How much money for you to retire right now?

[Droid101]

I just went in on the lottery pool at my work (Mega Millions is up to $250 million), and it got me thinking.

How much money, if you won a big lump sum, would it take for you to retire immediately, and why?

It would probably take four million as a rough estimate for me, I think.

Of course, long term finance isn't my best suit, so it'd take a little bit for me to work it out.

But $2 million in the most risk free 12-month CD would pay out about $100 grand a year, which is a fine salary to live on.

[Limper]

I just went in on the lottery pool at my work (Mega Millions is up to $250 million), and it got me thinking.

How much money, if you won a big lump sum, would it take for you to retire immediately, and why?

It would probably take four million as a rough estimate for me, I think.

Of course, long term finance isn't my best suit, so it'd take a little bit for me to work it out.

But $2 million in the most risk free 12-month CD would pay out about $100 grand a year, which is a fine salary to live on.

In a single lump sum? I could do it on $500k comfortably and as low as $300k but that would involve some lean years in the begining.

Of course I wouldn't mind a couple years of catching up on the cheap stuff so I'd be cool with it.

[Droid101]

In a single lump sum? I could do it on $500k comfortably and as low as $300k but that would involve some lean years in the begining.

Of course I wouldn't mind a couple years of catching up on the cheap stuff so I'd be cool with it.

Yeah, lump sum.

I know it'd be a much lower number for someone who:


Lives anywhere but California
Already owns a house
Doesn't have kids to educate
Is over 40 years old


But since I do need a house, and I do live in California, I'll need a lot more to retire on. :)

[Limper]

Yeah, lump sum.

I know it'd be a much lower number for someone who:


Lives anywhere but California
Already owns a house
Doesn't have kids to educate


But since I do need a house, and I do live in California, I'll need a lot more to retire on. :)

My kid can get off his lazy ass and get scholarships and loans.

One of the key reasons I've stayed in St Louis is not its wonderful weather its the fact that the cost of living allows me to get out of the rat race.

I don't own the house but the payment is very cheap and I calculated existing bills into my fund requirements.

I'd say the California thing is the biggest obstacle you have to overcome. That cost of living where you are at makes early retirement quite difficult.

[GreyOne]

Lotteries are a tax on people who are bad at math. :D

[Limper]

Lotteries are a tax on people who are bad at math. :D

I cut back on soda consumption this year so I buy a couple lottery tickets each week with the savings... I mean I was laready used to pissing the money away so its not to big a leap.

[Droid101]

Lotteries are a tax on people who are bad at math. :D
Hey! I never went in on one of those work pools before, and I thought it'd be fun!

Also, if (by some stroke of luck) they did win, I'd feel like an asshole being the only one still working here. :p
My kid can get off his lazy ass and get scholarships and loans.

One of the key reasons I've stayed in St Louis is not its wonderful weather its the fact that the cost of living allows me to get out of the rat race.

I don't own the house but the payment is very cheap and I calculated existing bills into my fund requirements.

I'd say the California thing is the biggest obstacle you have to overcome. That cost of living where you are at makes early retirement quite difficult.
Also, I didn't just mean this as "How much could you survive on," but really, how much would you like to retire on? How much would make you comfortable and able to live where you want? And how you want? Without getting to the hundreds of millions of course. :p

[doc]

Since I would have to travel to either Texas or Memphis to play the Lotto, this is a mote point. But to retire comfortably I would need 400,00 to 600,000 first payment (the 1st is twice the annual) and half of that to maintain. I'ld want a new house in a better neighberhood, put a good payment back on the kidlet's college fund and enough to put in a money marget or simialer fund. I live cheap but would like to get a head start to living well.

[Limper]

Also, I didn't just mean this as "How much could you survive on," but really, how much would you like to retire on? How much would make you comfortable and able to live where you want? And how you want? Without getting to the hundreds of millions of course. :p

I took it as what did I feel I needed to exit the conventional workforce.

I live an inexpensive lifestyle, my tastes are pretty inexpensive and the stuff i like to do isn't over the top in any way.

I have simple tastes which is perfect cause it allows me a chance to exit the work force MUCH earlier.

[doc]

I'ld travel, there's some folks on here as well as others on the Net I want to meet in person (you know who you are), get a good vehicle and drive across the country (and canuckistan) for a 3 months at a time.

[TiQuinn]

$4 million dollars and my wife and I retire right now. I could always imagine what more we'd want to do with our money that would exhaust that, but realistically, that would allow us to live almost wherever we wanted, a reasonable interest on $4 million would cover both of our salaries over the course of our lives with some elbow room, and allows us to easily cover things like our kids' education, a summer home, etc.

Anyone wanna help a brotha out? :D

[GreyOne]

$4 million dollars and my wife and I retire right now. I could always imagine what more we'd want to do with our money that would exhaust that, but realistically, that would allow us to live almost wherever we wanted, a reasonable interest on $4 million would cover both of our salaries over the course of our lives with some elbow room, and allows us to easily cover things like our kids' education, a summer home, etc.

Anyone wanna help a brotha out? :D

I couldn't fit any more pennies in the envelope, but the money is on the way!

[Space Cadet B^3]

Since I'm not going to survive to retirement age, I have no idea how much I'd need. I've got $15K in a money purchase plan at work. Couple of hundred thou would let me quit my job though.

[Limper]

Since I'm not going to survive to retirement age, I have no idea how much I'd need. I've got $15K in a money purchase plan at work. Couple of hundred thou would let me quit my job though.

If you work the problem from both angles you are covered.

Good methodology bud.

[Xavier Lang]

$500,000 would be plenty. I doubt I would truly retire though.

[doc]

10 Million and I can retire, take care of the kid, travel and live in way that I would enjoy.

[Kyllikki]

$500,000 would be plenty. I doubt I would truly retire though.

This is the number i would choose. Even 100K would be enough for me to quit my job and go back to school for something that paid less well but allowed me to move out of the city and somewhere where the cost of living is normal.

[GreyOne]

If each of you sends me $50 I can use the money to retire in 5 years. Once I retire, I will have the financial means to reward all of you.

I await your cheques and money orders.

[TiQuinn]

If each of you sends me $50 I can use the money to retire in 5 years. Once I retire, I will have the financial means to reward all of you.

I await your cheques and money orders.

I don't know about cheques, but I can send you a check. Maybe even a Czech.

[GreyOne]

I don't know about cheques, but I can send you a check. Maybe even a Czech.

Will the Czech be a hot model from Prague?

[Dawnstar]

I would say 2 million dollars as long as this is the amount of money that i have after taxes. That way both the hubby and i could go back to school, buy a house in the neighborhood that we want to eventually live in and be able to live a higher standard of life.

[TiQuinn]

Will the Czech be a hot model from Prague?


Sure!

Back in 1933.

[Goblin Girl]

Two million would allow us to live the life we dream of.

[Morbidity]

Hmmm we were thinking about this the other day. Decided that if we won the lottery we'd buy an ultra-cool house, nice cars .... but continue on at work as we both enjoy our jobs. I think I'd be tempted to go for a 4 day week though.

2 million seems about the right sum.

[Thoth-Amon]

I'd say a cool mil would be enough for me to retire right now. If I had 4 mil or higher I'd seriously contemplate my own business. Something like a coffee shop, pub, or gaming store.

[Sobek]

$4-5 million. I live in Iowa, so the cost of living is pretty low. I'm just greedy.

I figure about a million would be blown immediately on house, cars etc. to get me to a comfortable enough place that I wouldn't feel driven to improve them. My financial advisor assures me that $1 million in investments would yield about my annual wages, which I certainly want to increase, so $2 million invested. That leaves another couple million for kids college funds, weddings (four girls), rainy day savings, etc.

[Enk]

I figure I'll need about a million to retire - a 5% return on it would be about 50K. But that's when I'm 65+. If I were to want to retire today, I'd easily need two to three times that amount in cash and real estate.

[Limper]

I figure I'll need about a million to retire - a 5% return on it would be about 50K. But that's when I'm 65+. If I were to want to retire today, I'd easily need two to three times that amount in cash and real estate.

Is 50k close to what you make now? If it is than you could retire now as your income is replaced. If its more than you currently make then you would be building future wealth.

[GreyOne]

Hmmm we were thinking about this the other day. Decided that if we won the lottery we'd buy an ultra-cool house, nice cars .... but continue on at work as we both enjoy our jobs. I think I'd be tempted to go for a 4 day week though.

2 million seems about the right sum.

As a lawyer, can't he just gauge clients for the cash?

[Droid101]

Is 50k close to what you make now? If it is than you could retire now as your income is replaced. If its more than you currently make then you would be building future wealth.

Personally, I wouldn't want to live on what I make now for the rest of my life.

[Limper]

Personally, I wouldn't want to live on what I make now for the rest of my life.


You are young, at the begining of your career and likely poor... makes sense.

[Droid101]

You are young, at the begining of your career and likely poor... makes sense.

I'll poor you!! :mad:

[Limper]

I'll poor you!! :mad:

What? Assuming you aren't an idiot you'll be making twice what you do now in about 10 years. Maybe quicker if you try hard or are good at what you do.

So compared to where you will be when you've settled into life a bit more you are indeed poor.

[Droid101]

What? Assuming you aren't an idiot you'll be making twice what you do now in about 10 years. Maybe quicker if you try hard or are good at what you do.

So compared to where you will be when you've settled into life a bit more you are indeed poor.

I'm almost making double what I started making when I first started the help desk 3 years ago, so I think I'm on the right track. :D

[Keeper of Secrets]

If I won anywhere between 1 mil and 2 mil I could live off the annual interest and live as nicely (or better) than I am living now. But a better question is what would I do all day?

Probably go out and get a low paying - but loved - job.

[Limper]

I'm almost making double what I started making when I first started the help desk 3 years ago, so I think I'm on the right track. :D

Each increment gets harder.

I'm surprised you aren't more angry and bitter being in tech support and all.

[Limper]

If I won anywhere between 1 mil and 2 mil I could live off the annual interest and live as nicely (or better) than I am living now. But a better question is what would I do all day?

Probably go out and get a low paying - but loved - job.

You don't enjoy being a lawyer?

Are you growing a soul?

[Droid101]

Each increment gets harder.

I'm surprised you aren't more angry and bitter being in tech support and all.

Well, after a year at my last help desk job they took me off the phones and put me on the supervisor/manager track.

After leaving that place, I'm back on the phones, but after three months here they're already talking about promoting me to be a Business Analyst.

As long as they keep raising my salary, I won't argue with 'em. :)

[Limper]

Well, after a year at my last help desk job they took me off the phones and put me on the supervisor/manager track.

After leaving that place, I'm back on the phones, but after three months here they're already talking about promoting me to be a Business Analyst.

As long as they keep raising my salary, I won't argue with 'em. :)

I got on the manager path after 2 years of it and the 24/7 phone calls I got the hell back off.

I took a spot the lets me learn something useful and get a check for it. I'm sick of IT and I'm working on getting out of it.

Good luck... my suggestion is to try and move business side and get some stock options.

Learn to make your money into more money... nothing else really matters.

[Enk]

Is 50k close to what you make now? If it is than you could retire now as your income is replaced. If its more than you currently make then you would be building future wealth.

It's close enough that it might work, but I'd be afraid of market dips that would make for the periodic lean year. Plus, if I were living off of the interest and investments on that million and not significantly growing my wealth, I'd be afraid of a spike in inflation killing me.

If I could count on 20 or so years of life beyond retirement, I'd go with a million. Retiring today would require around double that, plus whatever was required to finish raising my kids.

[shabois]

Since I still have about 30 years of work left I will have to say $10 million. With the rapid increase in movie ticket prices you need more money fir later on. This would allow me to have no worries. ;)

[Blue Eyed Frau]

Well not to be greedy but I would say $4-5 million for a new house and car/ truck and then investments in funds and education for my Son and then give some to my close family members and close friends to help them out and then some towards Cancer Care and Heart and Stroke Foundation, and enjoy lots of trips with the Husband and Son and then go away with my Mommy for a little while, and just enjoy life.

[doc]

Wonder how much a Wal-Mart greeter pulls down ?

[Atropine Mama]

One BEEEELLION dollars.

With three + kids needing college? Make it TWO! TWO BEEEELLION dollars!

[Cat of Ulthar]

Since I'm not going to survive to retirement age, I have no idea how much I'd need. I've got $15K in a money purchase plan at work. Couple of hundred thou would let me quit my job though.

:eek:Did I miss something? What is going on Jellyfish?

I don't want to retire.

[Space Cadet B^3]

:eek:Did I miss something? What is going on Jellyfish?

I don't want to retire.No, I've just got a lot of miles on this chassis and don't really live a lifestyle conducive to living to 100. I figure with the problems I have now mixed with the problems age brings, will be more than enough to provide an early exit.

No hidden problems, no angst, just saying it like it is. :)