Reply to Can 29yr old live off $1.5 million w/working?

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Reply to "Can 29yr old live off $1.5 million w/working?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Reading through the thread, the 75K # came from 5% municipal bonds.

It is doubtful that this 29 year old has the type of account that would allow him to direct buy MB on par value, and even if he did, it would take a good deal of research to understand what and which bonds to buy himself.

More realistically, he is looking at 45K/year (3%), [b]and hope he doesn't hit major, unexpected expenses along the way, and stays healthy until he drops dead before his money runs out. [/b]

You can't compare a young person with 1.5M and never working again to a person who is gainfully employed for even a decade or two. [/quote]

This is the real danger.  What happens when the house needs a new roof?  What happens when he needs an expensive prescription that is only partially covered by insurance?  What happens when he's in a car accident?  There are innumerable things that could cause this "plan" to fail.  [/quote]

Agreed, and for those who say that 75K (which isn't realistic in this scenario) is what many people live on, they also can be taken out by these unexpected challenges. But these people don't have a choice. They are just working hard, trying to create a good life for their family. If you are a 29 year old able bodied man, why stop working at this point when there are so many unknowns? There is a choice here.[/quote]

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