What's the number?

[Benny Profane]

4% before taxes is pretty conservative,

Not when T Bills are locked at near zero until at least 13.

[booner]

2M...see ya later

[Tye 1on]

Not when T Bills are locked at near zero until at least 13.

Exactly. Figuring 2% may not be conservative in today's climate. Particularly if you are looking to go low-risk with something like retirement funds.

Still think the number is 54-46.

[Sirshredalot]

Not when T Bills are locked at near zero until at least 13.

Fair enough if your time horizon is short to medium term - but I could have another 60-70 years on the odometer: if I don't, then my wife probably will. With that in mind, I probably wouldn't allocate much to shorter-duration fixed income securities.

[Snow Dog]

If you're looking for a number then you'll be working a long time. You need to take inflation into account. Your income, if based on GICs, will be around 1% over inflation these days which is $10,000 per million. That would mean around 4 million plus a residence at a minimum.

You really want cash flow and that means a business (or two) of some kind.

[squatch]

5 for me. But what would I do? I'd probably still work, just really cherry-pick my job.

[Cono Este]

Its not a question of net worth, its a question of income. You have to be able to live off interest, dividends, or rent or its not legit.

Id say mine is 20k a month before taxes. So thats 240k, and in todays world that is 8 million.

10 yrs ago that would have been 3-4 million with 7% muni's. Now is a time to buying assets, not income, so check back in another 10 yrs.

Sad.

[skifishbum]

420
but i'm a minimalist

[jack shit]

I watched a guy do this very thing. At 45 he planned his exit strategy, at 50 sold his business and pocketed in excess of 18 million. He thought he had a retirement plan in place that included travel, charity work etc.

Within a year, it all began to unravel. His wife didn't want to travel as much as he did, he was bored, problems started in the relationship an almost divorce occurred.

In the end, he bought another business and is back to work.

Not saying it would happen to everybody but it happens

To accumulate that kind of wealth requires fierce dedication. it's tough to just turn the switch on that and relax.

[bagtagley]

Could do it on $1Mil, $2Mil would be better/easier.

[smartyiak]

10mill...20mil...Man, how much does everyone make in here?

I will say: just shy of $2.5million. If we're using the interest premise, that will give me round $100K/yr. Since I live on waaaay less then that now (and make student loans + mortgage + car payments), I think I can live pretty comfortably on $100K/yr if I owe $0.00.

-Smarty

[The AD]

Id say mine is 20k a month before taxes.

Cono Este needs to start lighting his cigars with $50s rather than $100s.

But you seriously think you'd need $20K per month to live the way you'd like to?

[Cono Este]

Cono Este needs to start lighting his cigars with $50s rather than $100s.
But you seriously think you'd need $20K per month to live the way you'd like to?

Realistically, you have 7500 in income and property taxes. Assuming your home is paid off. Then you have to budget a few thousand here and there for fucked up kids and broke parents, then you have yourself. 10k a month.

Any less, and you should keep earning. I tried to stop early, and I wont make that mistake again. Your done, when your done. No two ways about it.

With a worthless dollar and the printing presses running the graveyard shift at the fed, the price of retirement doubled on unsuspecting baby boomers who thought they had it made. Once you think your done, another curve ball is coming your way. That you can count on.

[DougW]

I'm at the low end in terms of want for $$. My number is $1.2mil. That is with being set up with everything set up ready to go and no debt. That assumes 5% return with 2% inflation.

Done a pretty detailed budget that includes no travel other than dirt bag road trips to parts of BC that haven't been. If extra cash then maybe some trips but I think I'd rather spend $ on Chatter Creek or other local cat outfits.

[XXX-er]

Consider when you go to a party the first thing people you meet ask is "what do you do? " because your job the one you complain about either working for the man or being the man is what defines you .So suddenly you are no longer in the game but you got enough money, food, booze, smoke, skis, bikes and you are the only one by the way cuz all yer buddies, maybe your wife or GF are still working ... is that gona make you happy ?

IME the people who say they know what they would do with a bunch of $$$ have never done the time to actualy earn that money and the people who can actualy afford to retire don't wana go cuz they are habituated to keep turning up at work ... its nice to have somewhere to go every morning



remember the "Whats the hardest thing you ever did ? " thread to which I replied " nothing " ?

[MagnificentUnicorn]

The people I know that have "retired" young have all had rental properties and not large cash reserves. I live very cheaply and could, if it were not for the wife, make do with 40k a year comfortably with no debt.

[XXX-er]

^^ good strategy, I got a rental suite in the basement that pays the mortgage and most of the utilities

[DJSapp]

$14 million. Being at work 60 hours a week is the only thing keeping me from spending a shitload of cash on hookers and blow. I need the investment to perpetuate itself and beat inflation.

[flatlander#2]

My parents and huge extended family are all farmers/ranchers. In the next 15 years myself and my sibs need to figure out what to do with their property, they bought it at $45/acre, now valued around $2200/. They still live there, it does generate a fairly robust income that we all share equally. It will continue to generate income, why I hesitate to completely sell it all off. At present the value is around $11MM. I have thought about putting a low maint house out there middle of nowhere, have threatened a yurt. Little brother says it will get hit by lightening. They have two paid for vacation houses with a third being built with a fourth coming. These are rental properties that my sister manages and they pay for themselves.

My father in law was a corporate man, worked his way up to Director level at Northwest Airlines. Saved his ass off, work was his only hobby-no other hobbies ever. Retires at 62, has been pissed off about not working ever since. Manages his moneys, plans for my kids education, manages his moneys, pissed at his old lady for hitting the sauce early in the afternoon. They could travel free first class anywhere, but don't, too much hassle.

I have a couple of friends from heavy family money, north of $100MM country. One has never had a job, one worked for a while as a geologist. Truthfully their lives suck and I wouldn't want to live like them.

For me, I work 30ish hours a week and do well. I have time to ride my bike during the day, live the life I want and it works. So many people rathole the loot to retire with no real plan of what to do with themselves or live a life until that point. I have friends that squeak they are so tight, think about that egg, that egg, that egg. I guarantee one of them won't live past 60. If I punched out at 55 to doing nothing I'd be a mess, I need structure of something to do-my wife is worse. My parents are the happiest tooling around their property on a quad, chasing a cow, fixing fence, driving a tractor, etc. Compared to many of my friends whose parents did the more "traditional" route they are huge successes-but initially appeared to not be.

Number? There isn't a number for me to just check down.

[systemoverblow'd]

Right now at 33? $6M. If I don't retire with $2M I will feel like I fucked up.

[frorider]

2 million would be nice. 1 million will be doable. At age 70, i'll just intentionally screw up a BASE jump.

owning a paid-off home in the mountains is key. i will be living very cheaply up here when that retirement or semi-retirement comes.

i think the advice about not having a GF doesn't make sense. the key is to find one of the many out there that don't want to have kids. if you must have a kid, make sure he or she has made their first million by age 20.

[Benny Profane]

With a worthless dollar and the printing presses running the graveyard shift at the fed, the price of retirement doubled on unsuspecting baby boomers who thought they had it made. Once you think your done, another curve ball is coming your way. That you can count on.

I don't get that. What does a weak dollar or the fed have to do with it? No trips to Paris in retirement? Jackson instead of Chamonix?

First, the Boomers fucked up by not saving. One third have nothing except social security. The middle third have maybe 30 thou and no pension. The top twenty percent are in six figures, but not seven. One third of 65 year olds + have a mortgage. One third! At 65! But now that rates are at zero, the savers who didn't get caught in the ponzis of housing and stocks aren't getting jack for their money, unless they jump in on Groupon. I swear, if someone could absolutely assure me of 5% for the rest of my life, he can have it all. But he's in jail, isn't he?

[XXX-er]

i think the advice about not having a GF doesn't make sense. the key is to find one of the many out there that don't want to have kids. if you must have a kid, make sure he or she has made their first million by age 20.

you obviously haven't given away half of everything once or twice ?

IME the key is to find a GF who doesn't cost anything and really doesn't need you, what the french guy on last yrs banf-LL-KH-revy-rogers pass trip reffered to as the "Femme Autonomme" it became one of the catch phrase's for the whole trip

[warthog]

10mill...20mil...Man, how much does everyone make in here?

I will say: just shy of $2.5million. If we're using the interest premise, that will give me round $100K/yr. Since I live on waaaay less then that now (and make student loans + mortgage + car payments), I think I can live pretty comfortably on $100K/yr if I owe $0.00.

-Smarty

I think you mean how much does everyone save?

I have put at least 10% of my pay into my 401k since I was 23. About 5 years ago, they stopped offering pensions, and moved to a 50% match on 401k up to 6%.
I was grandfathered into the pension.

So, I have a guaranteed income for the rest of my life, even more if SS $ is still available. Questionable at this point.

My number is $3.25 mil.

[splat]

$2 million in property, $2 million cash.