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

[HarthorneWingo]

Born and raised in Queens. Lived there 'til I was 24. Have been living in Los Angeles since. Since I also have my own business (book publisher), I am ultimately going to settle in the Las Vegas area, because I am tired of paying state income taxes.

Just stay away from the nuclear wast dump site.

That too. I told a buddy of mine about Henderson, NV (he lives in Vegas as well). He said, I should've known that's what you were looking at it. It's basically Los Angeles in Vegas from an aesthetic standpoint.

I heard that many have moved to Henderson. I don’t know much about it though.

[Jalen Bluntson]

Oh, there's Thailand. Bluntstoned would love the women and the cannabis bazaars there.

I'm just looking for place out of everyone's way but not completely isolated. Not in hostile territory or failing govts etc. I admit I am totally ignorant to these aspects of the world outside of North America. Never been out of the country or off the east coast for that matter.

I will most likely die with my tools in my hands anyway(pause) and will never even get to fully retire so, it's more a curiosity for me. I have my own plan mapped out for a peaceful easy fade out from this world. My kid has instructions for if/when I start to lose my faculties already. It's just a matter of riding out the back nine as easy as possible for me and I really don't wanna leave my daughter because we are the only family we have left technically. Her mother is batshyt crazy and they have an almost non existent relationship. Everyone else is dead or long removed from our lives so, I don't want to live too far from her. She's not married and no kids either yet. Unless she leaves the country too.... that's why I am asking.

Better tell them now that you already have.

Just stay with your kids. You lucky to have them. How they feel about you may be another matter.

She has known that part for about ten years now. It basically boils down to pushing me out to sea on an ice raft for lack of a better way to say pull the trigger and walk away. Not looking to be a financial or mental burden in any way to her. She would do anything for me but, she agreed to the basic plan anyway. She is a good kid. Too much like me but, without most of the bad habits.

[Chuck Everett]

Just stay away from the nuclear wast dump site.

That too. I told a buddy of mine about Henderson, NV (he lives in Vegas as well). He said, I should've known that's what you were looking at it. It's basically Los Angeles in Vegas from an aesthetic standpoint.

I heard that many have moved to Henderson. I don’t know much about it though.

My NYC-area comparison would be Manhasset or Great Neck in Nassau County. Mansions and mini-mansions, although not as much land as those two enclaves. So it's like 20-30 minutes in the car from the Vegas strip, but still feels somewhat suburban.

[Jalen Bluntson]

Oh, there's Thailand. Bluntstoned would love the women and the cannabis bazaars there.

I'm just looking for place out of everyone's way but not completely isolated. Not in hostile territory or failing govts etc. I admit I am totally ignorant to these aspects of the world outside of North America. Never been out of the country or off the east coast for that matter.

I will most likely die with my tools in my hands anyway(pause) and will never even get to fully retire so, it's more a curiosity for me. I have my own plan mapped out for a peaceful easy fade out from this world. My kid has instructions for if/when I start to lose my faculties already. It's just a matter of riding out the back nine as easy as possible for me and I really don't wanna leave my daughter because we are the only family we have left technically. Her mother is batshyt crazy and they have an almost non existent relationship. Everyone else is dead or long removed from our lives so, I don't want to live too far from her. She's not married and no kids either yet. Unless she leaves the country too.... that's why I am asking.

The basic questions are, why do you need to relocate and what do you need to maintain the lifestyle you want. There are a lot of places in the world with lower cost of living than the US, but there's also a reason for that. If you can do things like downsize your living (i.e. smaller home) and rely on other income sources, there are other workarounds to cost of living concerns. Being in another country away from a child that relies on you can be pretty tough and that relationship is one of the most meaningful experiences in life, so I have to question whether finances alone are enough to justify a move.

I was just asking what other areas he had researched more out of curiosity because a small part of me would not mind getting out of dodge at some point. I don't have to relocate anywhere when all is said and done. My savings are all gone after my wife got cancer twice. Once she died late 2021 threw all of the extra shyt we owned in the garbage. Didn't own a house with her. Don't have a pension or 401k.

I'm going mobile by the end of this year or some time next year if things go smooth enough anyway. My expenses will be bare minimum from here on out. I do need to look into some sort of retirement savings to help supplement whatever my social security is though. I just haven't gotten around to it because I sort of don't give a shyt anymore. Just don't ever wanna be a financial burden on my daughter if a time comes where I can't do some sort of PT work for extra cash. I am basically gonna be a stumbling bumbling tumbleweed the rest of the way.

[aq_ua]

I'm just looking for place out of everyone's way but not completely isolated. Not in hostile territory or failing govts etc. I admit I am totally ignorant to these aspects of the world outside of North America. Never been out of the country or off the east coast for that matter.

I will most likely die with my tools in my hands anyway(pause) and will never even get to fully retire so, it's more a curiosity for me. I have my own plan mapped out for a peaceful easy fade out from this world. My kid has instructions for if/when I start to lose my faculties already. It's just a matter of riding out the back nine as easy as possible for me and I really don't wanna leave my daughter because we are the only family we have left technically. Her mother is batshyt crazy and they have an almost non existent relationship. Everyone else is dead or long removed from our lives so, I don't want to live too far from her. She's not married and no kids either yet. Unless she leaves the country too.... that's why I am asking.

The basic questions are, why do you need to relocate and what do you need to maintain the lifestyle you want. There are a lot of places in the world with lower cost of living than the US, but there's also a reason for that. If you can do things like downsize your living (i.e. smaller home) and rely on other income sources, there are other workarounds to cost of living concerns. Being in another country away from a child that relies on you can be pretty tough and that relationship is one of the most meaningful experiences in life, so I have to question whether finances alone are enough to justify a move.

I was just asking what other areas he had researched more out of curiosity because a small part of me would not mind getting out of dodge at some point. I don't have to relocate anywhere when all is said and done. My savings are all gone after my wife got cancer twice. Once she died late 2021 threw all of the extra shyt we owned in the garbage. Didn't own a house with her. Don't have a pension or 401k.

I'm going mobile by the end of this year or some time next year if things go smooth enough anyway. My expenses will be bare minimum from here on out. I do need to look into some sort of retirement savings to help supplement whatever my social security is though. I just haven't gotten around to it because I sort of don't give a shyt anymore. Just don't ever wanna be a financial burden on my daughter if a time comes where I can't do some sort of PT work for extra cash. I am basically gonna be a stumbling bumbling tumbleweed the rest of the way.

Gotcha - that was totally preachy of me, sorry. Just some thoughts to mull over though...
- Sounds like you've got a lot of assets, including time, energy, and the right to work
- The last one sounds odd, but a lot of countries separate the right to reside from the right to work, and you've got both
- Have you ever read the 4 hour work week by Tim Ferris? Sounds like an adventure could be coming up for you - I would like to encourage you to blog about it or just post consistently on social media (other than just this board). It can help your daughter keep tab of you as you tumble along, but it might also become monetizable
- If you do end up looking at other countries, get yourself a Wise account - it's free and it's the best way to send money to yourself or others internationally
- Just stay safe man

[DrCoach]

Take the amoit you want to live on per yr and multiply by 25

[RHODEY]

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.

Florida is gonna be in the Atlantic Ocean so i don't think that will be a concern at this rate.

This thread is depression fuel

No reason to feel depressed ,You are living in a time of golden opportunity. I'm talking about the greatest wealth transfer ever. But you have to put yourself in position to benefit.

[RHODEY]

Oh, there's Thailand. Bluntstoned would love the women and the cannabis bazaars there.

One night in Bangkok makes a Harthorne Humble....

[RHODEY]

Just stay away from the nuclear wast dump site.

That too. I told a buddy of mine about Henderson, NV (he lives in Vegas as well). He said, I should've known that's what you were looking at it. It's basically Los Angeles in Vegas from an aesthetic standpoint.

I heard that many have moved to Henderson. I don’t know much about it though.

Depends on what you are looking for. It's definelty WAY cheaper than NY but it used to be WAY WAY cheaper.

But if I had the loot I'd want to live near water in a warm climate. FLorida has a lot a crazies, and crazy insurance rates , but with enough money I would expect to be able to insulated.

[Boss_]

Alot. Id need alot if I continued living in ny..and id put some of that money to work so my kid has a better life than I did growing up in brooklyn in the 80's.

[Stannis]

Oh, there's Thailand. Bluntstoned would love the women and the cannabis bazaars there.

I was there last summer for 2 weeks. I'm not sure I could live/retire there though.

But it is cheap. Lot of "social media stars" live there because you need so little to live on.

[Boss_]

Alot. Id need alot if I continued living in ny..and id put some of that money to work so my kid has a better life than I did growing up in brooklyn in the 80's/90s.
But if I had the money I'd move out of NY in a minute to a state with little taxes no problem. Paying 16k a year for now, goes up alot every year, just on property tax, for the luxury of living in Gordon Heights now

[FrozenEnvelope]

I think I can live alright on $6K a month, so $2M should be alright. Doubt I'll get there though so I'll have to find me a sugar momma.

[St Knick]

40 yo, married with 1 kid, another on the way
Been avid saver since early 20s.
Long Island / Suffolk area; high property taxes (15k+/year).
My magic # used to be 2.5 million, figuring a safe 4% return on my nest eggs gives me 100K a year.

But between rampant inflation, lifesytle creep and just general desire/greed for more, my number is more like $4M now.

If I was single and didn't need a big home in expensive neighborhood for family, might be more liek 1.5-2 million.

and at the end of the day, early retirement would get me bored quick and im sure id find a way to still bringin some extra incom, start my own business, etc... reaching that magic # is more about having FU money so i can control my destiny and live (less) stress (free) , not so much me sitting on a beach everyday.

[Jalen Bluntson]

The basic questions are, why do you need to relocate and what do you need to maintain the lifestyle you want. There are a lot of places in the world with lower cost of living than the US, but there's also a reason for that. If you can do things like downsize your living (i.e. smaller home) and rely on other income sources, there are other workarounds to cost of living concerns. Being in another country away from a child that relies on you can be pretty tough and that relationship is one of the most meaningful experiences in life, so I have to question whether finances alone are enough to justify a move.

I was just asking what other areas he had researched more out of curiosity because a small part of me would not mind getting out of dodge at some point. I don't have to relocate anywhere when all is said and done. My savings are all gone after my wife got cancer twice. Once she died late 2021 threw all of the extra shyt we owned in the garbage. Didn't own a house with her. Don't have a pension or 401k.

I'm going mobile by the end of this year or some time next year if things go smooth enough anyway. My expenses will be bare minimum from here on out. I do need to look into some sort of retirement savings to help supplement whatever my social security is though. I just haven't gotten around to it because I sort of don't give a shyt anymore. Just don't ever wanna be a financial burden on my daughter if a time comes where I can't do some sort of PT work for extra cash. I am basically gonna be a stumbling bumbling tumbleweed the rest of the way.

Gotcha - that was totally preachy of me, sorry. Just some thoughts to mull over though...
- Sounds like you've got a lot of assets, including time, energy, and the right to work
- The last one sounds odd, but a lot of countries separate the right to reside from the right to work, and you've got both
- Have you ever read the 4 hour work week by Tim Ferris? Sounds like an adventure could be coming up for you - I would like to encourage you to blog about it or just post consistently on social media (other than just this board). It can help your daughter keep tab of you as you tumble along, but it might also become monetizable
- If you do end up looking at other countries, get yourself a Wise account - it's free and it's the best way to send money to yourself or others internationally
- Just stay safe man

Not preachy at all brother. I actually appreciated your post. Took my head out of my ass a little. This thread is the first time I have thought about "retirement". Time/energy/work ethic are just about the only assets I have left honestly. I'm about a decade away from SSI. I need to start stacking some sort of savings again. That's where I need to focus. Leaving the country was just another escape mechanism I guess. Curiosity at best I suppose. I'm not going anywhere.

I make good money when I'm working steady. I just haven't been going at it like I used to. When my wife died I just stopped caring much about the future and sort of fell in this rut. Moved in with my brother. Spent what was left of my savings. Dumped or sold most of my belongings and have just been working when I feel like it. Traveling back and forth to friends out of state for work and pleasure. Went to a lot of concerts and felt like I lived in UBS arena for Islanders games. Went to Fenway for a Yankees game. Just pissed away everything. OOPSIES! You can't take it with you.

[RHODEY]

40 yo, married with 1 kid, another on the way
Been avid saver since early 20s.
Long Island / Suffolk area; high property taxes (15k+/year).
My magic # used to be 2.5 million, figuring a safe 4% return on my nest eggs gives me 100K a year.

But between rampant inflation, lifesytle creep and just general desire/greed for more, my number is more like $4M now.

If I was single and didn't need a big home in expensive neighborhood for family, might be more liek 1.5-2 million.

and at the end of the day, early retirement would get me bored quick and im sure id find a way to still bringin some extra incom, start my own business, etc... reaching that magic # is more about having FU money so i can control my destiny and live (less) stress (free) , not so much me sitting on a beach everyday.

I might need to change "retire" to quit your job. Because sitting around doing nothing would get old quick. But owning your own time never does. You could work if you want...but on your terms. What is your "FU "money number?

[gavran]

I had this much money, when I was a kid.



Bought the best Turbo bubble gum for it.

[HarthorneWingo]

Oh, there's Thailand. Bluntstoned would love the women and the cannabis bazaars there.

I was there last summer for 2 weeks. I'm not sure I could live/retire there though.

But it is cheap. Lot of "social media stars" live there because you need so little to live on.

Did you have a nice time? How were the people? The food must've been amazing. Were you in Bangkok?

[Guano]

I'd quit/retire to chase mountains and travel right now but that isn't really realistic for atleast another 7 years. Which I'm most likely going to do. Then after a few years go back to my career.

I'd rather spend a few years with good health/ability than stack up the later years.

You really think that you’ll go back to work after taking time off?

Yeah, Ill have my sht paid off and live within my means. But Mrs Guano and our offspring will need me to maintain their lifestyles and needs.

[MrDollarBills]

Oh, there's Thailand. Bluntstoned would love the women and the cannabis bazaars there.

I was there last summer for 2 weeks. I'm not sure I could live/retire there though.

But it is cheap. Lot of "social media stars" live there because you need so little to live on.

Did you have a nice time? How were the people? The food must've been amazing. Were you in Bangkok?

My friend's uncle swears by Thailand, dude goes every year for the food and sex.

And if you're wondering, yes, yes he does. Dude does not give a f*ck.