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How much money do people need to retire?
Posted on 2/27/24 at 1:08 pm
Posted on 2/27/24 at 1:08 pm
Assume liquidated all assets (no car house etc). You’re 65 and likely live till 90.
What would be the minimum $ to retire comfortably?
What would be the minimum $ to retire comfortably?
49
Posted on 2/27/24 at 1:09 pm to fareplay
Are you an illegal?
Posted on 2/27/24 at 1:09 pm to fareplay
Quit making threads
Oh, and money board for your answer
Oh, and money board for your answer
Posted on 2/27/24 at 1:09 pm to fareplay
In before 3.50
Posted on 2/27/24 at 1:10 pm to El Segundo Guy
US citizen have medical
Posted on 2/27/24 at 1:12 pm to fareplay
Then a lot because you're not going to get pre-loaded debit cards.
Posted on 2/27/24 at 1:13 pm to fareplay
Ok I’m in the industry and there isn’t enough to go on.
What lifestyle do you want?
Travel, expensive foods, gift giving, estate planning all favor in.
What lifestyle do you want?
Travel, expensive foods, gift giving, estate planning all favor in.
Posted on 2/27/24 at 1:13 pm to fareplay
Depends on the person. My father in law has like $500k and makes money for the past decade just collecting meager interest and never leaving his couch.
I think degraded health or major health events are the big things that wipes out savings for someone like this. But alll signs point to him comfortably watching LSU and chilling in the AC till he dies.
I think degraded health or major health events are the big things that wipes out savings for someone like this. But alll signs point to him comfortably watching LSU and chilling in the AC till he dies.
Posted on 2/27/24 at 1:14 pm to fareplay
Am I an immigrant?
In that case, $0
In that case, $0
Posted on 2/27/24 at 1:14 pm to BeerMoney
I assume he owns a home right?
Posted on 2/27/24 at 1:15 pm to fareplay
I had it explained to me once like this... take any monthly bill, say cell/internet.. Lets say you pay $200 a month for 2 phones and internet.. How long do you want to be retired? 30 years?
$250 x 12 months x 30 years=$90k.
Now do that for all your monthlies, adjust for inflation, add for vacations, incidentals, etc...
I quickly realized I'll work til I drop dead.
$250 x 12 months x 30 years=$90k.
Now do that for all your monthlies, adjust for inflation, add for vacations, incidentals, etc...
I quickly realized I'll work til I drop dead.
Posted on 2/27/24 at 1:16 pm to JDPndahizzy
Damn imagine t mobile taking 90k from me
Posted on 2/27/24 at 1:16 pm to fareplay
quote:At the end around $0.00.
What would be the minimum $ to retire comfortably?
Some number greater than that before.
Posted on 2/27/24 at 1:16 pm to fareplay
How old are you now, where will you live, do you know your estimated SS distributions?
Retiring at 65 next year will yield a different answer than if you're retiring at 65 in 25 years. I would want more the younger I am to account for inflation and other financial changes that occur over longer periods of time.
Generally I'd say you'd want your retirement accounts to generate $125k/year while still growing in low risk investments. So somewhere between $2.5-3 million in assets at retirement would be my minimum in a general sense.
Retiring at 65 next year will yield a different answer than if you're retiring at 65 in 25 years. I would want more the younger I am to account for inflation and other financial changes that occur over longer periods of time.
Generally I'd say you'd want your retirement accounts to generate $125k/year while still growing in low risk investments. So somewhere between $2.5-3 million in assets at retirement would be my minimum in a general sense.
Posted on 2/27/24 at 1:16 pm to fareplay
quote:
How much money do people need to retire?
Depends...
Posted on 2/27/24 at 1:17 pm to fareplay
With inflation the way it is, and not really knowing what Social Security is going to look like in 25 years, it's hard to say. I think a lot of us are going to have to hold out as long as we can.
Posted on 2/27/24 at 1:17 pm to fareplay
North of $2M with no debt if you want to feel safe. But it really depends on what your overhead will be.
This post was edited on 2/27/24 at 1:18 pm
Posted on 2/27/24 at 1:17 pm to fareplay
In America ? If youre currently under 40 and dont come from SIGNIFICANT family wealth, you will likely never be able to retire before you are 80 years old… Gotta move to a LCOL country and you can retire at 50, or even earlier .
Posted on 2/27/24 at 1:17 pm to fareplay
You're the new BabyTac
Posted on 2/27/24 at 1:18 pm to fareplay
quote:
I assume he owns a home right?
Yep. Probably paying $500 in bills a month
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