What the eff are you people doing in retirement that you need $$10MM+?
DH and I could easily live on $100k/year and not 'work'. I'm sure we'd have to find something to do to fill our days.
Well, the OP did want "big dog" responses. $100k/year is not what most here consider to be "big dog" living.
Could we live on $100k/year? Sure. Not without a cut in current lifestyle. And our dreams for retirement include additional costs to our current lifestyle--we aren't hoping to sit in our cold house, with our cats, reading the books we already have and watching free TV programming/DVDs we already own the rest of our lives. DH wants to expand his classic car collection, we want to travel a lot, we want to be able to eat out regularly at the type of places Miso posts about.
Post by whitepicketfence on Nov 28, 2012 10:45:31 GMT -5
I don't work and wouldn't ever plan on returning if we won a large sum of money. For DH to quit, it would have to be around $10M after taxes.
We could probably get by in our area just fine on $5M since our COL is pretty low here but, since we're only 28 and 29, our money would have to last us quite a long time. I think I'd feel better about DH not working with that extra $5M, LOL. We'd buy our dream home, have as many kids as we want, and travel extensively.
Post by explorer2001 on Nov 28, 2012 11:06:48 GMT -5
I wouldn't quit my job. Is rework the terms, take more vacations, but I won't quit. I work with the best people on earth. I also can't picture myself happy not having something to do when I get up in the morning.
Probably about $5 million after taxes. This is mostly because I know DH will not stop working. He would definitely make a few changes and probably get into teaching, but he'd be bringing in income regardless. If he was going to stop working, I'd want that number closer to $8 million or so.
I'd quit for sure at $10 million and probably go part time at $5 million. My plan is to purchase some rental houses, which I'd rent out at half market rate to help struggling families and donate that rent to charities. If for some reason I started running low on money, I'd boost the rents back up to market rate and use the rents as income.
We don't make much and we don't spend much. I think I would probably quit my current job for 5 mill after taxes and go to school full time. For 15 mill I wouldn't even go to school, I'd just pop out kids and volunteer.
A couple million in non-retirement accounts. I'd much rather live a normal or somewhat frugal life and never have to work. I live a normal/frugal life now and have to work. Not working is better, lol.
5% of 2M is 100K. Our annual expenses right are probably in the 30's. We'd still be able to live like we do now and continue to reinvest interest earned.
Really, when I look at it this way, I bet we could do it on less than $2M.
This is where my head went.
What the eff are you people doing in retirement that you need $$10MM+?
DH and I could easily live on $100k/year and not 'work'. I'm sure we'd have to find something to do to fill our days.
Well, if I wanted to live my current lifestyle I could do it for alot less but definitely not big dog style. Plus, when I'm off work I spend way more money.
I like my job so I don't know that I would exactly quit. I'd probably just quit the investing for clients part. H and I also like a lot of expensive toys so maybe $30 mil. That's enough to put half into investments so that we can live lavishly off of the returns while doing a lot of philanthropy around the world and to blow the other half for instant gratification.
I did not mean to imply that big dogs do spend more, as I have been on this board long enough to know that is not always the case. And when they do, they're stealthy about... I was interested in big dog numbers because my guess was that they'd be MUCH higher--because once you CAN fathom what a million or two or three feels like, it changes things. Also, I know lots of people who are pretty rich (by that I mean they already have millions in the bank), but because they didn't get their money in one big windfall, the idea of quitting never even occurred to them.
How much of a windfall would you need (through inheritance, lottery, whatever) to comfortably quit your job forever and ever?
I am particularly interested in hearing from "big dogs" (hate that term) because I think those numbers could be interesting. If you have already quit your job forever, then perhaps you can just answer from experience or what it would require for your spouse to quit as well.
When I think about the $500M jackpot, which would be, let's say half after taxes, so $250M, I would absolutely quit my job and I happen to like what I do very much. But I probably wouldn't quit for under $25M. So my range is $25M and up, I guess.
Discuss.
Anything over $75M post-tax. I am probably what some would consider a big dog, but I live in NYC, so I feel like a puppy here. Anything less than that and the income isn't enough to continue my lifestyle in this damn city, plus support any children, and I'd want to leave a nice legacy.
But even with that, I'd want to find another "fun" job just to keep myself occupied.