2007-08-09 16:52:56 · 4 answers · asked by ferk12 1 in Business & Finance ➔ Investing
It can't be done on a million in safe instruments. If you invest in equities you have risk but might make enough to withdraw 4% per year for decades. If you can live on 40K including medical insurance you might be able to retire but if you only make 5% you can only withdraw about 20K which isn't enough to pay much more than medical insurance. Also retiring at 35 means not much SS even after 62.
2007-08-09 16:58:57 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
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RULE OF 72
5000 @ 12% a month = 1.6 million in 4 years. 19 million in 6 years.
2007-08-10 00:25:57 · answer #2 · answered by Anonymous · 0⤊ 1⤋
You can't retire on 1,000,000. The safest way is to chuck out the 1,000,000 into ten 100,000 chunks and stick the money into ten different banks. At current interest rates of 5% or so, you will earn 50,000 a year forever. Can you live on 50,000 a year forever?
Accounting for inflation, that won't go very far. You need at least 3,000,000 to 5,000,000 saved up to just live off on the interest.
2007-08-10 00:02:47 · answer #3 · answered by Anonymous · 0⤊ 1⤋
If I knew that I wouldn't be on this stupid computer answering questions--
2007-08-09 23:56:02 · answer #4 · answered by rsdudm 5 · 0⤊ 1⤋