Hey, there is no rule that the person who started the thread has to share! I mainly wanted to keep my number to myself for a bit so as to not poison the well by going first OKAY. I am pretty open so of course I will be sharing!
Well in shoegirl's defense it's a little more relevant in her case because we all know she plans to retire ASAP, lol. But I admit, I am curious too Maybe you can post it and then delete it on a little while.
I would be okay with $4 million. I could live a good life on that. Similar to, but probably a bit better than my current life. I would be more than okay with $6 million, and I could probably even do $2 million because I am not a big fan of working.
This is about where we sit since we will probably always be in L/MCOL. $5-$6 mil would be top notch for our needs and wants. $3-$4 mil would be fine and $2 mil would be if something drastic happened with our health or Mr. P's job (industry collapse) we could make do. As it stands, he will be riding his current comfy horse to retirement around 60-62.
My husband and I were talking about this the other day. He does have a # that would probably compel him to leave his current job (same as most people in this thread - between 5 to 10 mil) but I was surprised to hear he would still choose to work in the same industry after that. A friend of his just announced that he is starting a small hedge fund and he'd love to be able to go to work for him. The hours and travel would probably be more intensive than what he does now but I think the idea of helping to build something of lasting value appeals to him. Unfortunately, with three little kids, we need more stability and consistency than a start up company can provide. Maybe in the future though.
OK, I'm sorry, but I'm laughing at the thought of a hedge fund being considered "something of lasting value"!
I would be okay with $4 million. I could live a good life on that. Similar to, but probably a bit better than my current life. I would be more than okay with $6 million, and I could probably even do $2 million because I am not a big fan of working.
I am actually a big opponent of working. Sadly, no one cares lol.
Post by oscarnerdjulief on Jul 2, 2015 9:22:51 GMT -5
$2-3 million
I am in a LCOL and could live on much less than the amount cited above because I am pretty disciplined with my spending. However, my husband is post-transplant, and I'd have to err on the side of caution when considering yearly medicine and clinic bills. (I carry the health insurance.)
I have no idea. I'm thinking it would be a pretty high number to make me comfortable retiring NOW. I am hoping to live another 50-60 years (or more? I'll only be 93 in 60 years so it's possible!). And while I can't imagine I'll ever get to place where I don't have to watch spending AT ALL, I really don't want to spend the rest of my life being super careful so that I don't run out of money. I feel like a couple million dollars would not last that long unless I was very careful with it.
Then again, a couple million dollars is like 35 years of my salary so... with interest it's entirely possible I could live of it it.
I think if someone gave me 2 million dollars, realistically I'd keep working until around 50 and just be able to let loose a bit more until then. Maybe keep that 2 million in investments and not worry about saving much else in the meantime. IDK.
DH and I watch the "Lottery Changed my Life" show and have discussed this. We agreed on $5M or more to quit working (he's 43, though, so a bit older than some here). I think 2-3M would be enough to take a year off to travel and then think about a different career path for DH. I love my job, so I would go back to the same field.
We're in such spending mode with the house lately that it feels like I need way more than I probably do.
For me to walk away today, I'd still want to be able to provide not only for myself but also DD. I'd want to have at least $1-2M for her. And hopefully another baby if we can. So I'd say all in, somewhere between $7-10 feels right.
I enjoy working and moreover, particularly enjoy my job and my firm. I could be persuaded to cut back a little bit or take a break, but to never work again? I honestly have no idea.
Post by dr.girlfriend on Jul 2, 2015 11:18:29 GMT -5
Honestly, I've been having some deep thoughts about this lately. Probably to a large extent spurred by my BIL's sudden diagnosis of an aggressive cancer in his mid-40's. I am fortunate enough to like my job quite a bit. DH also likes his job quite a bit finally. We both make good salaries. We were both late starting retirement, really just getting started around age 30. Now, though, I think we've made good strides, are maxing out retirement, in addition to funding our (modest) home and lifestyle, our one kid not wanting for anything, etc. In addition, my parents are pretty wealthy at this stage, are fully funding DS's college fund, and are elderly enough that we will likely inherit significant funds from them even if I'm not counting on it.
So, short and indirect answer, is DH and I were talking last night about ways we might want to change our life in the here and now, rather than saving up and retiring early. I think there will definitely be more and more expensive vacations (counting up, we've only had three "real" vacations in fifteen years we've been together -- meaning, vacations of a week or more that wasn't tagged on to a conference or other work travel. One or both of us, if possible, might go down to working 80% (4 days a week) -- me to have more leisure/life time, DH to work on his independent film projects. I would probably want to continue to work into my 60's to "keep my hand in," and I think we would want at least one of us to be on company health insurance, but I don't really have the goal of slogging full-speed through my 40's and 50's so I can kick back in my 60's - 90's (ideally). My family history has a lot of deaths in 50's and 60's, and I think I'd rather splurge more now and have less in the bank at the end, as long as I have enough.
To retire now? I want more kids, I want to pay for their educations and weddings, and I want nice vacations, so, a lot. Like $10 million at least. And that's assuming we would stay in our current house. I would want more if we planned to move/upgrade.
To quit today? $4-5 million. We still have 14 years left on our mortgage, four kids to raise, and we are only in our mid 30's.
At retirement age- We hope to retire at 60 with all our kids being done with college (youngest graduates high school when we are 51), our home paid off, and $2M in retirement funds. DH may decide to do a little consulting here and there but no steady work income after age 60.
You guys are intense & get pretty fiesty! Our number is poof.
Humbly submit that I share quite a bit of financial details on this board so you guys knew I was going to share, sheesh! Oh yeah, and PDQ TYVM!
My buddy's number is poof which he has & which is why he is now living a lovely life of academic-infused leisure in C'ville. #Jealous (hashtag for you, v)
Although, it helps that I enjoy my life, even the broke moments, and don't feel stuck in a rat race. So even if I stumbled upon 13 mil, I'd still probably work and use some of that to fund my projects.
Wait, what is the definition of "outta here"? Would my future income be $0, or could I start a personal finance blog where I shame people for buying new cars or taking vacations other than going to national parks?
This gets tricky with kids. post-kids/house paid off, we'd have an comfortable life $80k/year, so let's say $2 million, or maybe $3 million just to be safe.
Between the house, other kid expenses, etc., another $1 million should be enough.
Close $10 million. But my retirement number is closer to $4 million. I figure I have way, way longer to live off the money if I quit today, plus decades of inflation to account for.
That would be for both of us to quit our jobs and live a relatively normal, nice lifestyle - paid for house, maybe a small vacation place, middle-of-the-road cars, an international trip for a week once every year or two, dinner/drinks out once or twice a week, and a few inexpensive hobbies, plus all the usual expenses. We want kids, so it would also include college expenses. Of course, we could cancel our term life insurance and wouldn't have to save for retirement anymore, either.
With around/over $10 million I'd also be tempted to put $1 million aside for a wacky business venture. The $1 million would be only for that business (and the training I would need) and it would be sort of a gamble. If it didn't work out and we lost it, fine. But that would be it. I would legally separate the money from our personal finances and just go for something I would really enjoy. Which means I wouldn't be retiring, but I might not be making any money, either.