How much do you need to retire?

[86 IROC-Z]

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.

Sounds sweet



now I just need to find out where to get 500k...

[superchargedblackgto]

Sounds sweet



now I just need to find out where to get 500k...

I'll loan it to you @ 8.5% compounded.........LOL

[Hot Black Trans-Am]

I have to much stuff to pay for to quit with only 500K, I'd still have to work. I just got married a year ago so I'd need more than that seeing my wife wouldn't like poverty style living much for 7 years! I could do it on 1M, but with family and being nice to them it would take more than that for me so I went for 3.

[Spaz]

by the time i can retire... there will be really no source of income other than my 401k and IRA... social security will be all but gone and there is no back up plan for that... 3 mill at least... plus we don't know what the value of the dollar will be then... we don't know what kind of resources might run out... so on so forth...

[ArcticZ06]

For you military guys with more experience that would do it all over again if they could......


Im 26, single, about to put on E6 in a month, had 4 years active duty Air force and am about to finish up my 3rd year of Active Guard. What do you think my best route would be to set up a nice retirement? I plan on doing at least 25 yrs in if all goes well. Should I invest in the TSP? I currently have a ROTH IRA but only have about 5k in it. Should I switch it over to the TSP? Or do you all know of any other better programs that are available to the military? You seem to know whats up when it comes to the $$$.

Edit: I currently own a condo that I pay about $350 over my BAH to cover the mortgage and condo dues. I can rent it out for about the same as my total cost. Do you think I should rent it out, live in single bedroom appt for half the cost Im paying for the mortgage, use the extra cash leftover to put into investments, and still make the equity off the condo in a few years down the line when I sell it? Only drawback is I would be living in the ghetto for a while. Hmm, Guess I could go the roommate option too and still rake in the extra cash I would save. Also I work 2 days on 2 days off 12 hour shifts so I have 212 days off a year after you count in 30 days of leave to work a second job in my off time. Since it snows up here half the year Ive been thinking about buying a dump truck or a Loader. 40 bucks an hour to sit in a heated truck isnt bad. So many options. I need to get on the ball! Easier talked about than done.

[third_shift|studios]

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.

right, who here is making over 100k?

[superchargedblackgto]

right, who here is making over 100k?

, I know what you are thinkin Jaison......"I knew I should have charged him more for the emblems".......

[DanWS6]

If I gave you $500,000 could you make it last and never work another day in your life? What would be the minimum amount you could live comfortable on....not live like a rock star....but live comfortable...$500K/$1MM/$2MM...what is the least amount you could get away with and never work again?

I could make it last, but I wouldn't stop working if I was some how given $500k. I'd invest it and continue to work.

I want a large nest egg when I retire. I don't know how large though.

[Zboner]

being that i blow all my money on beer and car stuff, i would most likely spend it on strpiers also, i would need at least 3 million and that would prolly not cover it

[Filthy 150]

I didn't vote b/c all #'s listed are too little.


Most people on here would go through 1-2 mil in 200 days.
I know that sounds stupid, but hear me out.....


Win a million in the lottery.
After taxes you have $600,000+- (depending on where you live).
You buy the $200,000(cash) House that will house the cars you are going to buy.
Buy the 2-3 cars that you have dreamed of for 2-30 years...$300,000.

You have $100,000 left!!!!

The taxes you will owe will drain the rest.

And, I'm guessing most would quit their jobs.


YOU ARE IN DEBT!!!!!!


$2 Million??

Hopefully you will get a grip......I doubt it though.


$3 million??

Double or triple the numbers I listed above.
This is almost worse.




Ignore me right now....I'm drunk.


For me, it would have to be $20 Million to even consider retiring.

[gonzo99ta]

For you military guys with more experience that would do it all over again if they could......


Im 26, single, about to put on E6 in a month, had 4 years active duty Air force and am about to finish up my 3rd year of Active Guard. What do you think my best route would be to set up a nice retirement? I plan on doing at least 25 yrs in if all goes well. Should I invest in the TSP? I currently have a ROTH IRA but only have about 5k in it. Should I switch it over to the TSP? Or do you all know of any other better programs that are available to the military? You seem to know whats up when it comes to the $$$.

Edit: I currently own a condo that I pay about $350 over my BAH to cover the mortgage and condo dues. I can rent it out for about the same as my total cost. Do you think I should rent it out, live in single bedroom appt for half the cost Im paying for the mortgage, use the extra cash leftover to put into investments, and still make the equity off the condo in a few years down the line when I sell it? Only drawback is I would be living in the ghetto for a while. Hmm, Guess I could go the roommate option too and still rake in the extra cash I would save. Also I work 2 days on 2 days off 12 hour shifts so I have 212 days off a year after you count in 30 days of leave to work a second job in my off time. Since it snows up here half the year Ive been thinking about buying a dump truck or a Loader. 40 bucks an hour to sit in a heated truck isnt bad. So many options. I need to get on the ball! Easier talked about than done.

You can look at the rate of return on the TSP website and compare it to the rate on your current IRA. Currently i use TSP an IRA and rental properties never hurts to diversify. As far as renting out your house to make more money... i would not do it. If you bought it you obviously like the place, why would you want to go live in a dump just to save a few bucks? now if you can afford to buy another to live in also and rent one out for the price of the mortgage that works. if not try a part time job to put away extra income and enjoy your house. What's the point of having a ton of money when your 60 if you have to seriously compromise your lifestyle for 30 years to do it? I need the balance of enjoying myself now while still saving so that i can still enjoy myself into retirement.

[Frankthetank]

500k.....u could even put it in the bank and make 50k a year and be happy......hell if u got bored get a "retirement job" either doing security guard or walmart greeter lol

[bmyers]

i dont think i would retire if i fell upon a bunch of money anyways.

[B34M3R]

Thats true, I wouldnt retire either. I'd start up my own company.

[davered00ss]

$3m +

[davered00ss]

500K is only about 4 years pay for me.

[jimmybling31]

im 17. i figure with my hobbies I could go with about 5mil for the rest of my life and have a nice life of leisure and fun. I prolly would gain weight though. lol

[hamburger68]

allright, i don't wanna compromise my standard of living. and i would assume no more than a save 4 to 5% interest per year. also, i'd have to convert your lousy currency to euro. so i voted for 2 mil.
EDIT: i forgot about the crazy gas prices and my v8!

[jimmybling31]

500K is only about 4 years pay for me.

yeah. im 17 and because of training working hard and certifications if I were to go full time I'd be making 270000 a year right now. lol. and this isn't what I'm gonna do for a career. I don't want to for for my dad's company my whole life. it pays hella good in orthotic a prosthetic, but it's just the fact I'd work for my dad that makes me not like the idea

[SiggyZ]

I'll take, 1 gazillion dollars.