How much money* would you need to retire?

[CountDeMoney]

Not enough by far. This is more related to the fact that I am going through the middle life crisis and not sure I want to be a lawyer anymore. It just pays so well.

Hey, will you be able to livestream your own hate crime as it happens when they finally come for you?  Or at least use a webcam? 

[Ideologue]

I could retire with around $1.5 million right now, and never worry about anything ever again.  God knows what some of you want to spend that much money on.  I just want a house, and about $2000 a month for expenses.  (And that's a liberal estimate, not to mention a pretty decent house.)  After that, what else could I possibly need?

I guess a lot of you folks have kids.

[garbon]

I could retire with around $1.5 million right now, and never worry about anything ever again. 

[Monoriu]

The rule of thumb is, for every $1 in recurrent expenditure after retirement, $25 in assets is needed.

You mean annual expenditure or?

Annual expenditure.  Say if you want to spend $100,000 every year after retirement.  When you retire, your investment portfolio should have $2.5m.  Studies have shown that such a portfolio size can survive every historical ups and downs in the world capital markets, including the Great Depression. 

[Monoriu]

If you wanted to retire, say, at the age of 50, how much money do you think you would need to do so (including any money in pensions/savings account etc. but excluding any money you have to contribute to, say, a state pension fund etc.).

Why don't you just cut to the chase, and tell us all how much you have saved, since that's the inevitable point of this thread.

Oh yeah, I can't wait to read Martinus' numbers.  Most people on languish are rich, but Martinus is one of a kind.  I won't be surprised if he has US$ eight figures. 

[Ed Anger]

I has it

[CountDeMoney]

Oh yeah, I can't wait to read Martinus' numbers.  Most people on languish are rich, but Martinus is one of a kind.  I won't be surprised if he has US$ eight figures.

It's going to be funny as balls to watch Marty cry when the seize it under the Cocksmoker Law of 2021.  MAH POTATOES

[LaCroix]

marti, is it biglaw burnout or another reason?

[Hamilcar]

marti, is it biglaw burnout or another reason?

He got replaced by a Perl script.

[Gups]

If you wanted to retire, say, at the age of 50, how much money do you think you would need to do so (including any money in pensions/savings account etc. but excluding any money you have to contribute to, say, a state pension fund etc.).

Why don't you just cut to the chase, and tell us all how much you have saved, since that's the inevitable point of this thread.

Oh yeah, I can't wait to read Martinus' numbers.  Most people on languish are rich, but Martinus is one of a kind.  I won't be surprised if he has US$ eight figures.

I think you way overestimate what senior associates at big law firms earn.

[CountDeMoney]

marti, is it biglaw burnout or another reason?

He got replaced by a Perl script.

A Jew.  How typical.

[Hamilcar]

marti, is it biglaw burnout or another reason?

He got replaced by a Perl script.

A Jew.  How typical.

I actually laughed out loud.

[Baron von Schtinkenbutt]

God knows what some of you want to spend that much money on.  I just want a house, and about $2000 a month for expenses.  (And that's a liberal estimate, not to mention a pretty decent house.)  After that, what else could I possibly need?

I guess a lot of you folks have kids.

$2000/month would be a serious QOL hit.  I could certainly do it, but I would rather keep working.  My property taxes and insurance alone in Texas would have eaten 1/4 of that.

I think the number for my wife and I combined is $4 million.  Even at the relatively poor Treasury yields that should be enough to sustain us indefinitely at our current standard of living.  We're not going to make that by 50, but we should by 60 when we can actually tap the 401ks and IRAs.

[mongers]

I'm not sure that is correct, in a developing country there is the possibility of being overtaken by the next generation as the economy grows.

There must be a Chinese dude somewhere who retired in 1975 because he had a new bicycle and two rice bowls  :w00t:

That would be me.