Is $1 mil enough for you to retire?

[Noclone]

This article obviously feels not... http://finance.yahoo.com/news/not-easy-making-measly-million-144201954.html

My opinion is me and my wife and kids could ALL retire on $1 million. Don't believe me? Give me the mill and watch us!

 

[dmo069]

Not even close.

 

[Icymudpuppy]

It is for me. More than enough actually.

 

[phill4paul]

Yup.

 

[brushfire]

For a couple years, at least.

 

[Danke]

Not enough for me and my women.

 

[hazek]

With my current lifestyle, sure, it's way more than enough.

 

[ShaneEnochs]

Let's see... that would be $20,000 over the next 50 years. I'm 24, so I would be 74 when it ran out. Also, adjusting for inflation, it probably wouldn't even cover my rent in my 40s. Nah, it wouldn't last me.

 

[Noclone]

Let's see... that would be $20,000 over the next 50 years. I'm 24, so I would be 74 when it ran out. Also, adjusting for inflation, it probably wouldn't even cover my rent in my 40s. Nah, it wouldn't last me.

Why would you have rent? Buy a freakin' house in full... Stop wasting on rent. Problem #1 right there. Financial mismanagement.

 

[Kluge]

Definitely. I'd just have to cut out the hookers & blow.

 

[camp_steveo]

Oh hell yeah.

 

[Anti Federalist]

Not enough for me and my women.

Definitely. I'd just have to cut out the hookers & blow.

Mind = Blown.

 

[Anti Federalist]

Yes, $1,000,000 would do just fine.

Would I still have to work?

Yes, of course, but it would be work strictly of my choosing/time/nature.

 

[Kluge]

Mind = Blown.

I just like to say "hookers & blow."

 

[Seraphim]

Yeah something like this.

I'm 24 and I know I could retire from full time work with a million dollars.

Yes, $1,000,000 would do just fine.

Would I still have to work?

Yes, of course, but it would be work strictly of my choosing/time/nature.

 

[Arklatex]

Is this before or after taxes?

 

[kuckfeynes]

1 million in gold? Sure.

1 million in FRN? Hell no.

 

[ShaneEnochs]

Why would you have rent? Buy a freakin' house in full... Stop wasting on rent. Problem #1 right there. Financial mismanagement.

Because I'm young and I don't like to stay in one place for more than two years. It's a personal choice.

 

[Zippyjuan]

I would say after taxes- otherwise you would not have a $1 million to live on but about half. Suggestion to buy a home if you don't already own one was a good one. That greatly lowers your cost of living expenses right there. Most people have about a third of their income going into that (at least that is a figure financial planners often use when estimating expenses). Say you used $300k for that- leaves $700k. Now if you could invest that into something paying five percent you would have a stream of $35k a year (before taxes) without touching the principle at all. With zero for mortgage or rent (you would still have property taxes to pay), most people could probably live pretty reasonably well.

 

[Zippyjuan]

Because I'm young and I don't like to stay in one place for more than two years. It's a personal choice.

If you plan on moving that often then yes, rent. Invest the total amount and live off the return in the meantime until you are ready to buy. Then you will still have your $1 million to work with. A 5% return on that would be $50k a year which is slightly higher than the median income in the country.