How much money would I need in the bank in order to retire comfortably?

Question

I'm 30 years old, single, no kids. How much would I need? I would be willing to move anywhere in the world, but it has to be a major city or travel destination.

Answer 1

Whatever pile you can accumulate, you can expect to keep the existing principle by 'peeling-off' 4% per year

$1,000,000 x 4%= $40,000 per year forever

$250,000 x 4% = $10,000 a year forever

Answer 2

That question has so many variables it is hard to answer. Like...Do you have or want a family, are you going to get sick and need long term care, is your money invested in stock that will fail you and modern medicine could have us all living 150 years by the time you're up there in age. I would say the best answer is you will never reach a point where absolutely nothing will happen to you and you can rest assured you are comfortable for life. The best we can do is be as responsible as possible and hope for the best.

Answer 3

The amount you currently spend each year at the moment, times by 20% more than the number of years you expect to live for. The sum of that calculation is the minimum you could retire on, but that doesn't mean you can sit on your hands for the rest of your life. Your nest egg needs to increase at, or greater than, the rate of inflation, which means you'll need to be making money till the day you die.

Answer 4

enable's smash it down. you haven't any longer presented a ton of advice right here, so i will apply some assumptions. one million. i will assume that your enterprise is matching your 401k one million to one million for the 1st 5% of your contributions. 2. i'm assuming at your age, you're slightly greater aggressive and your 401k is on the national known of 11% 3. Your IRA is becoming at 9% 4. i will assume which you would be clever adequate to offer up contributing on your IRA and initiate contibuting to a inventory fund such because of the fact the DJIA fund. It averages 11.seventy one% strengthen on account that 1983. you will no longer pay as super of a tax penalty by utilising drawing on it till you're of appropriate retirement age to take out of your 401k. very properly, you're making approximately 50k a year suitable now. i will assume you would be getting annual will strengthen of three% each year. i'm assuming that your pension would be an known of your 5 years previous on your retirement. 30 years from now, which would be approximately $122,000 a year. this may well be a solid platform to start from. Theoretically, whilst you're particularly going to stay at the same time with your job, your pension on my own could show you how to proceed your modern-day way of existence and common of residing because it is going to maintain up with inlfation. in case you are able to proceed to place away the 7% in a fee reductions account, you are able to offset inflation as your pension won't strengthen. Your 401k/IRA account with matching and 11% activity would be at some million.4 million in 30 years. you're able to desire to stay off of the activity on my own from those investments each year. by utilising having a pension AND a 401k, you will easily be waiting to double your popular of residing between now and then.

Answer 5

A homeless person in Sri-Lanka can live comfortably on about $.50 cents a day.

Answer 6

Mexico City is currently the largest city in the World.

When do you want to retire? (In 35 Years, In 25 Years...)
Do you smoke?
Are you healthy?
Do you want to have children?

Answer 7

lucky you. no kids and thirty. what more can you ask for? then you can go anywhere in the world. damn you got a good job. what kind of job do you have when you can travel anywhere in the world? i wish i had that opportunity.

Answer 8

Enough to live the life style you are living now,but by the time you retire will you have a wife & children.Plan for it.I didn't thinking Scoial securty would be enough. it alone is not.