Discussion in 'The Howard Stern Show' started by SomerSky, Apr 21, 2015.
Serious question...I am curious...
Much would it take to call it a day?
That's a good question. I wish I had an answer because then I'd be able to do the math to determine how to reach that goal, but I honestly don't know where or how to begin figuring it out. I hate thinking about retirement since there's no nest egg and I'm not getting any younger.
all i need are some tasty waves and a cool buzz
depends on several variables
location, lifestyle, how young you are, how long are you gonna live, pension, etc
More than I currently have...
...if youre going to go lump sum id say 10 mil. what you really want is an investment income that pays on an ongoing basis. jmho
about this much...
If my house is paid off, then I could get by comfortably with 2k/ month
Depends on a few factors:
1. Will social security/medicare be there for you?
2. When's your mortgage paid off?
3. Will interest rates remain near zero?
I assume worst case on everything. $2M?
You would need a least a million to retire if you consider social security income and you live another 25 years.
I read a lot of stuff on early retirement. The general rule of thumb is that a safe withdrawal rate of your nest egg is 4% a year. If you need $40k a year to live on then you need $1 million dollars. If you need $80k to live on then you need $2 million dollars. This assumes you invest 70-80% of your nest egg in stocks and that stocks returns in the future match their historical averages.
Google the site called firecalc. It allows you to put in your numbers and it will calculate your likely success rate percentage.
10 mil? Most people don't earn 10 mil in a lifetime, why would you need so much to retire on?
This is an excellent question and the reason why I would want to know the exact date that I am to die.
I think I can live very comfortably with $2 million in the bank. I think I could at least get 5% on my money each year on investments and living off of $100k a year should be more than enough considering by the time I retire I will have paid off my home. I got a good way to go to get to that nut, but I could conceivably live off half that if I have no debt by the time I retire. I could easily live off of $50k a year plus social security.
Buy a gun.
1.25 million plus your retirement your in like Flynn.
Even in your retirement years, you should be having your money working for you. That means if you take out $40k a year on on a $1 million, you should replenish that money unless you are really conservative with your investments.