you can live like a king after 6-7 years. And never work another day in your life. Youjust A) must get $500K B) Live just above poverty level for 6-7 years. C) Never dip into your nest egg. From there you can be living off of well over $100K per year after taxes and still have not touched your nest egg. And by the way...your nest egg has kept growing and is now well over $2MM.

Then by the time your my age.....you'll have well over $25MM and can party like its 1999.

well hell...if i follow that i'll be in even better shape with my $2million initial!

**bmyers** · 11-10-2007, 08:00 PM

Originally Posted by NE98LS1

good luck getting 7% on a Tbill or a muni, lucky to get 5% right now.

mr finance knows!

**Sarge** · 11-11-2007, 03:21 AM

Originally Posted by NE98LS1

good luck getting 7% on a Tbill or a muni, lucky to get 5% right now.

Shit....there are A+ rated municipals going for 10% down here. So much growth these cities are competing.....not to mention the churches!

**joerockhead** · 11-11-2007, 06:15 AM

I could do it on the $500,000. My house is over 60% paid for, all my vehicles are paid for, my Home owners Insurance and property taxes are not that high (like Sarge's).

I am willing to try it...Sarge, PM me, I will show everyone how it is done.

**ws62001** · 11-11-2007, 02:12 PM

Shoot Sarge, I know I don't post much but now you are touching a soft spot about me...

I am 45 year's old, lot's of money in different fund's, approx, 300k.

The stock market is getting ready to tank IMO.... based on several economic conditions.

Here is an example of someone I trust.

At the dow 13900 level I move most of my money to a G - Fund. "Safe Fund"

I think we are going substantially lower in the immediate future