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how much money do you need before you would retire?

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It's been getting less & less each year and the more I get frustrated with PA. Right now I'm at $700, a case of beer and a Snickers bar. Ask me again in a few months & it'll likely be lower.

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42

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$5M today and I'm tapping out of the workforce. Even if you put it in diversified munis you'd make $150k a year tax free off interest. I could get by on that for sure.

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Personally, I've never understood the financial planning advice to save save save and then radically switch to spend spend spend at 65. Retirement is a transition for most people, not a brightline. My dad's corporate gig went bust in 2001, he did consulting for 5 years or so, then he 'retired' in '06. Then he got bored and we opened up a different business entirely in '11, and the guy's working 14 hour days at 71 years old. Other than people that worked for the gubment, most people don't just retire outright.

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OP- I've always had to work for my loving. Lol.

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3M

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If you can build a separate income stream (i.e. real estate), the number shifts dramatically lower. For me personally, the number is close to $500k in present dollars. By that point my home is paid off, I have RE income of $10-20k a year (and hopefully another business for fun), and I live a low-key lifestyle in the mountains.

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SFA1, what are you, a financial analyst or something? Oh, wait...

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Well, I calculated what I thought it would take to live the life I want to live for 70 years and turns out it's 28M

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I'm "retiring" at 55 regardless. Maybe I'll pick up a side gig or some passion project, but fuck working until I'm a liability. For me it's save and then move somewhere with low cost of living along with my wife.

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As of this morning, I'm at $358,203. I've figured out that I would need $800k in total retirement savings. I'd like to work for the money until 50. After that, I'd be financially free. Then I'd like to do something just to keep me engaged. I was thinking of maybe being a real estate agent. We'll see. #lifestylecreep #thestruggleisreal

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Tbh, I am always really surprised by the number of cpa that don't think this stuff out and understand the math around saving/investments. Same with number that don't use the 401k or any credit card. Spend some time getting your shit together, it'll save you YEARS of work.

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@EY5: Sorry for the delay. I've been saving since I was 22. I basically tried to max out my Roth IRAs (mine and spouse) and 401k (just mine). Been a 1 income family for 12 years. I could've had more saved, but I paid off our $40k student loans in 7 years, paid for cars in 2-3, and always paid credit cards in full every month. My best piece of advice: max out retirement accounts and set everything to be automatic.

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EY3 That's amazing! Congrats on paying off nearly $60k in less than 10 years and saving $20k on top of that. Kudos!! 👏👏

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Define "retire" like when you 65? You know that if you are healthy at 65 you have super high chances to live up to 85 and be mentally and physically ok. Those 20 years make me crazy. I have no idea how much money I need for 20 years cuz I don't want to work after 65 for sure.

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How much money would you need to tell your boss to shove it?

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10m probably

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^$350k not $20k lol

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For me 1 million should cut it. Others can do it on $500,000 or they may need 5 million. No single answer is correct.

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200,000,000......pesos

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