If so where should I live? What should I do?
2007-09-09 06:53:34 · 13 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Judy, you usually give good answers, but this one sinks. $20K off of $700K is less than 3%. He can EASILY earn twice that in CDs. In a decent mutual fund, he could draw about $50K and still leave enough to cover inflation. I don't recommend actual retirement to anyone. In the case described, he has the option to CHOOSE what to do with the rest of his life.
2007-09-09 07:51:43 · answer #1 · answered by STEVEN F 7 · 2⤊ 0⤋
They key here is how much of those liquid assets would you have to sell to live comfortably. Are your assets in real estate? stocks? bonds? $700,000 might seem like alot now, but you need to make sure the interest from that money is going to last you for years to come. Personally I wouldn't retire until I had at least $2million in assets. And at 30 you have to make your wealth last longer than someone who retired at 60. bad idea. Why retire? Give it another 20 years. Im 30 years old and have been working since I was 12. If I didnt work, I could get immensely bored, even though I get the opportunity to travel, etc.
2007-09-09 14:03:28 · answer #2 · answered by rmkenterprise 3 · 1⤊ 0⤋
Since you seem to be doing well, you might as well find a job you really like and do that for 15-20 years or something. Retiring when you are 30 sounds boring and ill-advised considering $700,000 isn't actually enough to live on for the rest of your life...
2007-09-09 14:05:51 · answer #3 · answered by rom_a_tom 2 · 1⤊ 0⤋
No, that 700k really won't go very far when you have 24/7 free for the next 50+ years. Plus some people marry late, keep working until you're 45/50 or you hit 1.5 million, then you can have a little more fun.
2007-09-09 19:09:03 · answer #4 · answered by Manny 4 · 0⤊ 0⤋
Nope. Here's the thing.
If you are actually 30 and worth that much, and you have funds and mutual account, don't retire. If you retire now, there will be more money out of you the government will taxed. Also that since you are 30, it means that you are still required to pay social security since you are not the age of 65.
What I would suggest for you to do is to get a job that is easy and not too much labor. That way your employer still pays for social security matching your payments, not to mention you can save that money for your childrens for college fund 529 or something else.
Have fun.
2007-09-09 14:03:13 · answer #5 · answered by Lord_Benjew 2 · 1⤊ 2⤋
If you think you'd be comfortable living on the equivalent of around $20K a year, maybe less in bad years, then sure, go ahead and retire if you want to. Otherwise you're going to have to hang in there longer. $700K sounds like a lot, but you probably have a lot of years left to live, and 40 years from now or so, what's left won't buy much.
2007-09-09 14:05:58 · answer #6 · answered by Judy 7 · 2⤊ 2⤋
No. Continue working and don't spend the money. Go and see a reputable investment advisor to help you invest your money. You want it to grow as purchasing power erodes over time.
2007-09-09 14:04:13 · answer #7 · answered by Alletery 6 · 0⤊ 0⤋
No cause ud probably get bored quick, that money will last a while but depending on how fast you spend you never know.
2007-09-09 14:01:12 · answer #8 · answered by bigandbadforever69 4 · 1⤊ 0⤋
If you're smart enough to have earned that yourself, then you are smart enough to know what to do next. And to know what you like doing and are really good at, so you will enjoy whatever it is you end up doing.
2007-09-09 14:21:55 · answer #9 · answered by bluebell 7 · 1⤊ 0⤋
Only if you plan to die at 40.
Talk to your financial advisor, seriously.
2007-09-09 16:22:25 · answer #10 · answered by Anonymous · 0⤊ 0⤋