I use to think so but now that I am about 1/2 way there, I don't think it is all that much anymore. I believe it will take at least 5-10 million to retire comfortably.
Opinions?
2007-01-10 06:46:54 · 11 answers · asked by Anonymous in Business & Finance ➔ Investing
That really depends on......
1. where you live,
2. your standard of living, and
3. how well you invest your money
When you figure out how much you will need to retire comfortably, and know how the rate of return on your investments, then you can figure out how much you need invested in order to live the life you want. The trick is to be able to live on the return on your investment and not have to touch your savings/investments.
If you don't mind living off of macaroni and cheese or ramen, and live in a small place, and drive a cheap car (or not drive at all), then obviously you will be able to live off of less money than someone who wants to eat lobster and filets every evening, live in a mansion with a swimming pool and gardeners, and drive a Ferrari.
2007-01-10 07:01:36 · answer #1 · answered by jseah114 6 · 1⤊ 0⤋
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RE:
Is one million dollars a lot of money?
I use to think so but now that I am about 1/2 way there, I don't think it is all that much anymore. I believe it will take at least 5-10 million to retire comfortably.
Opinions?
2015-08-24 14:23:19 · answer #2 · answered by Dulce 1 · 0⤊ 0⤋
I'd need 3 million to retire on right now. So, no...1 million isn't a lot anymore. Being realistic....If you have that kind of liquid cash then your tastes will broaden and you'll want to do new and diff things.
But then again I know of several millionaires that never left the town they grew up in.
2007-01-10 07:23:25 · answer #3 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋
It will be alot of money to some people. I find I a nice amount but not alot in today's world of finance.
I too am striving for a fabulous retirement. I will get there too because I choose to have it and live well.
Good going and good luck !!
: )
2007-01-10 10:35:23 · answer #4 · answered by Kitty 6 · 0⤊ 0⤋
Let's see..super safe, conservatively invested would guarantee you maybe $ 40,000. a year ( before taxes) so I don't think you'd be in the lap of luxury, but you'd get by okay.( Starbucks on Sunday only.... no more of that everyday stuff !!
P.S. ...and you'd be better off in Iowa or Mississippi.....forget about Miami, L.A. or Manhattan.
2007-01-10 08:27:16 · answer #5 · answered by jebediabartlett 6 · 0⤊ 0⤋
Personally I think $2million in liquid assets would be enough to retired fairly comfortable. You figure you can earn a good 7% interest per year. If $140,000 is comfortable to you then $2 million would be enough. I would say it varies greatly depending on ones lifestyle.
Here is a forum post I found discussing this very question:
http://talkgold.com/forum/r103840-.html
2007-01-10 07:08:08 · answer #6 · answered by Jenkins4455 2 · 0⤊ 1⤋
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No, not in today's world it's not really. To some it is, but it just makes you like upper middle class. Now, when you get the double digits like 12 Mil. you're up there. My fellow classmates asked me this SAME questions and all I got from those poor idiots was "YES!!!"
2016-04-08 23:56:10 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes it is to me, the more you make the more you spend. Good for you that you are getting up to your million dollar mark. Dont spend it all at once!
2007-01-10 06:55:55 · answer #8 · answered by kattymckatty 3 · 0⤊ 0⤋
Say what? If you are in the coke and caviar set, maybe so, but most of us mere mortals will still find 1 million more than enough and retirement far, far less expensive to live well (unless we let our health insurance policy lapse).
2007-01-10 06:51:50 · answer #9 · answered by Rabbit 7 · 0⤊ 1⤋
It's not worth as much as it use to be
2007-01-10 07:07:48 · answer #10 · answered by me 1 · 0⤊ 0⤋