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Off Topic : 1) When Does a software engineer start financial planning for retirement since the our Career span is only 15-20 years on average.
2) How much and which schemes to invest to mitigate the risk?
3) How much do we need for retirement? Tata Consultancy Infosys Mindtree IBM Wipro Capgemini Cognizant HCL Technologies
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100 billion thanks
Depends on your age. Anywhere between $5M - $10M. I’m closer to the low end because I’m older.
$10M has always been my target and my definition of “financial freedom”
$3MM would allow me to retire worry-free at 47 and support the lifestyle we have today. Anything over that moves out of the "security" column and into the "freedom" column.
I could be, but due to a lack of financial literacy when I was younger, I'm not even halfway there yet, so I am playing catch-up.
$10mm
There's a way that some people use to calculate 25*your annual spending.
10 M USD
$3m is my absolutely bare minimum (I’ve done the math). Would prefer to be at $5-10m.
Same, difference between making ends meet without too much effort versus living very comfortably
$20M at the more comfortable end. $15M at the minimum.
What’s your lifestyle like? Where do you live? How much do you make?
$3M
For me, financially free has a different connotation than comfortable to retire.
I see financially free as in $20m+ …truly free.
Comfortable to retire? Now? $6.5m maybe this dwindles slightly as I age…
Possible to retire? Age 60, probably min. $3m
I need to make half a mil
I think you misread the question.
For those saying $3M minimum: Would that be your investments amount, or your net worth?
All $3MM needs to be invested, and then you can retire early and live off of the interest.
Consider it this way, uninvested capital at a burn rate of "only" $100k a year, limits you to living in a L to MCOL city, and have 30 years before it's gone. Unless you want to gamble with your life expectancy, you need all $3MM in the bank at age 60. Stretch the timeline by spending less, but them we are no longer financially free by many standards.
It seems like a lot of money, and is, but the time horizon stretches $3MM a bit thin over the span of a lifetime. I'd say $10MM in a high-yield savings account would be the minimum amount to live comfortably without having the risk of investing. To be truly financially free in all hypothetical situations, you would want to have another $3-$5MM tied up in real estate, should something drastic happen to currency/banking.
Probably $8 to $10M. We hopefully have 10 more years to go!
Wow, how are you all making and saving millions. Bring me up to speed guys! I missed the memo.
I'm not q big fan of real estate but that seems to be the onlt way to get to the millions...
Save and invest 20% of your income over the course of 30 years. Compounding interest does the rest.