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Reply to "how much money would you have to have in the bank to feel like you never needed to work again?"
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[quote=Anonymous][quote=Anonymous]$5 million seems like the right amount but I think it would be [b]after educations and my mortgage is paid off.[/b] 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. [/quote] 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).[/quote]
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