2006-11-17 13:20:38 · 6 answers · asked by Anonymous in Business & Finance ➔ Investing
You should meet with a financial advisor to answer that question and set up the proper investments to provide income. It's amazing how much money it takes to retire. I worked with a few financial advisors before and realized that a few million dollars won't get you as far as you think when you take into account inflation and the longer life span. You should be able to get dividends of 6% if you're investing for income. That means $2.0 million will pay you $120k per year. Also, and perhaps most importantly, you don't want to retire with any debt (no mortgage, credit card, auto loans, etc.).
I hope that helps!!!
2006-11-17 13:34:59 · answer #1 · answered by Ryan B 2 · 1⤊ 0⤋
For myself, because I am a Financial Planner and knows how to generate perpetual passive income using no-risk or low risk instruments, I just need about $200k to live comfortably without ever having to work. If only I have $200k now!
2006-11-18 00:26:16 · answer #2 · answered by floozy_niki 6 · 0⤊ 0⤋
85% of your current income is the standard for measuring retirement requirements to maintain the same standard of living.
check out fidelity.com, they have a real simple page that allows you to see how your savings and income affect your retirement. click on the retirement plan ....its quite useful.
2006-11-17 16:12:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It all depends on what your current outgoing/expenses are now, such as are you sill renting or paying off debts. Don't forget to think about the future. Talk to your financial adviser.
2006-11-17 13:30:03 · answer #4 · answered by B T 3 · 0⤊ 0⤋
About 2 million US dollars should be Ok.
2006-11-18 07:39:33 · answer #5 · answered by StraightDrive 6 · 0⤊ 0⤋
any amount will do
2006-11-17 13:27:45 · answer #6 · answered by hockey fan 3 · 0⤊ 0⤋