What's the least amount of money it would take for you to retire?

[Tyga11]

Hypothetically. Let's say you came into a lump sum (tax free) What amount could you comfortably retire from your job?

For me it's $2M

[Nuckle]

So many variables in this for me but if I force myself to answer it would be $10m plus. I only say that as I do enjoy what I do, it has a lot of flexibility and $5m would just make me upgrade what I have. Bigger lake house, more toys and more trips. All while continuing to earn and putting more towards my actual retirement. This same question 7 years from now would he answered differently for sure.

[floridaorange]

I plan on having around $2-$3 million upon retirement, but I don't plan to retire because I love my work so much. It will definitely be interesting to see what happens. I am excited to put the money to work blessing others, more than spending it on myself, as I've learned how much more joy that brings.

[overcoil]

a simple life off running, reading and yoga in a nice small condo...two-million would probably cut it...I'd take the offer.

[Housekeeping]

Originally Posted by floridaorange

I plan on having around $2-$3 million upon retirement, but I don't plan to retire because I love my work so much. It will definitely be interesting to see what happens. I am excited to put the money to work blessing others, more than spending it on myself, as I've learned how much more joy that brings.

Very great answer! Nicely done!

[XutvJet]

$2M not including my house which is already paid off. I hope to retire in 4 years at 52. My wife plans to work until she's in her 60s but it's not necessary if she didn't want to. My wife and I will build a super energy efficient, mostly off the grid 1200 ft2 home and garage for my cars. I love performance cars but have absolutely no desire to own a 6 figure car(s). I want cars I can drive hard and work on myself. My wife and I will the travel all around the US and elsewhere. We don't want our stuff to own us thus no extra homes, boats, etc.

[Rich.Wolfson]

Originally Posted by Tyga11

Hypothetically. Let's say you came into a lump sum (tax free) What amount could you comfortably retire from your job?
For me it's $2M

As someone who is looking to retiring in September after 41 years at my job which I loved, I have to say that no matter how much you have saved or how much you prepared, you still think that it may not be enough.

And in my case my wife is ill and how much could that possibly cost long term?

The trick is to plan early. Put as much away as you possibly can when you are young.

And we need to be mindful that to many here, the numbers we are talking here are only a dream.

///Rich

[dreamingat30fps]

Lots of factors that would come into play. Like age, life expectancy, single, married, existing savings, paid off home etc etc.

I've always heard about being able to live on 4% of your savings for retirement. Haven't looked much into it so dunno how legit that is or is that the same if you plan to retire at 70 or 40? Probably not. Given your numbers 4% on the 1M is $40k/year. Not great, but if I just had to retire tomorrow for some reason I'm sure I could adjust to survive on $40k with a paid off home. However I don't mind what I do right now so I will keep doing it for as long as it lasts or as long as I can keep doing it.

Now if I change the question to be how much $$ would it take to force me to retire right now... then probably $10M.

[Nachbar]

10m+
Because I hope to live at least 30 years longer and I can imagine, what inflation will eat away till then.

[M_Six]

I'm already retired, but if I weren't, any lump sum after taxes with an M after it would be fine. If I somehow came into multi-millions, I'd make sure my younger brother was set for life and my grandnephews could go to any school that accepted them. But our home is such a part of us, I'm not sure we'd opt for anything bigger or any large lifestyle change. Wifey would be lost without her job, I think. I'd probably end up using it to help total strangers who were down on their luck. Maybe we'd travel more and in grander style. Hard to say for sure.

[Esteban]

I’ve been retired for a few years. We’ve been saving for our retirement since our 20s. Have more than a million set aside. We live off of our Social Security, which is plenty. House and cars are paid for. We live a humble existence, don’t travel much. We are happy and comfortable. Will leave everything to our kids.

[Dang3r]

For me 5M would do, pay all left open items and have no worries for the upcoming last years to come.
At least its not the sum which makes you happy but the joy to spend it with worthy others and spread the fun if you are into it.

[vreihen16]

Give me $600K cash and I'll tender my two week notice today.....

[Murf the Surf]

I've been retired for 6 years, and my wife just retired this past summer. I know what our number is to maintain for what is for us a comfortable lifestyle. Being debt free is a must unless you can manage big ongoing cashflow.

[chad86tsi]

I voted 3 million because today I still have kids to support for anther 10 years, and they have plans to attain a high level of education that I intend to pay for.

If they were done setting themselves up in their careers and on their own, and my house were paid off (have 12 years left), I'd vote 1 million. We are simple people and don't spend much.

My wife is 6 years behind me and will likely work past her eligibility to retire and will be carrying my insurance and supporting me etc. I'll also likely dabble in hobbies that can and do pay for themselves and offer some profit.

[2008M36MT]

$2M net.

[NYG]

There's no money that would make me do that. It's one of the things that keeps me going every day. When I'm done, I'm hoping I can teach everything I know.

[KevinC]

Originally Posted by chad86tsi

My wife is 6 years behind me and will likely work past her eligibility to retire and will be carrying my insurance and supporting me etc. I'll also likely dabble in hobbies that can and do pay for themselves and offer some profit.

Mine is 14 behind me - 51 and still has a lot of her career ahead of her. 5 years ago we sold our 2 homes in metro Phoenix and moved south to Cochise County, to get out of the heat (we're at almost 5000 ft altitude down here) and build a new home on 4 acres. She works from home in a high-ranking IT director position for a major US bank. This allowed me to retire at 59 when we moved down here. Took my Social Security at 62 and that's my "pocket money". I don't have a huge nut in my IRA but between the 2 of us we are in pretty good shape, plus she's still earning relatively big bucks and stashing away cash. Our mortgage payment all-in (taxes & insurance) is around $2k so overhead is stupid-cheap, especially for what we have. My cars are paid for, she drives a new Jetta GLI so the payment on that is cheap. It's been a great situation for both of us.

[flybigjet]

$5M (net) in the bank, no house payment, no debt, no medical costs (military retirement).

[ASAP]

it's a very straighforward math formula for me... i presume to retire at 62 at absolute latest, this is the earliest age you can retire and there is no way in hell I am working for someone past that... i give myself 20 years of life after that (at best lol).

I would be ok with say 8k a month net (especially if I had a house that was paid off)...

So... 20 x 12 x 8 = $1.92M so call it 2M even.

8k a month net would be plenty to live a life with low overhead.

[XutvJet]

Originally Posted by dreamingat30fps

Lots of factors that would come into play. Like age, life expectancy, single, married, existing savings, paid off home etc etc.

I've always heard about being able to live on 4% of your savings for retirement. Haven't looked much into it so dunno how legit that is or is that the same if you plan to retire at 70 or 40? Probably not. Given your numbers 4% on the 1M is $40k/year. Not great, but if I just had to retire tomorrow for some reason I'm sure I could adjust to survive on $40k with a paid off home. However I don't mind what I do right now so I will keep doing it for as long as it lasts or as long as I can keep doing it.

Now if I change the question to be how much $$ would it take to force me to retire right now... then probably $10M.

Yes, $40K of $1M is 4%, but keep in mind that for most, that $1M is largely tied up in investments that are growing, bringing dividends, etc. Your portfolio should be brining in around 6-8%, some years much better and some years much worse, but overall, it will likely be around 6-8%. That's $60-80K a year. Assuming your house is paid off and the kids are moved out, your expenses shouldn't crazy high assuming you're not living some super lavish lifestyle.

This retirement calculator has been super helpful for me: https://engaging-data.com/will-money-last-retire-early/ The calculator has all sorts of inputs gives you probabilities about going broke or out living your money. With our $2M goal, me retiring at 52 and living until 82, us spending $80K/yr, and my wife still working, there's a 0% probability of going broke in our late 70s, and there's a 9% of us having $10M when I'm dead at 82. The calculator accounts for inflation.

We currently spend around $70-80K/yr and that includes having two kids at home with kid costs accounting for around 25% of that number. When I'm 52, one will be graduated and the other just starting college. Both kids having 529s with enough to cover nearly 100% of their college costs. My daughter swears she won't need the money though as she'll get a full ride playing volleyball at a D1 school

[TboneS54]

Impossible to answer with this government printing money like it does.