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Reply to "Can 29yr old live off $1.5 million w/working?"
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[quote=Anonymous][quote=Anonymous]It’s possible. Sounds like his housing costs are just taxes and insurance…not sure where he lives but that might only be $600/month. If he invests in highly rate 30 year municipal bonds at 5% (absolutely doable right now) in his home state, that’s $75,000 with zero taxes. Hopefully, he would work some job that he enjoys for health insurance and also to increase social security at 65. I would say it gives him financial freedom if he doesn’t do anything stupid. [/quote] He won't get SS if he never puts into the system. He needs 10 years of employment minimum. And he won't collect much if his earnings were low over that 10 years (and yes I'm assuming they are low otherwise he'd have millions in savings. ) Terrible plan to not continue working. He will run out of money and be miserable later in life [/quote]
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