*How Much Money Would It Take For You To Retire*??
Sunny beach, sipping icy drinks with umbrellas, and hammock swaying fun… Retirement! Most people dream about wanting to retire…but I tend to find very few people actually make any plans for it. At least not any that are formed in any kind of reality. Most people run the rat race. Get up, Go to Work, Repeat. Some manage to break into the "self employed but really I just am a sales person for someone else" model…. but few I find answer this very simple starting question.
Exactly how much money would need to appear in your bank account every month for you to call it quits to going to work/job/cubicle everyday.
Before you answer, don't just do a budget of your current life situation. Would you give up your current minivan, house in suburbia, and cable tv package if you didn't have to go to work anymore? Would it be ok if you suddenly re-gained those 40+ hours of work life a week and instead had a slightly older car, smaller house and no HD tv package? Could you live? At least to start?
If you can grasp that concept, you are on the road to breaking out of the rat race.
So, Internet… I ask you… how much monthly income would it take for you to retire?
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You never know what inflation will do... If the figure is adjusted for inflation, then £2,500 per month would let me retire.
I actually once made this kind of calculation but with the idea of living the dream.
I can actually retire tomorrow if i feel like it... I'm 42 btw.. but if I were normal I'd say £400 a month
, my retirement plan is to eat a lot of fast food. With that in mind, how much would 10 fast food meals/week cost me?... Hmmm...
To retire right now, or to retire in an ideal situation? To retire right now I'd need to make more than my current salary to squeak by (we are hardly paying bills right now), preferably double if I actually want to be comfortable in my retirement.
If I were to suddenly have all the major things taken care of, such as having a house and a car that are paid off, I could retire on what I make now.
Actually last week, my wife and I met with our investment banker who has been managing our money for decades and he assured me if I retired this morning (Wednesday) I'd have enough money for us to live on for the rest of our lives. Assuming we were both dead by Saturday afternoon.
me too
For Americans about 75% of your current income is a good first guess on what you need at retirement.
If you want to figure out how much you need to save, figure taking out 4% of your total savings every year. That means you would have an income of about $40,000 a year if you saved $1,000,000 for retirement.
That's pretty accurate. ;)
I would retire from my day job with a small annuity. Maybe $2000 a month. I could make enough doing what I love to make up the difference I think. If not, I could still make it and be happy.
For $4000 a month, I could just give away my work at cost.