POLL What's the minimum amount of money it would take you to retire immediately?

[Manster7588]

20 bucks and a hand job and I'll quit first thing in the morning

You should give @CowboyB a call. He does keep talking about dicks.

 

[romeo212000]

You should give @CowboyB a call. He does keep talking about dicks.

That guy fucking sucks.

 

[Manster7588]

That guy fucking sucks.

No prob, means @BTHOtu get more than he asks for.

 

[BTHOtu]

That guy fucking sucks.

Just a handy. Lulz.

 

[stanford the manford]

1 million would be plenty with good investments. You could easily pull down 70-100k a year, and that's plenty for me

you have retained earning of 7-10% easily... year after year after year? quite impressive

 

[Manster7588]

you have retained earning of 7-10% easily... year after year after year? quite impressive

I want to know who he's invested with.

 

[HuskerinBig10]

To answer the question, give me $5,000,000 right now and we are done.

In the 1990s I had determined my wife and I would need a net investment of $3,000,000 to live at our current lifestyle.

I know my investments are NOT paying me 7 to 10% per annum. I am getting 3 to 4%. Yes, some of the investments have a great return such as my two international mutual funds, both over 20% but when you put in that sometimes they are are negative, it is not 10%.

Now, I am getting around 10% growth in the investments but that is not dividends, that is just stock price growth and taking Capital Gains and buying something else. But once you take Capital Gain Distributions as Income, your investment nest egg will begin to decrease,

In the 1990s I was able to purchase municipal bonds that paid me 9.7% from Philadelphia. Those matured in the late 1990s. You cannot find that rate anymore unless you want a crap load of risk. Such as buying Flint Michigan bonds, no thanks. H Ross Perot said, "When bond prices are over 10% you buy long term bonds."

For my calculations, i assumed we would each get $300 per month from social Security. Why so low? I don't think Social Security will be able to pay us both the $4000 per month they say they will pay for the rest of my life.

Your Retirement income will be

Social Security = still working
Dividends and Interest = same old same old
Capital Gain Distributions = this will be good in 2017
Pensions = still working
Money from IRAs = still working
Money from ROTH IRAs = at 59.5 you can close out your ROTH IRA if you hate it, and pay taxes the next year
Money from 401Ks = still working

We are nearing retirement age, I think I will tell my wife to move some of her stock growth money to something safer after this year. She panics when stock prices go down and her 401K takes a hit.

If we did not have two kids in college right now, one graduated debt free and now is in Grad School, the other will also be graduating debt free, we could probably afford to retire. We will pay for two years of Grad School for them, after that, they will have to assume some debt. We have five more years to go. My kids had better not be boomerang kids.

Back in the 1990s I put my two sons in UTMAs or UGMAs or whatever they are called. They both have credit ratings in the 700s because they have assets and no debt.

My investment advice to anyone who is just starting, get involved in DRPs from AWK and WTR. You can invest as little as $50 per month
DRP = Dividend Reinvestment Plan
AWK = American Water Works a public utility for water
WTR = Aqua America a public utility for water

Why those two? Every municipality will pay for clean water. it is a guaranteed growth stock because they raise rates EVERY year. Flint Michigan ran their own water utility.

There are lots of companies with Dividend Reinvestment Plans.

I want to add NEVER BUY ANY GOLDMAN SACHS MUTUAL FUNDS, IRAs, Roth IRAs, or anything for your 401K or 403B. THEY CONSISTENTLY UNDER PERFORM THE MARKET AND THEIR BENCHMARKS. GOLDMAN SACHS ONLY MAKES MONEY FOR THEMSELVES AND THEIR RICH FRIENDS. PEONS LIKE ME ARE SCREWED BY THEM.

 

[MAIZEandBLUE09]

I put $500k. Given how much I currently make, given how many years until I turn 65, and given how much I already have in 401k/403b/other stuff, $500k would allow me to continue to live at my current lifestyle or better until I die.

Yeah, but who wants to live their current lifestyle in retirement? I'm hoping to spend most of my time on various beaches or boats around the world in retirement. Not spend weekends going out to eat and then sitting at home watching netflix lol.

 

[4down20]

To answer the question, give me $5,000,000 right now and we are done.

In the 1990s I had determined my wife and I would need a net investment of $3,000,000 to live at our current lifestyle.

I know my investments are NOT paying me 7 to 10% per annum. I am getting 3 to 4%. Yes, some of the investments have a great return such as my two international mutual funds, both over 20% but when you put in that sometimes they are are negative, it is not 10%.

Now, I am getting around 10% growth in the investments but that is not dividends, that is just stock price growth and taking Capital Gains and buying something else. But once you take Capital Gain Distributions as Income, your investment nest egg will begin to decrease,

In the 1990s I was able to purchase municipal bonds that paid me 9.7% from Philadelphia. Those matured in the late 1990s. You cannot find that rate anymore unless you want a crap load of risk. Such as buying Flint Michigan bonds, no thanks. H Ross Perot said, "When bond prices are over 10% you buy long term bonds."

For my calculations, i assumed we would each get $300 per month from social Security. Why so low? I don't think Social Security will be able to pay us both the $4000 per month they say they will pay for the rest of my life.

Your Retirement income will be

Social Security = still working
Dividends and Interest = same old same old
Capital Gain Distributions = this will be good in 2017
Pensions = still working
Money from IRAs = still working
Money from ROTH IRAs = at 59.5 you can close out your ROTH IRA if you hate it, and pay taxes the next year
Money from 401Ks = still working

We are nearing retirement age, I think I will tell my wife to move some of her stock growth money to something safer after this year. She panics when stock prices go down and her 401K takes a hit.

If we did not have two kids in college right now, one graduated debt free and now is in Grad School, the other will also be graduating debt free, we could probably afford to retire. We will pay for two years of Grad School for them, after that, they will have to assume some debt. We have five more years to go. My kids had better not be boomerang kids.

Back in the 1990s I put my two sons in UTMAs or UGMAs or whatever they are called. They both have credit ratings in the 700s because they have assets and no debt.

My investment advice to anyone who is just starting, get involved in DRPs from AWK and WTR. You can invest as little as $50 per month
DRP = Dividend Reinvestment Plan
AWK = American Water Works a public utility for water
WTR = Aqua America a public utility for water

Why those two? Every municipality will pay for clean water. it is a guaranteed growth stock because they raise rates EVERY year. Flint Michigan ran their own water utility.

There are lots of companies with Dividend Reinvestment Plans.

I want to add NEVER BUY ANY GOLDMAN SACHS MUTUAL FUNDS, IRAs, Roth IRAs, or anything for your 401K or 403B. THEY CONSISTENTLY UNDER PERFORM THE MARKET AND THEIR BENCHMARKS. GOLDMAN SACHS ONLY MAKES MONEY FOR THEMSELVES AND THEIR RICH FRIENDS. PEONS LIKE ME ARE SCREWED BY THEM.

I retired from reading this post after the 3rd paragraph.

 

[4down20]

Yeah, but who wants to live their current lifestyle in retirement? I'm hoping to spend most of my time on various beaches or boats around the world in retirement. Not spend weekends going out to eat and then sitting at home watching netflix lol.

I'm fine with living my current lifestyle into retirement.

I've found it's the people in your life who matter most, and I don't mean that as some lame cliche. Basically, I'm more worried about who I'm spending my time with rather than what toys I have.

That said, obviously having toys and the people who matter most is best. But since the question was "what is the minimum", rather than "what would you wish you had".

 

[MAIZEandBLUE09]

I'm fine with living my current lifestyle into retirement.

I've found it's the people in your life who matter most, and I don't mean that as some lame cliche. Basically, I'm more worried about who I'm spending my time with rather than what toys I have.

That said, obviously having toys and the people who matter most is best. But since the question was "what is the minimum", rather than "what would you wish you had".

I think the minimum is what you minimally expect out of retirement. It's not a question of what you could make due with, but what you would end working to take right now. I'd rather work and have a better retirement than take less right now.

 

[Manster7588]

I think the minimum is what you minimally expect out of retirement. It's not a question of what you could make due with, but what you would end working to take right now. I'd rather work and have a better retirement than take less right now.

Agree, if I were 60, 500K would push me out, but at my age today, I'd burn through that 500 long before SS would kick in.
You have to account for the years prior to full retirement too.

 

[GoldRusher]

I like to splurge extravagantly and I tend to dream big in any free time I have so... I gotta go with 10 mm.

 

[Used 2 B Hu]

One

Jillion

Dollars

 

[xpuctaqpGT]

Yeah, but who wants to live their current lifestyle in retirement? I'm hoping to spend most of my time on various beaches or boats around the world in retirement. Not spend weekends going out to eat and then sitting at home watching netflix lol.

I went with the minimum amount. I figure if I didn't have to get up and go to work every day I could exercise more and what not. I already live in Florida so anytime I want to visit a beach it's just a 30 minute drive. I'm about 4 years away from having a house paid off. After that my expenses go way down.

 

[mcnabb7542]

Over $10 million..... I'm still young, and not being greedy, I would want to open a few strip joints and have my own business.....

 

[Great Dayne]

If you're wise with investments you can retire with 10 mil but I would say over 10 mil because inflation and the market is unpredictable.

 

[Innermind]

I will work til I drop.... no amount of money will change that..... let me explain.......

Here are the 'big three' things most folks plan to do when they retire:

1. spend more time with family
2. travel
3. participate in hobbies/interests

Let me address/examine those three things.
1. I am never married with no children
2. I have a few medical conditions which prevent me from traveling (besides, with my free time, I prefer to remain at home rather than travel)
3. I am one of the fortunate few who has been able to convert their hobby into a full-time career. I am a self-employed freelance entertainer: mind reader, fortune teller, and even a few movie appearances in minor background roles. Essentially, my work/career is also my hobby!

Luckily, my career/hobby is very handicap friendly. Death or Alzheimer's or paralysis are probably the only things that could stop me from telling fortunes and reading minds.

 

[Deep Creek]

Where's $1.98? That's nearly two bucks more than I have...and I'm already retired.

And I don't have a lot of expensive needs. Just green fee money, coffee money and a computer/phone that is good enough to argue with all you sonsabitches on the hoop!

 

[SlinkyRedfoot]

To answer the question, give me $5,000,000 right now and we are done.

In the 1990s I had determined my wife and I would need a net investment of $3,000,000 to live at our current lifestyle.

I know my investments are NOT paying me 7 to 10% per annum. I am getting 3 to 4%. Yes, some of the investments have a great return such as my two international mutual funds, both over 20% but when you put in that sometimes they are are negative, it is not 10%.

Now, I am getting around 10% growth in the investments but that is not dividends, that is just stock price growth and taking Capital Gains and buying something else. But once you take Capital Gain Distributions as Income, your investment nest egg will begin to decrease,

In the 1990s I was able to purchase municipal bonds that paid me 9.7% from Philadelphia. Those matured in the late 1990s. You cannot find that rate anymore unless you want a crap load of risk. Such as buying Flint Michigan bonds, no thanks. H Ross Perot said, "When bond prices are over 10% you buy long term bonds."

For my calculations, i assumed we would each get $300 per month from social Security. Why so low? I don't think Social Security will be able to pay us both the $4000 per month they say they will pay for the rest of my life.

Your Retirement income will be

Social Security = still working
Dividends and Interest = same old same old
Capital Gain Distributions = this will be good in 2017
Pensions = still working
Money from IRAs = still working
Money from ROTH IRAs = at 59.5 you can close out your ROTH IRA if you hate it, and pay taxes the next year
Money from 401Ks = still working

We are nearing retirement age, I think I will tell my wife to move some of her stock growth money to something safer after this year. She panics when stock prices go down and her 401K takes a hit.

If we did not have two kids in college right now, one graduated debt free and now is in Grad School, the other will also be graduating debt free, we could probably afford to retire. We will pay for two years of Grad School for them, after that, they will have to assume some debt. We have five more years to go. My kids had better not be boomerang kids.

Back in the 1990s I put my two sons in UTMAs or UGMAs or whatever they are called. They both have credit ratings in the 700s because they have assets and no debt.

My investment advice to anyone who is just starting, get involved in DRPs from AWK and WTR. You can invest as little as $50 per month
DRP = Dividend Reinvestment Plan
AWK = American Water Works a public utility for water
WTR = Aqua America a public utility for water

Why those two? Every municipality will pay for clean water. it is a guaranteed growth stock because they raise rates EVERY year. Flint Michigan ran their own water utility.

There are lots of companies with Dividend Reinvestment Plans.

I want to add NEVER BUY ANY GOLDMAN SACHS MUTUAL FUNDS, IRAs, Roth IRAs, or anything for your 401K or 403B. THEY CONSISTENTLY UNDER PERFORM THE MARKET AND THEIR BENCHMARKS. GOLDMAN SACHS ONLY MAKES MONEY FOR THEMSELVES AND THEIR RICH FRIENDS. PEONS LIKE ME ARE SCREWED BY THEM.

Manifesto. Holy shit