2007-02-15 07:08:17 · 9 answers · asked by Nezz 2 in Business & Finance ➔ Personal Finance
Maybe, maybe not.
Inflation will eat away at your buying power especially if you live on to 90 or so.
Also your living costs today will not be the same in 30 years. Healthcare costs, the economy, living standards, all of these things can change.
Try the free 40-year investment calculator at the URL below and plug in your numbers. See if you like what it tells you.
Good luck!
2007-02-15 07:16:36 · answer #1 · answered by Ethan 3 · 0⤊ 0⤋
Yes you will. Simple. A) Healthcare is not provided when you're unemployed. B) You are spending more than you earn of you cash in investments. C) Recreation is always expensive and unless you play computer games all day and have no friends and not sure what the sun looks like... you may end up wanting to go on vacation. D) Marriage and children. Compounds your money problems beyond recognition.
No way you can live on $1 million unless you plan to never get involved with a person or spend money. Also if by some horrible fate, you become ill - expect the hospital to easily grab $250,000 for a life-saving surgery and whatever other procedures you need. Keep your job, PLEASE. Keep your investment strategy strong. With this you will have all points covered and you can live a GREAT life with lots of ease. You can work an easy paced job so long as you have healthcare. Good luck and I wish I knew your strategy. I wish I knew.
2007-02-15 15:28:37 · answer #2 · answered by parasitek93 2 · 0⤊ 0⤋
You should have at least $4 million in liquid investments before you think about retiring at your age. Since you are probably counting your house as a large part of your $1 million, you're no where near where you need to be. Then again, if you're talking about retiring at 30, it sounds like you hate your job...$1 million is a good cushion for trying a new career.
2007-02-15 15:47:09 · answer #3 · answered by Anonymous · 2⤊ 0⤋
It depends on your expenses. If you can live on 30K a year(gross), you might be able to do it. This also is not including your principal residence.
Your best bet probably is down-shifting rather than retirement at such a young age. Try working part time at what you think your spending level will be. If you are able to work things out, you give your money another couple of years to grow, and can feel more confident with your plan. If you have to dip into your savings, then you might need a few more years of working.
The big risk I see in your situation is getting medical coverage in your old age(or possibly even middle). You should definitely talk to a financial adviser who has experience in clients with very early retirements.
2007-02-15 15:21:48 · answer #4 · answered by VATreasures 6 · 0⤊ 0⤋
To keep it simple, Think of it this way, since the NYSE opened, it has had a return of 7%. So take you million dollars and gain an average of 7% per year on it and live on the interest, which is $70k. If you can live on 70k a year then you wouldnt have to work anymore
2007-02-15 15:13:49 · answer #5 · answered by Paul A 2 · 0⤊ 0⤋
Figure $5 million to retire.
2007-02-15 15:15:18 · answer #6 · answered by novangelis 7 · 0⤊ 0⤋
1 million is not a lot of money...well...not to retire on....I wouldn't retire for anything under 20 million
2007-02-15 15:18:29 · answer #7 · answered by Mela 4 · 0⤊ 1⤋
That's not a lot of money
2007-02-15 15:15:33 · answer #8 · answered by ~**Athena's Mommy**~ 3 · 1⤊ 0⤋
well, good for you!
2007-02-15 15:19:41 · answer #9 · answered by Rosseau 2 · 0⤊ 0⤋