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

[Anonymous]

Around $6 million after educations and mortgage are paid off. I'd could live on 4% of that every year especially in a lower COL area.

[Anonymous]

$20M. DH is 40, I'm 30. 3 kids. We're half way there.

[Anonymous]

HHI - $350K; $4M Net worth outside of House. Mid 50s with 2 kids still in the house.

$10M and we'll both quit our jobs tomorrow.

Why $10M? To allow for market fluctuations that might kill the goose. With $10M I can protect factor in a 30-40% dip and still not shit my pants..

[Anonymous]

$1 million
I can easily live off the interest at ~ 3 percent annual return
divorced
48
no dependents

[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.

Rofl. I would need 5 million.

[Anonymous]

Anonymous wrote:I would take a million. We have 200k in the bank in cash but that's to buy an investment property.

I have a 2 year old and a 2 month old. I'd love to quit and see them more but DH doesn't make enough.

I quit when I had 2. Its been 10 yrs and the quality of our life has way improved. DH made $105k when I quit. Now makes $150k so very modest but paid off our house and take good vacations and save for college.

[Anonymous]

Anonymous wrote:HHI - $350K; $4M Net worth outside of House. Mid 50s with 2 kids still in the house.

$10M and we'll both quit our jobs tomorrow.

Why $10M? To allow for market fluctuations that might kill the goose. With $10M I can protect factor in a 30-40% dip and still not shit my pants..

Are you me.? Except my magic number was $5M and I added $2M for 40%+ fluctuations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$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.

These are 2 legs of the 3-legged stool. The 3rd leg is healthcare.

Assuming these two items are paid off, then a reasonable healthcare premium would give most people comfort. So $5M would conservatively generate $200k per year, minus local/state/fed income taxes you're sitting at around $120k. Take off another $20k for healthcare and you're left with $100k. That should be plenty without the mortgage (which usually makes up 1/3 of a monthly outlay).

40% taxes? Are you nuts? Unless you are including car insurance and property tax.

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI - $350K; $4M Net worth outside of House. Mid 50s with 2 kids still in the house.

$10M and we'll both quit our jobs tomorrow.

Why $10M? To allow for market fluctuations that might kill the goose. With $10M I can protect factor in a 30-40% dip and still not shit my pants..

Are you me.? Except my magic number was $5M and I added $2M for 40%+ fluctuations.

. I already have 4 and 5 is within reach (maybe in 3-5 years). However, I still have 2 kids who need to go to college and maybe grad school. Healthcare when we don't work. Aged relatives (parents, grand-parents) and young relatives (nieces) that we need to take care of. I'd spend down most of it that way and give what's left to charity in our wills (pretty much our current will) so if anyone has $6 M to give away, I'll take it.

[Anonymous]

We would want to make what we make now. So at a modest 5% return and ability to reinvest and grow the principal a starting balance of 10M.

We are 40, 2 kids ages 8&12.

[Anonymous]

My magic number is 2.5 mil. That should generate about 100K, which, including SS, will bump me to 130K.

Current income is 180K, but expenses will drop -- no 401K contribution and kid will be gone.

[Anonymous]

Anonymous wrote:My magic number is 2.5 mil. That should generate about 100K, which, including SS, will bump me to 130K.

Current income is 180K, but expenses will drop -- no 401K contribution and kid will be gone.

Oh so are you old? I cant collect SS for another 25 years so for this game, I cant even consider SS.

[Anonymous]

Anonymous wrote:We would want to make what we make now. So at a modest 5% return and ability to reinvest and grow the principal a starting balance of 10M.

We are 40, 2 kids ages 8&12.

Yup same here. We would still want to be at a gross of 500k. We still have a mortgage, still dont have college fully funded and still have kids in lots of activities. So I would not quit unless I had enough money in the bank to live at the same level we do today. Out expenses would be a bit higher than if we stayed working because individual health insurance that is not employer based is a fortune for a family of 4. Plus we would have wayyy more idle time to spend money.

[Anonymous]

Anonymous wrote:My magic number is 2.5 mil. That should generate about 100K, which, including SS, will bump me to 130K.

Current income is 180K, but expenses will drop -- no 401K contribution and kid will be gone.

How do you figure $100?

Are all of you thinking about the recession being predicted? What return on investments are you assuming? Where is your money going to be kept?

[Anonymous]

You will think my DH is insane but when he retired from full time a few years ago with a net worth of over $30 million, he set a five year plan to make enough money to pay all of our bills without touching our savings. I thought he was crazy but it was obvious that going cold turkey after a near 40 year career was not in his DNA. Well, he is near the five year mark and we have never touched our savings and despite his PT work we've had a great time in retirement. So it's not just about how much money you have it is what you want to do with your life. Thankfully he is now reaching the point where living off our savings is OK by him.