How much money to retire right MEOW

Discussion in 'The Mainboard' started by BamaNug, Jun 14, 2019 at 1:03 PM.

?

How much?

  1. $500K - $999K

    3.6%
  2. $1 mil - $1.99 mil

    13.6%
  3. $2 mil - $2.99 mil

    15.0%
  4. $3 mil - $3.99 mil

    5.0%
  5. $4 mil - $4.99 mil

    9.1%
  6. $5 mil - $7.5 mil

    23.6%
  7. $7.5 mil - $9.99 mil

    4.1%
  8. $10 mil - $14.99 mil

    13.6%
  9. $15 mil +

    9.1%
  10. I have no dreams and love to work

    3.2%
  1. BamaNug

    BamaNug GUWOP
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    How much would you need to quit your current job and do whatever you want? Would you need enough to maintain your standard of living? Or would you be OK with a lower standard of living, but no job and (some) financial security? Or to take a low paying job, but do something you're truly passionate about and not worry about the $$?

    Let's assume you get one check, can choose to pay taxes if you want, or become a tax-felon-expat

    My number is always shockingly low to other people, but I also don't think I'd remain in the US. Go to SE Asia/Africa/S America and live for like a fraction of the cost of living in the US.

    I always think like $750K to $1 mil--that would allow me to pay off my mortgage and rent out my place for a pretty steady passive income. Can live like a king in SE Asia, or somewhere similar, for like $30-40K/year. Invest a few hundred thousand for like a 3-4-5% return, or buy some more property and become an expat slumlord.

    So yea, I'd take $750K right now, quit, and be in a different country within a month or two. Work at a hostel or something in the mountains during the summer, go to a warm beach for "winter." If I was to stay in the US, it would have to be a lot more.
     
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  2. texasraider

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    as soon as I get the $10 million I'm aiming for, I'll give you the $750k just to prove that you couldn't do it
     
  3. kslim

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    2 kids a mortgage and still have 25ish years to retire. better give me the max amount
     
  4. Druce

    Druce Fuck football.
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    Between 4-5 is where I voted. I imagine my family (me, wife, 3 kids) wouldn't have to worry about money and could maintain our current lifestyle, while my wife and I could do whatever we wanted.
     
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  5. BamaNug

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    deal
     
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  6. TC

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    $1 million and I could realize my dream of becoming a full time poster
     
  7. BamaNug

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    Of course, kids completely change the game. But you could also sell them and get even more money
     
  8. Barves2125

    Barves2125 "Ready to drive the Ferarri" - Reuben Foster
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    Great thread. Big fan of this sort of hypothetical.

    Personally, I prefer to think of stuff like this in terms of monthly passive income I would want to live off of. With $10,000,000 invested pretty conservatively, I'd be able to live off of at least $30,000 a month after tax which would allow me to do just about anything I wanted (within reason) with my life and not have to spend 5/7ths of it working. And I'd never even need to touch my $10MM principal investment. Sign me the fuck up, please.

    I'd probably agree to a smaller amount if this were realistic and I actually had a choice.
     
  9. Bo Pelinis

    Bo Pelinis WE GO HARD ON EARTH
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    I'd say 10 million and I could do it comfortably.
     
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  10. devine

    devine hi, i am user devine
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    Give me a million and I’m never working again
     
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  11. Oranjello

    Oranjello Well-Known Member
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    These 3-5% returns ITT are kind of shocking. If you have $10m to invest, you can get a lot better returns than the bond or stock market. Think guaranteed 15%+ returns. You just need to have the money and to know people in real estate and finance, but once you get that kind of money those types of people find you.
     
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  12. BamaNug

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    That's a lot of money. What you gonna do with $30K/month? Of course, "whatever you want," but would you really need that much?
     
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  13. TC

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    I'd head straight to LA and open a sports bar personally
     
  14. billdozer

    billdozer Well-Known Member
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    At least 4 million. 3% withdrawal rate would be ~120,000 a year without eating into the principal.
     
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  15. Barves2125

    Barves2125 "Ready to drive the Ferarri" - Reuben Foster
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    Like I said in the spoiler, I could probably be talked into a lower amount. My lowest would probably be about $5,000,000 though. I could still have a high quality of life with $15,000 a month after tax and all of the free time in the world.
     
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  16. Tobias

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    pay off my debt, buy a tiny home in the middle of nowhere mountains and give me a monthly food/booze stipend + internet/tv. so like $500k. i am not a complicated person. i'll figure it out if things run out
     
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  17. Jax Teller

    Jax Teller Well-Known Member
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    I similar to you but would require a little more since it'd be me, the bff, and the pets. BFF wouldn't be willing to live too bare and definitely wouldn't become a felon and not be able to fly back and visit family.
     
  18. Arkadin

    Arkadin inefficiently efficent and unclearly clear
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    About 750k. SEA is cheap
     
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  19. War Grundle

    War Grundle Nole Mercy
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    I would need 10 million to retire and then I would have to budget $200K a year for the next 50
     
    #19 War Grundle, Jun 14, 2019 at 1:25 PM
    Last edited: Jun 14, 2019 at 7:20 PM
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  20. JeremyLambsFace

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    I've found that future you has a lot of things to figure out
     
  21. JeremyLambsFace

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    I could do it with $10 mil
     
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  22. devine

    devine hi, i am user devine
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    “It would take 5 million!” Says guys that won’t make nearly that much in their lifetime
     
  23. Oranjello

    Oranjello Well-Known Member
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    This is a hard question to answer. What's hard is figuring out what I would do with all of that free time. I have to imagine whatever I would do would at least partly involve very self-destructive behavior, so my lifespan would be significantly shorter than it (potentially?) is now. Because of a shorter lifespan, I'd obviously need less money, and therefore why I'm having a hard time picking a number.

    Assuming I'd live beyond age 40, I'd say $5m (after tax) would be good enough to live out the remainder of my years comfortably.
     
  24. Tobias

    Tobias dan “the man qb1” jones fan account
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    if you gave me $100k right now i would quit my job today and just enjoy a vacation for a year or two. again....future me is a known idiot and he'll deal with any fallout
     
  25. TC

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    [​IMG]
     
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  26. Baron

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    my brain hurts thinking about this so $15mil+
     
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  27. TheFreak55

    TheFreak55 The giants milk we got drank pretty good don’t it
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    I mean depending on what kind of job after I knock out my bucket list I’d probably keep a job of some form
     
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  28. JeremyLambsFace

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    I would need an amount that would mean I could live on the interest invested extremely conservatively without ever touching the principal or I would literally be a wreck all the time because of the anxiety
     
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  29. Tobias

    Tobias dan “the man qb1” jones fan account
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    or prostitution ha ha

    but seriously i would much rather know i can enjoy my 30's and 40's with no debt or work than worry about what i am going to do when i am 60 or whatever. that's why i would be fine with a (relatively) small hypothetical buyout
     
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  30. TC

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    I think if you hang it up completely you die or get diabeetus or something pretty quickly
     
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  31. poor paul

    poor paul Well-Known Member
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    I could pay off my mortgage and create enough investment and passive income with between $1M to $2M cash.
     
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  32. TheFreak55

    TheFreak55 The giants milk we got drank pretty good don’t it
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    I started doing math then laughed at myself, read dozier post and voted one above his
     
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  33. TC

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    [​IMG]

    A man's gotta eat
     
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  34. jonbenetramsey

    jonbenetramsey Well-Known Member
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    $6 million total

    $2 million goes to taxes and whatever else

    $4 million left

    Wife and two kids

    Having that much free time would be expensive
     
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  35. TC

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    You married guys naming numbers need to talk it over with your wives first
     
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  36. TheFreak55

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    who said I’m telling her about the money
     
  37. JeremyLambsFace

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    If I told my wife she could quit her job she wouldn't give a fuck what the terms of the deal were
     
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  38. BamaNug

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    The amount varies a lot depending on whether you want to stay in the US or go abroad. If stay in the US, I'd need more. Become an expat, $500-750K
     
  39. BamaNug

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    Agree. I think about what I'd do all the time; but I also think I'd be more calm in my 30s than if I did something like this in my 20s. Not exactly healthy, but wouldn't be raging all the time.

    this.
     
  40. Arkadin

    Arkadin inefficiently efficent and unclearly clear
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    Yeah I'd need like 2 mil to do it in the US probably
     
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  41. Bo Pelinis

    Bo Pelinis WE GO HARD ON EARTH
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    Kids cost on average around 250k from birth to 18 nationally just as some info for the thread.
     
  42. Wu

    Wu LKY did nothing wrong
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    I’ve been sliding into Mackenzie Bezos’ DMs
     
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  43. AHebrewToo

    AHebrewToo Albino Hebrew Extraordinaire
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    A fella at my country club says he knows a guy that is an investment wizard. My buddy said I wouldn’t believe the amount of money he has Madoff of this guy’s investment opportunities.
     
  44. Bo Pelinis

    Bo Pelinis WE GO HARD ON EARTH
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    What are the stipulations on retirement. Like, you can never work again? Or you quit what you're doing now and go do something you actually love and if you make money it's ok?
     
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  45. BamaNug

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    You think NatGeo would hire a volunteer photographer? I'll travel to all these extreme places and let you use my photos for free, just pay for my flights and board.
     
  46. War Grundle

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    Same
     
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  47. BamaNug

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    You can quit your job and do whatever you want. Work or no work. Or just husk until eternity
     
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  48. BrickTamland

    BrickTamland You're not Ron...
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    Am I sipping milk from a saucer?
     
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  49. AHebrewToo

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    My wife won’t retire because she loves to work. Plus we have a decent amount saved already. Based on what we have saved and what her income will be the rest of her working career I’m probably good with another 5m.

    I’d probably drive for Uber/Lyft here and there for fun. Spend the summers in an RV driving around the Americas (wife has from June through August off of work). Otherwise I’d probably be bored. I’d likely wind up back at work in a 3/4 time capacity taking June through August off once I realized how boring retirement is.
     
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  50. Bo Pelinis

    Bo Pelinis WE GO HARD ON EARTH
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    I don't always read things so thx
     
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