nickCR

First, no im not near my retirement yet, however i'm curious what everyone thinks.

Lets make some assumptions

You have kids just about out of high school (they might do uni)
You own your house outright
You like to travel 2-3 times a year

In todays day and age how much do you figure would be required to retire? A million would not be enough. Thats only 100k a year which really isnt that much. Also remember inflation. Coffee used to cost 5c now its $5.

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thelorax

Ideally, I want investments to provide my income. Different sources have different views on the matter. I know a college education in the foreseeable future can set you back 250k or so, from estimates I've seen.

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MyOwnDemon

Not if you make your own.

I could live the rest of my life on a million. Sho nuff.

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Jeeta

I'm after $5m by 2040 give or take.

33mo23

The problem is, what you think you would want to do at retirement is likely to change over the course of the next ~30 years. I know a lot of retirees including my parents. They still work. They retired about 7/8 years ago.. the first year they took a couple trips and then they came back home and now both have these little part time jobs to keep them busy. They seem pretty happy. One thing I can say that keeps them from doing a lot more things is health. It seems my dad always has a drs appointment so he can't go here or do that.. He also has a garden that keeps him close during the spring and summer.

My point being is what you love today, may not be what you love tomorrow. I don't think you can accurately guage how much you will need even if you knew for sure what you want to do when you retire because costs and technology could change things in an instant.

I think what you need to do is cover all your basics like medical, housing, food, transportation. Once those areas are covered then what's left over can be your fun money. If you think you want to have of fun money, then bank as much as possible...

Bofu2U

More.

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RandTheRand

You want to set up something that will always be bringing in money, or preserve your buying power in gold/silver

leadsupplier

Mmmmmmmmmhmmmmm

But for realz, to truly retire you have to have enough monies to invest and live off the interest. So your million would go in investments and yield 5% giving you like 4k month magically. If that's enough then do it. You can go live on a beach somewhere for that.

fyi my logic comes from the millionaire fastlsne, read it if u haven't. I would need at least 3 mill to retire, but want 10..

Also I don't know old you are, im 23,, and even if I had 10m right now I would still work on new things. To truly retire id have to be really burnt out..

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clyde

You don't need cash, you need cashflow.

True hustlers rent.

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blogspotter

Retirement savings: Will $4 million be enough? - Feb. 2, 2012

There you go...

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rushh

$5 mill is good for me

DocApocalypto

read millionaire fastlane. thats how to retire in style.

negro2k

so whats this magical investment that yields 5%?

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leadsupplier

FAX: Summary for Aberdeen Asia-Pacific Income Fu- Yahoo! Finance

AWP: Summary for Alpine Global Premier Propertie- Yahoo! Finance

from...

6 Reasons Why I Sold A Business With A 6-Figure Monthly Cash-Flow

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vinnythejinny

Just a tip for investors: Always invest in your preferred currency. for example: Interest rates in India are currently at around 10% for a fixed deposit. Sounds great right? but if you live in say hong kong and placed a FD in india, by the time your FD matures, the currency loss could be over 10%, how much you gained? nada nothing

Jeeta

not sure if srs

here's a famous one for ya

https://www.google.com/finance?q=NYSE:MO

bluecoyote

Hola Nickcr

great question and its good to see the many replies.

first being in Costa Rica you are already ahead of the curve since your money actually goes further ( depending on vices )

I don't believe its safe to actually have large amounts of money in liquid investments since the near future I see alot of changes.

someone mentioned and I agree is not having large amounts of money BUT diverse income streams. and if you do have large amounts of cash available. I would purchase smaller tico style homes under $100,000 for cash and rent them. taxes are so low that most of the monthly would actually be profitable.

so you could own 20 small homes and you would have an income stream that will be consistent while still protecting your initial cash.

if you do NOT want to rent them then then next best thing is to become the bank and give 20 or 30 year mortgages at a good interest ( this is what I do since your better protected in case of default) in costa rica if you default you can foreclose in 4 months as opposed to kicking out a tenant that renting.

this is as secure as they come.

then mitigate your risks by adding different styles of online revenue

adsense
offline consulting
etc

and as you build your business you save a certain amount them buy another small home. I say smaller tico house because there is always a market for tico homes under $100 grand.

I know alot of guys buy precious metals which is good but I have not much experience in this

my longer term plan is to have NO DEBT which I do.. I owe NOTHING

and have rent able income that I get that I dont even declare and this monthly income pays the monthly bills as I build other streams of income.

at the moment offline consulting.

I also purchased a nice 2 acre compound that I am building a completely self sustainable home to provide for my family which includes or will include

solar and wind power
bio dome
aquaponics
etc

so i will always have food in the event something happens

all in all you made a great choice because

step 1

is get the hell out of the states before they don't allow you to leave

with the new trend that going up is

relenquishing U.S. Citizenship

as of now you can only take out of the country net income up to $600,000 all monies after that is taxed again I think at 15% although I am not sure.

so you will pay another 15% on already taxed income crazy

they just passed a new law that states

there is a $500 fee associated to giving up your citizenship LOL

pm me when you get a chance

avatar33

"The best way to kill a man is to pay him for doing nothing" - Felix Leclerc

I'll never retire. I'll just "work less".

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thehobbster

Jesus, look at his nut sac!

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Share Deez Nuts

jeffrey

Probably like $75?

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jonas33h

this many's

Veritas

I recommend you read dave ramsey's book about budgetting and retiring, his the master of it, I have read it, and do live with that kind of philosphy

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Business is Business.

lukep

2-3 Mill at a 5% annual return is fine for most of us to live comfortably on, but the problem is that you never know what's going to happen to the currency itself.

A lot of inflation is a GIVEN over 20 or 30 years, so that 3 million WILL act more like 1 million to your purchases after that time. So that in itself sucks and you really need to be re-investing some of your monthly dividends back into the principle just to beat inflation.

Then there is the threat of the USD hyperinflating when we hit our debt wall. $3 Million USD might not be able to buy you some starbucks when that happens, all because Nixon took us off the gold standard and washington can't balance it's freaking checkbook.

So to combat this issue, I'd recommend keeping multiple funds in multiple currencies. Look at the top innovating countries of the day and put a million dollar fund in their currency, each, if you want the best results.

China's RMB is the obvious one going up right now, but Japan is no slouch and frankly whatever currency Germany uses this week is always going to be a good safe bet... If you be sure and switch with them when they jump off the euro. Canada, Thailand, Oz, NZ, there are many strong countries out there that aren't going to take the nosedive with us and may even profit off the USD's demise... So be sure you're balanced between a few for any such long term plan.

...And a few precious metals don't hurt too.

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conv3rsion

municipals. and many are tax exempt too.

Investing in Municipal Bonds

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TylerDurden

THE GOOGLES is a faggot. I tried to neg rep him and then I spilled water all over my keyboard.

Phresh Content

hahahahahhahahahahha ha!

poisonsembrace

Those are some impressive balls.

A lot of Americans don't even have the option to retire. What is retirement anyway? It's desire for a lifestyle choice; a choice we should be making now while young. I'm almost 30 and within the next few years I'm going to move to regional Tasmania and become as self sufficient as possible while continuing with the online thing. Grow my own veg, breed rabbits for meat etc etc. I want to get back to basics like those survivalists but with a tech twist and you don't need a million in cash for that.

charlesmartel

Make sure to keep some or most of your retirement money in gold. You'll be able to wallpaper your house with dollar bills soon.

cheshire

I love all these fuckers guessing. $5m? $10m? $20m? Guys you really need to do some serious financial planning. If you don't know the exact number you're fucked. Get with a certified financial planner and have them do a financial needs analysis. A FNA includes all your hopes/dreams/aspirations and medical bills for when you're old and crusty.

Jesus you guys sound like a bunch of ghetto drug dealers rather than entrepreneurs.

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Mugshot

suddenly.....

xpathfucker

I'll probably die before retiring. So for me the question is: what life insurance do I get so that my family is somehow protected.

nickCR

I asked the question more to get a discussion going as I was interested in the responses and mindsets of others here. Definitely something to think about.

Hopefully it won't be something I worry about at all, as I plan to be exceptionally rich (as everyone else here), but it's good to set goals.

The comments about not having cash laying around in the millions is very valid. Investments are a great idea, depending on what provides you a decent return for your $$$.

My thoughts are invest your time energy and money now. Build out your companies. Make them self sufficient and profiting enough $$$ to support your lifestyle. As you build up more and more companies your monthly $$$ will grow. By the time you are ready to retire, it may not be necessary as you will really just need to keep and eye on everything and give you something very basic to do.

Having money in multiple currencies is the way to go and something I have already implemented. I did this when the US currency was dying and scaring the shit out of me. Regarding, precious metals. Although I see the value in Gold, Silver, etc... I am concerned that EVERYONE in the world is putting a lot of weight on this. I don't know why but I can't help but think that as everyone in the world goes for the same thing it doesn't retain it's exclusivity. Not sure why I just get a hesitant feeling when I think about investing in metals. A property that is self sufficient would be great and I always thought about making a contained environment for growing vegetation. Then the amount you would need is going to drop considerably. However initial investment in something like that will run into the millions i'm sure.

I honestly think that if we were talking cash value (properties, investments, etc) without considering the amount you would make back from them you would be talking in the neighborhood of 6 - 8 million to retire comfortably, taking into account that in 30 years it's going to be way more expensive to live.

Also no debt would be ideal. You would only be supporting your month to month lifestyle.

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amateursurgeon

The sort of people who are successful enough to "make enough money to retire" tend not to be the sort of people who ever actually retire.

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suddenly_otters

Berto

In my opinion, you're asking the wrong question and are working from it backwards. It's really a basic math equation, but it involves these questions instead:

1. What kind of lifestyle do I want to live on a month-to-month basis?
2. When do I want to stop actively seeking new wealth?
3. How long do I need to live after that?
4. How much do I want to leave to others?

Answer those questions, prepare for the unexpected stuff mentioned above, and you'll be able to do some math and get a closer (but imperfect) number.

As for me, I don't think I'll ever stop being active in my pursuits, but I do hope to close out "financial uncertainty" by age 35.

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Netphase

Have you been watching the TV series Gourmet Farmer? The plot seems similar to your plan except the online money part.

About | Gourmet Farmer on SBS

I downloaded it on TV Torrents and watched it recently. Good show if you are interested in that type of stuff and have not seen it.

poisonsembrace

I love SBS and I had no clue this show even existed. Thanks for the heads up and yeah it is exactly what I want to do, it sounds a lot like river cottage.

Netphase

It is similar to River Cottage.

If you can't find all of the episodes elsewhere and don't have a TVTorrents account, send me a PM with an email address for an invitation. Both full seasons are available there.

Deliguy

I wish I could +rep this whole thread

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aproxaday

More than you have.

Suddenly_Ass

advive

One hundred million!