What's the least amount of money you'd take to retire?

Javery

Javery

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I often fantasize about this at the office as I'm sure a lot of you do... I think my "magic number" would be $3.5M in the bank (not net worth) and I'd never work again. I'd use $500,000 to pay off my house completely and just live on the interest/investment of the $3M. Even a modest 3% return would give me $90,000 a year and with no house payment my quality of life would definitely go up. Sure I wouldn't be living like a celebrity but at least I wouldn't ever have a boss again!

What's your magic number?
 
Ya.. I was thinking about 5 million, and then just living off the interest. 3.5M is a good number too. That would definately make me think.
 
One million would be enough. I don't think I ever want to retire. Even at age 23 I just max out my Roth every year and put it all in SPY (I'm a lazy investor). Thats all for retirement savings on my part since I don't plan to be "fully retired." I could be 70 and 2 million in the bank and still work at least part-time at a two-bit job like bagging groceries at Publix or something. Being stuck in the house all day and can start to affect your mental well-being after a while.
 
You mean like right now? Uh... maybe a hundred grand in IRA's. If I had that money waiting for me then I'd go back to living on the streets, temping it and sketching wherever I go. fuckkkkk I want to go back so bad sometimes.
 
[quote name='javeryh']I often fantasize about this at the office as I'm sure a lot of you do... I think my "magic number" would be $3.5M in the bank (not net worth) and I'd never work again. I'd use $500,000 to pay off my house completely and just live on the interest/investment of the $3M. Even a modest 3% return would give me $90,000 a year and with no house payment my quality of life would definitely go up. Sure I wouldn't be living like a celebrity but at least I wouldn't ever have a boss again!

What's your magic number?[/quote]

Remember though after a few decades that 3 million will get destroyed by inflation. Also, moving to a city with a low cost of living would stretch that interest income. For example here in Georgia with all the homestead exceptions a 65 year old with a 300K house only pays about 1k in property taxes and no I'm not kidding. Trying getting that in the northeast especially New York.
 
$2.1 Million in the bank is my 'out' number...Which is down from my original estimate of $2.3 back in 1990.

Gotta keep saving!!!
 
If I had $500k, I'd retire right now. At least for the next 10 years. :lol:

Realistically, I'd need $3M to last me the next 50 years or so, if I want to live that long.
 
I'd say about 5 million, but only because of my age. I am 25 now and have nearly 35 years until "retirement". That's a loooong way to go to sit around and not work. I would invest the money (like I do now) but I would still keep some kind of "fun" part time job. If the job ever got shitty, just up and quit and find something else.
 
i agree with javeryh. $500k to pay off my mortgage and $2 million collecting interest. that way i would live a very comfortable life. i wouldn't be rich or anything but i don't want to be rich. i only want to live comfortably.
 
Probably at least 2 million for me. I'd take probably at least 500k and buy a house here. Nothing fancy (even though 500k for a house here would probably net me at least a 2500sq ft house). Maybe take some and invest in some property so I'd have an income rolling in and live comfortably. I'd really just like to live comfortably and not have to worry about flipping out over if I'm gonna be able to pay my bills.

Shit at this rate, I'd settle for 500k period and buy a decent house for 250k, and invest the rest. As all I really want right now is my own house, sick and tired of pissing away money on rent every month
 
I don't think I want to retire and sit on my ass all day. When old age catches up to me, I'll just settle down and get an easy job or volunteer in the community or something.
 
[quote name='javeryh']I often fantasize about this at the office as I'm sure a lot of you do... I think my "magic number" would be $3.5M in the bank (not net worth) and I'd never work again. I'd use $500,000 to pay off my house completely and just live on the interest/investment of the $3M. Even a modest 3% return would give me $90,000 a year and with no house payment my quality of life would definitely go up. Sure I wouldn't be living like a celebrity but at least I wouldn't ever have a boss again!

What's your magic number?[/quote]

I'd have to agree with your numbers, since myself and most of the people are at a point where they'd still need 30-40 years for a full retirement from thier employers. Obviously, one could make due with much less, but I'd put the "comfortable living" number right around there.
 
[quote name='Graystone']10 million. I wouldn't even retire, I would just open a bunch of different business and live off the profits.[/QUOTE]


Same here, if I was older I might go with a smaller number though.
 
$500K...build a modest home on some land in the woods of AL. skin a buck and run a trot line, country boy can survive...especially drawing an interest check and living off the land.
 
I could retire off the interest from only $500,000 easily. What I'm worried about is health problems as I get older and that is a big unknown. I would round up and double it and say $2 million plus no mortgage before I drop out of the rat race.
 
$5 to $10 million. I would spend a million or so on a nice house and a bunch of nice stuff, and then live off the interest.
 
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