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

[Anonymous]

Anonymous wrote: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.

He is insane but it may be why he has $30 million. I can understand why going cold turkey upon retirement is a challenge for many people.

[Anonymous]

Anonymous wrote: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.

This makes no sense. At 30m, why would you need to dig into your savings? You should make AT LEAST 1.5M in passive income. You cant manage to live off that? Lol!

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

He is insane but it may be why he has $30 million. I can understand why going cold turkey upon retirement is a challenge for many people.

How old is he?

[Anonymous]

We have $5m nw and we feel almost comfortable now to stop working, except for being unable to predict health care costs. So for the foreseeable future one of us will keep at least a pt job to carry the insurance. We’re 37, kids are 5, 3, 1. Maybe if we had $10m we’d feel comfortable with healthcare uncertainty.

[Anonymous]

Anonymous wrote:We have $5m nw and we feel almost comfortable now to stop working, except for being unable to predict health care costs. So for the foreseeable future one of us will keep at least a pt job to carry the insurance. We’re 37, kids are 5, 3, 1. Maybe if we had $10m we’d feel comfortable with healthcare uncertainty.

We have $10M and am not comfortable w healthcare uncertainty esp w children.

[Anonymous]

We can retire but waiting for kids to graduate from college to use job connections to help them w first job...

[Anonymous]

Anonymous wrote:My # is $7.5M. 38 years old, 2 kids.

I’ve got about $2M in liquid assets so far, and roughly $4.5M in far more speculative illiquid plays. If the illiquid bets pay off, I’m done, if not, it’ll be a while.

I'm a little behind you, but getting there, and same mindset.

[Anonymous]

Anonymous wrote:

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.

54. Retirement at 66 I hope.

[Anonymous]

Anonymous wrote:

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?

1) Recessions come and go. I am old enough to remember 7 recessions, 2 of which were really bad (1981-1982 and 2007-9). In all cases the market recovers.
2) 100K is based on 4% ROI. 100000 generates 40,000; 2.5mil generates 40*2.5 = 100,000.

3) I do not know how I will have the money invested then. Right now, it is about 60-40%. stocks to bond.

[Anonymous]

These numbers are all super high. Mines more like 3 million.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

This makes no sense. At 30m, why would you need to dig into your savings? You should make AT LEAST 1.5M in passive income. You cant manage to live off that? Lol!

PP - it doesn't make sense and we could live fine on our dividends but until now we've reinvested everything. He simply could not go cold turkey into retirement, he's just not wired that way, so he set a goal. He's now 66 and he's backing off a good amount of his part time work so we will start living off the dividends.

[Anonymous]

Wow people here are rich.

$2 million plus paid off house plus fully-stocked college funds, I never work for anyone else again.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

This makes no sense. At 30m, why would you need to dig into your savings? You should make AT LEAST 1.5M in passive income. You cant manage to live off that? Lol!

PP - it doesn't make sense and we could live fine on our dividends but until now we've reinvested everything. He simply could not go cold turkey into retirement, he's just not wired that way, so he set a goal. He's now 66 and he's backing off a good amount of his part time work so we will start living off the dividends.

I get it, my DH retired with a lot less but completely retiring was not in the cards. So he worked PT for a few years so he could ease into full time retirement. It worked really well for him and for me as having him sitting around being bored would have driven both of us nuts. But now he has filled in his free time with things he really enjoys doing.

[Anonymous]

5 mil. I'm 35. I wouldn't want to stop working, but I would love to go PT for a few years.

[Anonymous]

10 million. Current net worth $4.5m. Married, 42, elementary and middle school kids. HHI about $400k.