OT: What's the minumum amount of money you would need to retire?

[NYKinMIA]

buy some bitcoin

[Jalen Bluntson]

buy some bitcoin

You love the Bitcoin huh?

[Lord Commander]

Interesting topic. I retired from a job in NY during Covid, receive 95K pension/yr plus full healthcare for me and wife, have a 200K 401K I haven't touched, cashed in on my Queens house during the seller's market and bought a nice house in GA... less than 150K mortgage at 3% interest so my housing expense is relatively low. But I'm nervous to stop working entirely. I don't know if the pension and 401K would be enough to support me and wife (she works part time), but I despise driving to work in Atlanta traffic 3 three days/week. I might need another 1-2 million to fully retire.

Fck. Yall making me nervous and I'm still in my early 30s. 95k pension/yr + all that cash is not enough???

Not when you're used to a certain lifestyle. We want to keep traveling and driving nice/newer cars. And although the house we bought was a new construction, there are always improvements we want lol.

[HarthorneWingo]

Depending on where you live even 10,000,000 can run out pretty quick. For me to consider moving back to NYC I think the number goes to 20 million.

Oh. $20 million. Hmmm.

May I ask, what line of work you're in?

I dont have that money ....

Oh. Well, in that case …

[NYKinMIA]

buy some bitcoin

You love the Bitcoin huh?

I'm absolutely fully onboard with it's potential for serious long term growth. yes

[RHODEY]

buy some bitcoin

Right idea wrong coin.

[thebuzzardman]

Not much. I keep a loaded .45 to scatter my brains after the money runs out.

[NYKinMIA]

buy some bitcoin

Right idea wrong coin.

it's the safest. hard to argue that.

what's your highest conviction coin?

edit: I don't want to derail thread, so if you wanna pop it in the other thread, that'd be cool too.

[nykinoz]

I'm in Australia, i'm working on a million dollars in superannuation and owning our house outright, thats the goal.

[RHODEY]

buy some bitcoin

Right idea wrong coin.

it's the safest. hard to argue that.

what's your highest conviction coin?

edit: I don't want to derail thread, so if you wanna pop it in the other thread, that'd be cool too.

Since this is unrelated:

Spoiler:

Absolutely the safest....but during the next bull run unlikely to give you even a 10X return. Im in on some way riskier projects , but the potential returns are way way higher....think HEX returns levels..but we can discuss further in the crypto thread or better yet a PM

[Capn'O]

A hell of a lot more than is in my retirement account. That's for damn sure.

[DOT]

buy some bitcoin

You love the Bitcoin huh?

It's a cult lol

[Stannis]

buy some bitcoin

You love the Bitcoin huh?

It was one of the best performers in 2023. It outperformed all major stock indices, gold, and other commodities (except for Orange Juice and Cocoa lol). This was the year of a guaranteed recession and analysts were predicting Bitcoin <10k.

You have to give some props to this currency. It was and is an absolute tank. Many, including myself, thought it was going to go straight down as rates were going up and inflation supposedly going down.

[HarthorneWingo]

Not much. I keep a loaded .45 to scatter my brains after the money runs out.

A .45 is kinda loud. Would a 9mm do the job?

Anyhow, that's what I'm goink to do when I get to Pennsylvania. Probably a 9mm. I'm not going to end up like shammgod in some forsaken nursing home where it takes the staff a couple of hours before they get to him after he's shyt himself. I'm not going for any of that. I mean, just look around. This world is a complete and utter shyt show now.

The other way was perfected by The Who's bass player, John Entwistle. He died in Las Vegas while in hotel bed with a couple of hookers and an 8 ball.

[dakomish23]

it depends on your debts / future costs. if you paid off your mortgage and can stay in place, don't have kids you have to take care of, $5 million can get you $150K per year at a 3% withdrawal rate, well within the margin to still let your brokerage account grow and live a comfortable life in most places. But how many ppl are gonna have a $5 mil upon retirement? Better be a high earner.

If you're trying to make the dollars stretch, I would NOT move to FL. It has become a nightmare for the non wealthy.

[tester551]

it depends on your debts / future costs. if you paid off your mortgage and can stay in place, don't have kids you have to take care of, $5 million can get you $150K per year at a 3% withdrawal rate, well within the margin to still let your brokerage account grow and live a comfortable life in most places. But how many ppl are gonna have a $5 mil upon retirement? Better be a high earner.

If you're trying to make the dollars stretch, I would NOT move to FL. It has become a nightmare for the non wealthy.

I figure a 4% withdrawal rate. With house paid for and no other debts -> I'm figuring I'll need ~$5k/month to live on ($60k/yr).
This give enough for a decent retirement, but not extravagant.

$60k/.04 = $1.5M needed for retirement. If you trust SS will be there when you retire (and through retirement), it can be a bit less.

My goal is closer to $2.5M

[8516knicks]

Any of you guys have a number in mind? This would be lump sum after taxes.

What kind of style are we talking? Do you have expensive tastes?

I've done some research on this if you're willing to consider moving to another country in Central America, Greece, Portugal or some other places. Basically, the number is $500,000 and your social security.

Can you name a few other places? Greece is too far from my kid. I'm not moving to Central America. Never thought to move to Portugal and know nothing about it.

Lot of bargain real estate in Ukraine, or so I hear.

[8516knicks]

Not much. I keep a loaded .45 to scatter my brains after the money runs out.

Well, more effective than an empty .45. However if you plan that route, taking the trouble to load one should be the least of your concerns.

[ozwizard8]

Interesting topic. I retired from a job in NY during Covid, receive 95K pension/yr plus full healthcare for me and wife, have a 200K 401K I haven't touched, cashed in on my Queens house during the seller's market and bought a nice house in GA... less than 150K mortgage at 3% interest so my housing expense is relatively low. But I'm nervous to stop working entirely. I don't know if the pension and 401K would be enough to support me and wife (she works part time), but I despise driving to work in Atlanta traffic 3 three days/week. I might need another 1-2 million to fully retire.

Fck. Yall making me nervous and I'm still in my early 30s. 95k pension/yr + all that cash is not enough???

Exactly this.

I guess the question is also about how old are you?
I am pretty sure it'd require much more money to retire in 30s then to retire in the 60s. You know life expectancy is one thing and I assume someone in 30s 40s may have an active life, potentially having kids, buying house etc.

In general, I dont agree with early retirement stuff people seems to like to talk these days. wtf are you going to if you retire at age of 30? It'd get boring in a year or two.

[MrDollarBills]

A hell of a lot more than is in my retirement account. That's for damn sure.

Same. The next 20 years better be fruitful or I'm probably following buzz's retirement plan