how much money would you have to have in the bank to feel like you never needed to work again?

[Anonymous]

We are 40 years old with two school-age kids. I think $8-10M is a good number for us.

[Anonymous]

I would need $10,000/mo in passive income, which would cover our mortgage and routine expenses. For both of us to never work again, we'd probably want something closer to $15,000/mo in passive income. We're only at $3,000/mo now, so we have a long way to go. We're still pretty young (early 30s) so not too eager for retirement yet!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sandwich generation with ill parents and teen kids.
$100 million in the bank and I'd quit

Really? So $75 million, and you're still making your way into the office each day?

Idiot.

Healthcare, healthcare, healthcare. At this point I just want to buy a pharmaceutical company, my own hospital and hospice with full staff for us to live in. $100 million might not be enough.
Mute point, of course. We'll never have half a million in savings+retirement+home equity. We've accepted the fact that we will never retire by choice. Retirement is for you other people.

[Anonymous]

If only it were a "mute" point...

[Anonymous]

I'd say about $5M. We are not even close, so I plan to be working for awhile

[Anonymous]

When we were both about 52, DH's company was sold and at that point we totaled about $15 million and I would love for him to have retired as $15 was beyond our wildest dreams. He did briefly but was bored because all of his friends were working so he co-founded and invested in another company at around age 54. That bet really paid off and he mostly retired at around 62 when I said "it's time to enjoy life" and he agreed. His last deal was great but the additional money hasn't changed our lifestyle. Honestly, if between age 52 and 62 his health had suddenly gone south it would have been so sad because we didn't need the money. Luckily it all worked out.

[Anonymous]

Anonymous wrote:When we were both about 52, DH's company was sold and at that point we totaled about $15 million and I would love for him to have retired as $15 was beyond our wildest dreams. He did briefly but was bored because all of his friends were working so he co-founded and invested in another company at around age 54. That bet really paid off and he mostly retired at around 62 when I said "it's time to enjoy life" and he agreed. His last deal was great but the additional money hasn't changed our lifestyle. Honestly, if between age 52 and 62 his health had suddenly gone south it would have been so sad because we didn't need the money. Luckily it all worked out.

Your children, grandchildren and charities will benefit. Hopefully not Uncle Sam!

[Anonymous]

We've both already stopped working. We have $10 million but also have a buy out for an interest in a company that lasts for 10 years. We also own many properties (apartment buildings, office buildings, townhouses and houses), most of which generate income. (The ones that don't are our main home, vacation homes, etc.)

[Anonymous]

Anonymous wrote:Probably about $5M to feel really secure. I think I'd do it on $2M if I were older and had the kids' college funded on top of that.

I'm 36 right now with 2 young kids. A ways to go...

+1. same situation, but 4 kids

[Anonymous]

1mill would be the bare minimum for me to think about stopping work

now I know is seems low, but I figure with a million bucks I should be able to get 5% return

which means I'd be getting 50K a year on interest

Which means id never have to touch the principal and still get a living wage.

given I'm 46, I figure I got another 40 years I could spend 25K a year form the principal plus the 50kinterest would be 75K a year. totally livable wage. and by the time i'm dead the original amount would be close to zero.

now granted I would not be able to live in the DC area, but i'd be happy out of this area anyhow..

more than 1mill would be better, but I'd be able to it on one mill

[Anonymous]

Anonymous wrote:

Anonymous wrote:When we were both about 52, DH's company was sold and at that point we totaled about $15 million and I would love for him to have retired as $15 was beyond our wildest dreams. He did briefly but was bored because all of his friends were working so he co-founded and invested in another company at around age 54. That bet really paid off and he mostly retired at around 62 when I said "it's time to enjoy life" and he agreed. His last deal was great but the additional money hasn't changed our lifestyle. Honestly, if between age 52 and 62 his health had suddenly gone south it would have been so sad because we didn't need the money. Luckily it all worked out.

Your children, grandchildren and charities will benefit. Hopefully not Uncle Sam!

PP- that is our intent with trusts, annual gifts and charities. Oh, and spending some on ourselves! Uncle Sam has already taken a ton.

[Anonymous]

Anonymous wrote:1mill would be the bare minimum for me to think about stopping work

now I know is seems low, but I figure with a million bucks I should be able to get 5% return

which means I'd be getting 50K a year on interest

Which means id never have to touch the principal and still get a living wage.

given I'm 46, I figure I got another 40 years I could spend 25K a year form the principal plus the 50kinterest would be 75K a year. totally livable wage. and by the time i'm dead the original amount would be close to zero.

now granted I would not be able to live in the DC area, but i'd be happy out of this area anyhow..

more than 1mill would be better, but I'd be able to it on one mill

Wow. You may want to go take some remedial math classes before you make any decisions, PP.

[Anonymous]

$5 million seems like the right amount but I think it would be after educations and my mortgage is paid off. I will be around 55 when that happens and we are in pretty good shape to achieve that goal. But if I really like my job at that age I'd probably continue to work. I don't want to be the youngest retiree around.

[Anonymous]

$8M for me and DH, early 40's, no kids.

$5M if it was just me, but DH is a spender.

[Anonymous]

Anonymous wrote:$8M for me and DH, early 40's, no kids.

$5M if it was just me, but DH is a spender.

You need 5 million, he needs three, and he's the spender?