How much do you think you need to retire?

Discussion in 'The Howard Stern Show' started by SomerSky, Apr 21, 2015.

  1. SomerSky

    SomerSky Obsessed with what I hate Banned User

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    Serious question...I am curious...
    How
    Much would it take to call it a day?
     
  2. Quality Control

    Quality Control dove

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    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.
     
  3. Tipsey Russell

    Tipsey Russell VIP Extreme Gold

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    all i need are some tasty waves and a cool buzz
     
  4. Stew Nod

    Stew Nod Well-Known Member Banned User

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    depends on several variables

    location, lifestyle, how young you are, how long are you gonna live, pension, etc
     
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  5. PI Nate

    PI Nate Disenfranchised since 1984... Gold POTY Politics

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    More than I currently have...:nocheer:
     
  6. R.P. McMurphy

    R.P. McMurphy Well-Known Member

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    ...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
     
  7. ilovebacon

    ilovebacon Well-Known Member VIP

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    about this much...

    [​IMG]
     
  8. FishySausage

    FishySausage Original Nuttah VIP

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    If my house is paid off, then I could get by comfortably with 2k/ month
     
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  9. SouthernListen

    SouthernListen New phone who dis? VIP

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    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?
     
  10. Rocinante

    Rocinante Well-Endowed Member Gold

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    You would need a least a million to retire if you consider social security income and you live another 25 years.
     
  11. Shortwave98

    Shortwave98 A-Number 1 Banned User

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    Death?
     
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  12. No Head Games

    No Head Games Well-Known Member

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    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.
     
  13. Bentknee

    Bentknee Well-Known Member

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    10 mil? Most people don't earn 10 mil in a lifetime, why would you need so much to retire on?
     
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  14. beetlejosh

    beetlejosh Do I look like I'm not stupid, Sal?! Gold

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  15. zutroy

    zutroy Totally nude. Totally flawless.

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    This is an excellent question and the reason why I would want to know the exact date that I am to die.
     
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  16. Rob0729

    Rob0729 Well-Known Member

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    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.
     
  17. Mr. Potato Head

    Mr. Potato Head ~Would Like to Play~ Gold

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    [​IMG]
     
  18. Mr. Potato Head

    Mr. Potato Head ~Would Like to Play~ Gold

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    Buy a gun.
     
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  19. yaddc

    yaddc Well-Known Member

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    1.25 million plus your retirement your in like Flynn.
     
  20. Rob0729

    Rob0729 Well-Known Member

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    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.
     
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