How much money would you need to retire right now??
 

Lots of variables here, I suppose, but just for argument's sake, let's say you're between 25 and 35, no outstanding school loans or anything. No kids (but maybe married).

How much $$ would you need to have in the bank to feel comfortable quitting your job and "retiring". (I think we probably also have to assume that you're not planning on making any substantial additional poker income...otherwise, I could technically "retire" right now.)

Re: How much money would you need to retire right now??
 

Enough money to make me $100,000 a year from the interest alone... let's say I invest it at 5% (conservative estimate) I'd need $2 million then.

But $1 million would probably be good enough anyway.

Re: How much money would you need to retire right now??
 

I think this thread has been done before. But assuming I will have no other income for the rest of my life (hopefully 60+ years) I would say 5 million minimum, to be comfortable. And I don't want/need to live an expensive lifestyle like a lot of people on here do.

edit: if this money will not be taxed, probably more like 3 mil

Re: How much money would you need to retire right now??
 

40 million.

Re: How much money would you need to retire right now??
 

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I think this thread has been done before. But assuming I will have no other income for the rest of my life (hopefully 60+ years) I would say 5 million minimum, to be comfortable. And I don't want/need to live an expensive lifestyle like a lot of people on here do.

edit: if this money will not be taxed, probably more like 3 mil

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Thats about what I came up with.

Re: How much money would you need to retire right now??
 

A million would be plenty. I can leave under my means easily.

Re: How much money would you need to retire right now??
 

yeah i'm sure this thread has been done already, but this is OOT -- most threads have been 'done' in some respect. I came up with around 2Mil if i didn't need to live fancy...but realistically assuming having to put kids thru college some day, i'd like 4 - 5 Mil.

Re: How much money would you need to retire right now??
 

definitely don't need 5 million.

you could just take 1 million and live off of interest from CD's.

to quit work forever, i think i'd need a million to be really comfortable, but i could get by on much less.

Re: How much money would you need to retire right now??
 

It would be tough for me to give up the slight chance that I get really rich through my own success. However, it would be even harder to give up the opportunity to do nothing forever. I would say 4-5 mil seems right, but if I was offered 2 mil and could retire and just manage my money I don't see how I could turn it down.

Re: How much money would you need to retire right now??
 

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definitely don't need 5 million.

you could just take 1 million and live off of interest from CD's.

to quit work forever, i think i'd need a million to be really comfortable, but i could get by on much less.

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What is the best interest you can get? I doubt it as high as five percent thats what? 30k a year give or take.

Re: How much money would you need to retire right now??
 

$10 million

Re: How much money would you need to retire right now??
 

well 5% of 1 mill would be 50k a year.

And i think you can get around 5% (but i dont know) in CD's or something.. you should be able to get more than that in some high-return stock things.

Re: How much money would you need to retire right now??
 

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well 5% of 1 mill would be 50k a year.

And i think you can get around 5% (but i dont know) in CD's or something.. you should be able to get more than that in some high-return stock things.

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This is terribly wrong

Re: How much money would you need to retire right now??
 

*insert pic of cows and mountains here*

Re: How much money would you need to retire right now??
 

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well 5% of 1 mill would be 50k a year.

And i think you can get around 5% (but i dont know) in CD's or something.. you should be able to get more than that in some high-return stock things.

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This is terribly wrong

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Whoops.

I stand by that i don't need 5 million to retire.

Re: How much money would you need to retire right now??
 

how much I need, $0... how much I want, a lot more

Re: How much money would you need to retire right now??
 

easily $1 mill and live comfortably.

who needs $5 and puts everything in CDs?

put most in the stock market which returns 10-11% historically. put a small % in bonds and CDs. that's essentially what a retirement fund does.

so w/ $1 mill you can can make ~100k a year and never touch the principal. i can deal w/ that.

edit: see you guys at the end of november. my last OOT post until then...

Re: How much money would you need to retire right now??
 

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easily $1 mill and live comfortably.

who needs $5 and puts everything in CDs?

put most in the stock market which returns 10-11% historically. put a small % in bonds and CDs. that's essentially what a retirement fund does.

so w/ $1 mill you can can make ~100k a year and never touch the principal. i can deal w/ that.

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If you can't work again then you cannot put your money in anything near this risky because a downswing would be so disastrous; you couldn't make near 10%

Re: How much money would you need to retire right now??
 

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A million would be plenty. I can leave under my means easily.

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A million would give you about 30-40K a year in inflation adjusted dollars (ie you have to invest the first 2-4%(pretax) you make every year just to stay even). Not exactly a great life but definitely liveable if you are not on the coasts. I am guessing that this income would be about equal to normal salary (you should pay less in taxes but you have to pay for health care and the like) but I haven't done the math.

Re: How much money would you need to retire right now??
 

250k. But I'll never "retire" retire. That'd be too boring.

Re: How much money would you need to retire right now??
 

I'm surprised all of these numbers are so low. When I retire, I want to spend my days sitting in a hot tub on my yacht smoking cigars, not worrying about budgeting my money so I can pay my bills. I'd also like to give my kids (when I have them) a very good head start in life. A million dollars, 2 million dollars, or even 5 million dollars doesn't seem like all that much money to me. All of those amounts are certainly life-changing, but if someone handed me a check for 5 million dollars tomorrow, I wouldn't think "Wow, now I never have to work again". I probably wouldn't work a regular job for a salary mind you, but I'd still be essentially working full time to grow that 5 million into what I'd consider a more meaningful amount.

Re: How much money would you need to retire right now??
 

20 million bare minimum

Re: How much money would you need to retire right now??
 

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well 5% of 1 mill would be 50k a year.

And i think you can get around 5% (but i dont know) in CD's or something.. you should be able to get more than that in some high-return stock things.

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CDs barely get 3% right now and u never wanna lock them for more than 6 months at a time which lowers ur rate....

Re: How much money would you need to retire right now??
 

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Lots of variables here, I suppose, but just for argument's sake, let's say you're between 25 and 35, no outstanding school loans or anything. No kids (but maybe married).


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I would need £5million.....(Sterling not dollars)

That would keep me more than happy FWIW....and let me be able to continue a very happy life.....

How much $$ would you need to have in the bank to feel comfortable quitting your job and "retiring". (I think we probably also have to assume that you're not planning on making any substantial additional poker income...otherwise, I could technically "retire" right now.)

Re: How much money would you need to retire right now??
 

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but if someone handed me a check for 5 million dollars tomorrow, I wouldn't think "Wow, now I never have to work again".

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Well, I would. You're seriously saying you would continue to show up at work day after day with $5m in the bank? I don't believe you.


I'm pretty sure I could pull this off with 500k. Yes, I would have to live cheaply, but I don't mind that, and it sure beats working.

Re: How much money would you need to retire right now??
 

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but if someone handed me a check for 5 million dollars tomorrow, I wouldn't think "Wow, now I never have to work again".

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Well, I would. You're seriously saying you would continue to show up at work day after day with $5m in the bank? I don't believe you.


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I probably wouldn't work a regular job for a salary mind you, but I'd still be essentially working full time to grow that 5 million into what I'd consider a more meaningful amount.


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You read very well.

Re: How much money would you need to retire right now??
 

$3M.

Re: How much money would you need to retire right now??
 

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but if someone handed me a check for 5 million dollars tomorrow, I wouldn't think "Wow, now I never have to work again".

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Well, I would. You're seriously saying you would continue to show up at work day after day with $5m in the bank? I don't believe you.


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I probably wouldn't work a regular job for a salary mind you, but I'd still be essentially working full time to grow that 5 million into what I'd consider a more meaningful amount.


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You read very well.

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Just to clarify, my thoughts would be something along the lines of, "Good, now I have a little something to work with. It'll save me 10+ years of grinding."

Re: How much money would you need to retire right now??
 

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Enough money to make me $100,000 a year from the interest alone... let's say I invest it at 5% (conservative estimate) I'd need $2 million then.

But $1 million would probably be good enough anyway.

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Its so insanse to me that youd need 100K/year. You must live a very expensive lifestyle!!

Re: How much money would you need to retire right now??
 

Haven't read the thread, but just one piece of advice which many forget. The living standard needed for you to feel satisfied will probably be significantly higher in 20-30 years time than it is now; since average living standard will be much higher then due to economic growth. Take into account that you need to find money to finance this somehow.

Re: How much money would you need to retire right now??
 

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Enough money to make me $100,000 a year from the interest alone... let's say I invest it at 5% (conservative estimate) I'd need $2 million then.

But $1 million would probably be good enough anyway.

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Its so insanse to me that youd need 100K/year. You must live a very expensive lifestyle!!

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Somehow, I don't think he'd be flying around in his private jet, dividing his time between staying in his various mansions and going on lavish vacations. It's not like Robin Leech is going to come calling on him or anything.

A married couple both working as public school teachers probably make an amount similar to this. Do you think most teachers live a very expensive lifesyle?

Re: How much money would you need to retire right now??
 

Assuming i'm allowed to play 0 EV poker any time i want, 20 million, i'll live off the interest

Re: How much money would you need to retire right now??
 

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Enough money to make me $100,000 a year from the interest alone... let's say I invest it at 5% (conservative estimate) I'd need $2 million then.

But $1 million would probably be good enough anyway.

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Its so insanse to me that youd need 100K/year. You must live a very expensive lifestyle!!

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Somehow, I don't think he'd be flying around in his private jet, dividing his time between staying in his various mansions and going on lavish vacations. It's not like Robin Leech is going to come calling on him or anything.

A married couple both working as public school teachers probably make an amount similar to this. Do you think most teachers live a very expensive lifesyle?

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i thought OP wasnt about a couple but about just him without kids. i think 100K/yr is alot for one person. Maybe not alot for someone living in a very expensive city like NY or LA though. How big of a house is a single guy living in? where is he spending all of his money?

Re: How much money would you need to retire right now??
 

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Enough money to make me $100,000 a year from the interest alone... let's say I invest it at 5% (conservative estimate) I'd need $2 million then.

But $1 million would probably be good enough anyway.

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Its so insanse to me that youd need 100K/year. You must live a very expensive lifestyle!!

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Somehow, I don't think he'd be flying around in his private jet, dividing his time between staying in his various mansions and going on lavish vacations. It's not like Robin Leech is going to come calling on him or anything.

A married couple both working as public school teachers probably make an amount similar to this. Do you think most teachers live a very expensive lifesyle?

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i thought OP wasnt about a couple but about just him without kids. i think 100K/yr is alot for one person. Maybe not alot for someone living in a very expensive city like NY or LA though. How big of a house is a single guy living in? where is he spending all of his money?

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Where I live, a single guy making 100k a year, is doing very well. Could easily afford a nice 3-4 bedroom house, 60k+ car, and have a lot of money left over to have fun with. An emigrant direct account @ 4% interest, w/2 million yields, 80k. I think that is decent income for the rest of your life. Ecspecially if you currently play Pokeher, you could add a lot on to that initial principle.

Re: How much money would you need to retire right now??
 

Just because a person is single/living alone right now doesn't mean they'll stay that way. If you're looking at how much you'd need to retire you can't just take your current situation and extrapolate it forward in terms of lifestyle and yearly expenses. Personally, I think even looking at this situation in terms of X dollars per year is wrong. I think far to many people focus on paying their bills and maintaining their lifestyle or whatever rather than accumulating wealth.

Ofcourse I can live very comfortably off 100k right now, but once I end up getting married and having a couple kids, things would be pretty tight. Maybe then, I could live very comfortably of 200k or 250. 30 years from now though, that 200 or 250 won't be that much and I'd probably need something more like 500 or 600.

IMO the whole point is to accumulate enough so none of that will be a concern. Ever.

Re: How much money would you need to retire right now??
 

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A married couple both working as public school teachers probably make an amount similar to this. Do you think most teachers live a very expensive lifesyle?

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You're nuts. Where'd you get this figure for a teacher's salaries?

My yearly expenses come under $25k/yr, probably under $20k, and I don't live a particularly sparse lifestyle. But I still wouldn't feel comfortable retiring without more than $2M.

Re: How much money would you need to retire right now??
 

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Enough money to make me $100,000 a year from the interest alone... let's say I invest it at 5% (conservative estimate) I'd need $2 million then.

But $1 million would probably be good enough anyway.

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Its so insanse to me that youd need 100K/year. You must live a very expensive lifestyle!!

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Somehow, I don't think he'd be flying around in his private jet, dividing his time between staying in his various mansions and going on lavish vacations. It's not like Robin Leech is going to come calling on him or anything.

A married couple both working as public school teachers probably make an amount similar to this. Do you think most teachers live a very expensive lifesyle?

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i thought OP wasnt about a couple but about just him without kids. i think 100K/yr is alot for one person. Maybe not alot for someone living in a very expensive city like NY or LA though. How big of a house is a single guy living in? where is he spending all of his money?

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Where I live, a single guy making 100k a year, is doing very well. Could easily afford a nice 3-4 bedroom house, 60k+ car, and have a lot of money left over to have fun with. An emigrant direct account @ 4% interest, w/2 million yields, 80k. I think that is decent income for the rest of your life. Ecspecially if you currently play Pokeher, you could add a lot on to that initial principle.

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80k is taxed.

Re: How much money would you need to retire right now??
 

http://lachlan.bluehaze.com.au/nanos...ollars01_s.jpg

Re: How much money would you need to retire right now??
 

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Maybe then, I could live very comfortably of 200k or 250.

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Hahahahaha. I made a thread saying that if I ever got married and have kids Id need alot of money (like those figures you quoted) to live comfortably, and everyone gave me hell. I agree with you though, less then 200K (in the United States, with a wife and kids really isnt enough, for me atleast).

Re: How much money would you need to retire right now??
 

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A married couple both working as public school teachers probably make an amount similar to this. Do you think most teachers live a very expensive lifesyle?

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You're nuts. Where'd you get this figure for a teacher's salaries?

My yearly expenses come under $25k/yr, probably under $20k, and I don't live a particularly sparse lifestyle. But I still wouldn't feel comfortable retiring without more than $2M.

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Loc: Nashville

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I'm from Connecticut so there's probably a huge regional difference in terms of cost of living. There's no way you could get by on under 20k a year unless you lived a VERY sparse lifestyle. Just renting a semi-reasonable apartment will run you north of 1k/month. If you want to buy a house in a decent town with decent schools and whatnot, you'd be hard-pressed to find one for less than 300 or so.

I have a cousin that's been a teacher for 3 or 4 years and he makes ~45. I'm pretty sure they start at 36 first year out. The ones who have been teaching for a number of years make closer to 70.