Fun hypothetical - how much to retire today?

[financeNfootball]

State your age - and how much it'd take for you to retire on the spot today? No part time income or anything like that factored in. Assume your spouse or significant other is retiring also. What would it take for you to retire cold turkey today and live comfortably until life expectancy?

 

[yungan]

net of 75,000 per year......66

 

[KtCarney14]

I'm 31, wife is 30, and I'd say $4 mil would do it

 

[scott in nashville]

I’ve got to pay for college, so with that factored in, I’d need about $200M to pay for CU out of state.

 

[Flying Elvis]

age 58. I'll need $2 million to go home everyday. Dream bigly man.

 

[ClemsonGentleman]

I'm retired, and it takes MORE.

 

[DaveRich1]

66; $3M +SS gets us $220k/yr for 20yrs;

 

[TigerFlow]

44.

$5mil in investable assets(not real estate) and I’d retire this f’n minute.

 

[bp1999]

45 and I need to update my math, but I figure with $2mm I could disappear to Belize and live like a king forever. Just have to convince my wife.

 

[TheSweatshirt]

No doubt this will turn into a —— measuring thread.

 

[Joe Cobb]

53. 150K Net per year.

However, I know where some folks will go with this... I wouldn't retire "on the spot." I have a team of folks who depend on me and my contributions to make their work lives comfortable. I would work out a reasonable transition process (probably about a month to 6 weeks) so that they could continue on inas good as or better shape.

Leaving folks that depend on you (and you as well as them) high and dry for a better opportunity is selfish. Might be the way folks do things, but if I can help it... I would do it my way.

 

[southerncaltiger]

59, wife is 52.

Just checked this morning. Net worth is $4.2. So, could comfortably retire at 5pm PST today, but don’t want to yet. Like, but don’t love, what I do & it keeps me busy. Stress level isn’t bad, at least it doesn’t show on my regular checkups.

My personal opinion from watching so many others head into early retirement is that you WILL need more than you think you will. I’m still waiting to have someone I know tell me, “Oh, hell yeah…saved so much that I can’t spend it all.”

 

[BC1973]

49. 3.28M have to account for inflation.

 

[southerncaltiger]

I’ve got to pay for college, so with that factored in, I’d need about $200M to pay for CU out of state.

Southerncaltiger Jr. is down to UCLA and GaTech. Those outta state prices are re-damned-diculous, irrespective of which state. I still think U. of Nevada Reno is maybe the best deal in this part of the country.

 

[Tigerbomb]

50.

2 million and I'd never work again. Could probably do it with 1.5 million.

 

[CSCOkid]

It's all pretty simple, just plug in the numbers here:

Best Retirement Calculator

Best retirement calculator because it has all the standard features plus you can model 3 post-retirement income streams and 3 different one-time benefit...

financialmentor.com

You'll have to be able to accurately predict future inflation, future ROI on your investments, how much long term care will cost, how long you'll live. Just some simple stuff that you really have no control over. It's fun to run numbers and see, but years like 2022 make you feel like you'll have to work forever.

 

[gooddogjudge]

It's all pretty simple, just plug in the numbers here:

Best Retirement Calculator

Best retirement calculator because it has all the standard features plus you can model 3 post-retirement income streams and 3 different one-time benefit...

financialmentor.com

You'll have to be able to accurately predict future inflation, future ROI on your investments, how much long term care will cost, how long you'll live. Just some simple stuff that you really have no control over. It's fun to run numbers and see, but years like 2022 make you feel like you'll have to work forever.

I like firecalc.com the best but this calculator is pretty good, too. More options on firecalc...

 

[BHSRebels89]

50.

2 million and I'd never work again. Could probably do it with 1.5 million.

this. I'm 51, almost 52

 

[yungan]

I answered earlier and not to hijack this thread, what do you think it would take per year if debt free? I am debt free and know I can quit now (with income from rental properties coming in as well as savings) but in talking to others that are retired and in good health I have heard a net of 50,000, to 60,000 to maintain a good lifestyle. After talking to these retired people that go to out to dinner/lunch /breakfast some, travel some, keep a couple of nice cars I mostly hear they are spending 55-60,000 per year. I know inflation will up these figures but at the same time more age will slow most of us down.
What is realistic?

 

[Jonada]

I need about tree fiddy

 

[gooddogjudge]

I answered earlier and not to hijack this thread, what do you think it would take per year if debt free? I am debt free and know I can quit now (with income from rental properties coming in as well as savings) but in talking to others that are retired and in good health I have heard a net of 50,000, to 60,000 to maintain a good lifestyle. After talking to these retired people that go to out to dinner/lunch /breakfast some, travel some, keep a couple of nice cars I mostly hear they are spending 55-60,000 per year. I know inflation will up these figures but at the same time more age will slow most of us down.
What is realistic?

you should make your own budget rather than asking for someone else to make one for you. Only you know what kind of lifestyle you want. You might find you could have quit 5 years ago.

 

[Capt. Backstrap]

I'm 49. Wife is 52. All college paid for. Roughly 3.5mil, I believe.

 

[FranktheDank]

32. Taking my current assets and liabilities out of the equation and assuming I have a net worth of zero, 5MM. I’d purchase a $500k house with cash and have 4.5MM invested. That would produce approx 150k/year income which is plenty comfortable for a family of 4 with no debt and no need to save for anything

 

[Buzzards Roost]

68, already did it. SS for 2, Navy, Small work actual pension, annuity, and a rental house brings it to ~90. We have no mortgage or car payments so that’s enough without touching my actual retirement savings.
In a little over 3 years I will have to start taking those dreaded mandatory minimum distributions from my 403-B which will change things a lot.

 

[financeNfootball]

I'm 31, wife is 30, and I'd say $4 mil would do it

44.

$5mil in investable assets(not real estate) and I’d retire this f’n minute.

I'm right between you two in age (37). Funny b/c my number is somewhere between 4-5M (combined with what I already have accumulated). I could make it work with less, but to live my lifestyle (stress-free), I think that's what it'd take.

Just interesting to see what others think and how that changes with age.

 

[PeeDeeOrange]

64, wife 63. $90K Net about debt free and we’re done. Just working for mainly benefits now.

 

[emajor2]

$10 mil. Even with a modest 4% return, will have enough to manage inflation and bad market years

55 yrs old and simi retired. Cost of living plus college cost means you need much more than you think. Also considering long term health care expenses.

 

[RdKgTgr]

Retiring 1/31/23. No debt....monthly net retirement income $9k after insurance premiums, etc. No need to touch retirement accounts. We're simple people

 

[Toasted712]

I'm right between you two in age (37). Funny b/c my number is somewhere between 4-5M (combined with what I already have accumulated). I could make it work with less, but to live my lifestyle (stress-free), I think that's what it'd take.

Just interesting to see what others think and how that changes with age.

This is my answer 35 with a 34 year old wife trying to have kids (maybe not actively trying not to?) which may sway this way higher or lower depending on that outcome.

 

[Toasted712]

$10 mil. Even with a modest 4% return, will have enough to manage inflation and bad market years

55 yrs old and simi retired. Cost of living plus college cost means you need much more than you think. Also considering long term health care expenses.

government is going to pay for healthcare old timer. No need to factor that in.

This is a joke if you didn't pick up the sarcasm.

 

[sloanMB]

Both 33, 2 young kids. Taking everything into consideration, including no future income for 30+ years, paying for college, longevity, inflation risk, etc. it’d probably be $7-8 mil. But if a briefcase of $5 mil was in front of me, that might work too.

 

[Orangetown]

Been retired 11 years. Fine so far but have had to help a family member that was unexpected. What you want to do is maintain your life style without working. From my experience, about 65-70% of your annual salary should do it. The biggest savings that I have found in retirement is not having to make contributions to IRAs and such. One of the biggest challenges is mental. We have a lot of our personal identity being what we do. What will you be when you do nothing? Actually, I just reminded myself that I had been successful in my career and told myself that I was going focus on having a successful retirement. Travel has been great, but have given a lot of attention to health, wellness, and fitness. So far, I have been fortunate with pretty good health.

 

[RdKgTgr]

Glad I’m not starting out. Made some mistakes along the way but life is good. Right fellow retiree @Clem'sSon ??

 

[TigerTC]

49. I retire from the Army next year after 22 years in.

I think I could retire tomorrow with $1.5M in the bank, in addition to my Army pension and a couple of investment properties I own.

 

[Lebowski28]

I’m 39/wife 29 - I’d say we have $1.5m and I don’t feel that’s nearly enough. I’d make it work if we got to $3m, but I’d still worry a bit. $5m is the number.

 

[RdKgTgr]

Been retired 11 years. Fine so far but have had to help a family member that was unexpected. What you want to do is maintain your life style without working. From my experience, about 65-70% of your annual salary should do it. The biggest savings that I have found in retirement is not having to make contributions to IRAs and such. One of the biggest challenges is mental. We have a lot of our personal identity being what we do. What will you be when you do nothing? Actually, I just reminded myself that I had been successful in my career and told myself that I was going focus on having a successful retirement. Travel has been great, but have given a lot of attention to health, wellness, and fitness. So far, I have been fortunate with pretty good health.

This^

Best advice I was given regarding retirement. Don’t retire from something, retire to something!

 

[CUFam98]

There's no way I could afford to retire now. If I'm sitting around all day, I'm going to dream up crap I need to buy, like boats, extra houses, redo the yard every few years, probably a divorce payment of half my stuff (or a defense attorney for one of us that survived the shootout).

Retirement is for old people who are smart enough to realize they can't do what they dream about anymore. Not for people who still think "lets take this 22ft boat to the Bahamas" is a plausible idea.

 

[Willence]

I'm 52 and for $3m I would be out right now. Then I could dedicate my life to what I'd rather do even though I love my job.

 

[1Clemson]

Southerncaltiger Jr. is down to UCLA and GaTech. Those outta state prices are re-damned-diculous, irrespective of which state. I still think U. of Nevada Reno is maybe the best deal in this part of the country.

But then you have to live in Reno-Sparks. Unless it’s been razed and rebuilt I would have to pass.

 

[Tigerbomb]

I answered earlier and not to hijack this thread, what do you think it would take per year if debt free? I am debt free and know I can quit now (with income from rental properties coming in as well as savings) but in talking to others that are retired and in good health I have heard a net of 50,000, to 60,000 to maintain a good lifestyle. After talking to these retired people that go to out to dinner/lunch /breakfast some, travel some, keep a couple of nice cars I mostly hear they are spending 55-60,000 per year. I know inflation will up these figures but at the same time more age will slow most of us down.
What is realistic?

It is different for everybody. If you live a pretty simple lifestyle you could do it on less. If you have gotten used to a high roller life style you'd need a lot more.