I live in Boston and live a middle class life and it will be great if someone can guide me on how to retire early.
2007-10-09 02:38:59 · 12 answers · asked by jatinchopra30 3 in Business & Finance ➔ Personal Finance
anywhere from $25,000-80,000 per year or more.
2007-10-09 02:45:25 · answer #1 · answered by angelbaby12308 1 · 2⤊ 0⤋
If you're totally debt free and are willing to relocate to a cheaper place. You could get by on $12K a year if you were willing to live very frugally with no extras or luxuries.
To retire early, invest as much as you can as wisely as you can. Don't follow the trends because by the time it hits the news it's too late. Don't rely on social security for income because it won't be there.
2007-10-09 10:24:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
25 times your cost of living so 1 million invested in equities for every 40K you need to live. A safe withdrawal rate is 4% to make it last long term.
You need to have enough in a safe instrument like CDs to make your income need plus inflation. So if you make 4% and inflation is 2.5% you can spend 1.5%.
You can cut your cost of living if you pay off your home and grow some of your own food. Medical cost is the biggest new expense plan at least $12K per year.
2007-10-09 09:48:04 · answer #3 · answered by shipwreck 7 · 0⤊ 0⤋
Dear Jatin chopra sahab, forget U.S.India is a very comfortable place to live now.U can choose Banglore,Poona,Hydrabad,Mysore.Mumbai.Delhi Noida in U.P.Bhopal Indore&so on.Dear friend those days gone when life in india was not fecilitating.Very Very comfertable life india now with all modern fesilities & even betterb than other countries.
Also at very cheeper rates.
2007-10-09 11:31:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Jatincho,
u could live on 2000$ mth , of course u would not have money for utilities or taxes especially in MA.
suggest u visit daveramsey.com to learn ur hard lesson the easy way - from others mistakes.
my kid have seen the light and figure on retire with an extra7.5 million. thanks to daveramsey.com
2007-10-09 09:47:45 · answer #5 · answered by Anonymous · 0⤊ 2⤋
A middle-class life would probably require about 1 million.
2007-10-09 09:41:36 · answer #6 · answered by leeloo ♥ 6 · 0⤊ 3⤋
About 2 million, assuming you want your retirement savings to continue to grow to counter inflation.
2007-10-09 09:45:04 · answer #7 · answered by Feeling Mutual 7 · 2⤊ 1⤋
If you have one million dollars invested in an interest paying account , you can live well on the interest alone, and you don't even touch the principal.
2007-10-09 09:42:56 · answer #8 · answered by WC 7 · 1⤊ 2⤋
Win the lottery
2007-10-09 09:42:49 · answer #9 · answered by Bonnie 4 · 1⤊ 2⤋
An assload. Life aint cheap.. and even more so if you have a family.
2007-10-09 09:48:08 · answer #10 · answered by Christy V 5 · 1⤊ 3⤋