What $$$ could you retire at

yeah youre right... live happy. many things is more important than money

 

Same 300K figure here. This is the lowest amount I can retire on.

The catch is to be free and clear of any loans
If you have children you may need to up that amount a bit.

 

The higher your number, the longer you are going to have to work to reach it.

You could die before ever reachig your goal -- or five minutes after reaching it.

The lower your number, the more likely you are going to have to un-retire before you die.

You could be 53 years old and suddenly back in the workforce with a thirty year old resume.

Be careful out there.

 

Here's a hypothetical scenario:

You have $1,000,000 saved. Spread it out into diversified investments — CDs, mutual funds, stocks, bonds, money market, etc. Let's say over the long haul you average 6% on that million.

Take out the rule-of thumb 4%. That is $40,000 withdrawn annually. That leaves your nest egg growing by the other 2% each year to offset inflation.

Add in your Social Security, if you are old enough. Say you and your spouse together receive $26,000 annually (a reasonable amount in today's dollars).

That gives you $66,000 a year to live on, or $5,500 a month, and you are not drawing down your $1,000,000 principle. If $5,500 a month is enough for you, then a $1,000,000 retirement nest egg will be just fine.

Adjust the numbers according to how much monthly income you feel you need.

 

And don't forget to triple the numbers if you get married.

 

Dont forget the time value of money. $1 today will not be worth $1 in the future because of inflation.

 

3 to 4 mil is enough

 

Thanks Jim 4767! $1,000,000 will be fine and I'll keep building websites for alittle walkin' around money. Will that affect my retitement tax status or SS?

 

1 million dollars will be fine to me...

 

being only 22 and having lots of time to spend any money that i would retire on..i'd say to retire tomorrow i'd need at least 10mil.
Donations gladly accepted, send them to 55...haha.

 

Only after 6 tots I will be logging in DP. After seeing your avatar I tempted to take one more. Cheers! Your earlier avatar was very cute!

 

Tax liens, the ultimate way to get either extreme interest rates on your money or get a house for less than $10,000.

I'd need about $500,000. I wouldnt be CDing this money, I'd be investing aggressively much like I do now to earn a living. Warren Buffett here I come.

 

I strongly believe....there is no question of retirement till death. Work...work...work...as long as all your organs are active.

 

i will retire at $10 M

 

Enough to put you on the top of the Billionaires list

 

Correct. That is why I used the 6% earnings figure and a 4% withdrawal figure. If inflation averages 2%, your $1,000,000 principal will keep pace with inflation and remain equivalent to $1,000,000 in today's dollars.

 

If you start drawing Social Security earlier than your "full" retirement age for Social Security (for most of you, that "full" age will be 66+), annual income above a certain level will take away a portion (not all) of your Social Security. When you reach your full Social Security age, income will not reduce your Social Security benefits.

Tax-wise, unfortunately, taxable income will still be taxable income, even after you retire.

 

Lets see i would need $600,000 for house in land i like largehouses...and what Jim4767 estimate above in the bank than that's plenty enough for me.

 

That question depends on a lot of variables. How old you are. How well you like to live. Where you live. In San Diego you can't buy a decent house for less than 500k. Actually I don't think I'll ever really retire. There's too much to do still.