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.).
by 50, probably around 2.7 million
Retiring at 50 for me would mean sacrificing a lot of my current living standards if I'm ever to afford it. If I moved to the countryside or to a cheaper country and lived a quiet life I might be able to do it with €4-500.000. Can't even imagine the number if I had kids. :P
USD. not sure whether the retirement calculator I used included inflation. I tried it again with a few others and got around 1.5 million
Min 3 millions but I wouldn't be doing anything fun.
I actually don't want to retire so soon. I enjoy what I do. :glare:
Quote from: Grey Fox on November 16, 2016, 09:36:49 AM
Min 3 millions but I wouldn't be doing anything fun.
Yeah, that's the thing. It might be possible, but it won't be fun reaching it and it won't be fun when you've reached it. :P
though if I lived pretty frugally ($30k), I'd only need $500k :hmm:
Quote from: LaCroix on November 16, 2016, 09:40:08 AM
though if I lived pretty frugally ($30k), I'd only need $500k :hmm:
You'd have to live frugally for ~40 years.
About $3 Million US. The big expense (and at the current time the big variable) in the US is health care.
I have no desire at all to retire when I'm 50, though.
Are people including, or excluding, the value of assets like equity in one's home (should they have any)?
The calculator I used said $1.5M to live on 75% of my current income, assuming I retire at 60.
That is actually not nearly as much as I thought...
That thing cannot be right. I re-submitted saying I want to retire at 50 instead, and apparently I need LESS money to retire earlier!
It expects you have way higher salary at 60 than 50?
Quote from: Grey Fox on November 16, 2016, 09:59:17 AM
It expects you have way higher salary at 60 than 50?
It says that it expects I will have social security income at 50, which of course I won't. It is clearly just fucked up.
At 50? About $4m, given current yields.
The rule of thumb is, for every $1 in recurrent expenditure after retirement, $25 in assets is needed.
Somewhere around 3 million dollars. Presuming I could get 5% yields somehow.
I don't think about my lifestyle when considering when I might retire. I think more about my boys and their children to come.
Quote from: Monoriu on November 16, 2016, 10:10:35 AM
The rule of thumb is, for every $1 in recurrent expenditure after retirement, $25 in assets is needed.
You mean annual expenditure or?
As a thought exercise on the minimum amount to get by, but still be able to do things I like (travel, buy a car more often than once every 10 years, eat out), and things I feel an obligation to do (send my daughter to college), and assuming for some reason we're talking solely my income, probably around $4.4m, assuming I'm planning to live 40 years after age 50 (to age 90.)
Quote from: Martinus on November 16, 2016, 09:00:13 AM
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.
Quote from: Berkut on November 16, 2016, 09:57:35 AM
That thing cannot be right. I re-submitted saying I want to retire at 50 instead, and apparently I need LESS money to retire earlier!
50 is the new 70.
Quote from: CountDeMoney on November 16, 2016, 10:31:20 AM
Quote from: Martinus on November 16, 2016, 09:00:13 AM
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.
I was thinking that he'd swoop in when he saw a post mentioning the amount he had already saved.
You don't need all that much to live well in developing countries like Poland. Marty needs maybe a few hundred k to live "well" (if one can call it that in Poland).
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:
Not something I've ever given any consideration to
Quote from: CountDeMoney on November 16, 2016, 10:31:20 AM
Quote from: Martinus on November 16, 2016, 09:00:13 AM
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.
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.
Retire? At 50? $5.5 million US, at a minimum.
Quote from: Martinus on November 16, 2016, 04:06:18 PM
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?
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.
Quote from: Ideologue on November 16, 2016, 07:09:15 PM
I could retire with around $1.5 million right now, and never worry about anything ever again.
:console:
Quote from: Martinus on November 16, 2016, 10:19:14 AM
Quote from: Monoriu on November 16, 2016, 10:10:35 AM
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 $2.5m. Studies have shown that such a portfolio size can survive every historical ups and downs in the world capital markets, including the Great Depression.
Quote from: CountDeMoney on November 16, 2016, 10:31:20 AM
Quote from: Martinus on November 16, 2016, 09:00:13 AM
If you wanted to retire, say, at the age of 50, how much money do you think you would need to do so (including any money in pensions/savings account etc. but excluding any money you have to contribute to, say, a state pension fund etc.).
Why don't you just cut to the chase, and tell us all how much you have saved, since that's the inevitable point of this thread.
Oh yeah, I can't wait to read Martinus' numbers. Most people on languish are rich, but Martinus is one of a kind. I won't be surprised if he has US$ eight figures.
(https://s-media-cache-ak0.pinimg.com/736x/72/34/82/7234827bff5b9ac03cfe5f83929b6c92.jpg)
I has it
Quote from: Monoriu on November 16, 2016, 07:45:38 PM
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
marti, is it biglaw burnout or another reason?
Quote from: LaCroix on November 17, 2016, 09:44:22 AM
marti, is it biglaw burnout or another reason?
He got replaced by a Perl script.
Quote from: Monoriu on November 16, 2016, 07:45:38 PM
Quote from: CountDeMoney on November 16, 2016, 10:31:20 AM
Quote from: Martinus on November 16, 2016, 09:00:13 AM
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.
Quote from: Ideologue on November 16, 2016, 07:09:15 PM
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.
Quote from: Richard Hakluyt on November 16, 2016, 12:45:19 PM
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. :D