Author Topic: How much would someone have to hand you today to retire? (Read 28662 times)

texastumbleweed · « **on:** March 29, 2017, 07:43:31 PM »

What is your current goal for hard cash you want saved up before you can retire? I'd like to fix up our house and do a few other minor things on top of the money we would need to feel comfortable retiring. Not really sure my number yet. If someone handed you X today and said you could retire, what would X be?

Zikoris · « **Reply #1 on:** March 29, 2017, 07:47:29 PM »

We have around $260,000 right now, and I'd struggle to make it to work tomorrow if someone handed me a check for $500,000. Our expenses are around $27,000/year, with no plans to change.

Duke03 · « **Reply #2 on:** March 29, 2017, 07:51:10 PM »

2,000,000.00 and I'll piss on the bosses desk first thing in the morning. On a side note I had a coworker win 27.25 million in the lottery last week. He's been on leave since he found out. Can't say I blame him. I'm really happy for the guy as he was really laid back and very humble. He made over 6 figures and lived in a house that couldn't cost more than 50k.

Bateaux · « **Reply #3 on:** March 29, 2017, 08:19:12 PM »

About 300k would round out my goal. I'm 85% of the way.

EdwardMM · « **Reply #4 on:** March 29, 2017, 08:32:02 PM »

Probably $500,000. But every time I save more I feel like I need more.

human · « **Reply #5 on:** March 29, 2017, 08:37:58 PM »

Barely have 100k right now. I could make do with 750k total but would prefer a cushion of 250k on top of that. This is to quit working forever.

Aggie1999 · « **Reply #6 on:** March 29, 2017, 08:38:55 PM »

Quote from: Duke03 on March 29, 2017, 07:51:10 PM

2,000,000.00 and I'll piss on the bosses desk first thing in the morning. On a side note I had a coworker win 27.25 million in the lottery last week. He's been on leave since he found out. Can't say I blame him. I'm really happy for the guy as he was really laid back and very humble. He made over 6 figures and lived in a house that couldn't cost more than 50k.

Lucky co-worker! I've been in the lottery pool at work for over 10 years. I'm about $1k in the hole. To much investment at this point to bow out though.

SwordGuy · « **Reply #7 on:** March 29, 2017, 08:45:15 PM »

130k to cover the repair costs to flip the house we've just bought, assuming $30k in taxes on it.

zinnie · « **Reply #8 on:** March 29, 2017, 09:02:05 PM »

Only 330k to go. I want to live in this fantasy world where someone hands it to me tomorrow!

Trifle · « **Reply #9 on:** March 30, 2017, 04:02:45 AM »

$280,000, and I am gone. House will be paid off and stache number will be hit. Only question mark is health care, but we will figure it out.

Lmoot · « **Reply #10 on:** March 30, 2017, 04:35:58 AM »

Enough for me to buy up and fix up enough rental properties to live on the income. $300k should do it for my LCOL area + $100k to add on/remodel my own house...since folks are handing out money anyway :)

Monkey Uncle · « **Reply #11 on:** March 30, 2017, 04:47:10 AM »

If I had another $150k or so, that would erase most of my anxiety about health care, which is the only thing keeping me from FIREing at this point.

matchewed · « **Reply #12 on:** March 30, 2017, 05:01:20 AM »

A little under 300K.

But that won't take too long at this point anyway.

Linea_Norway · « **Reply #13 on:** March 30, 2017, 05:04:43 AM »

According to my self made and not checked-by-expert-Excel-sheet we need 7,5 million NOK (Norwegian Crowns) to semi-FIRE in 2020 and still make an additional small income. Without producing an extra income, we need more, 8 mil NOK in 2020. To FIRE now, we would need something like 9,5-10 mil NOK.

We have a little more than 1 mil NOK invested in funds. We have a house worth approx 8 mil. That would have to be traded in for a much cheaper house. I expect to have 4-5 = 4,5 million left from that transaction. So I need an additional 9,5 - 1 - 4,5 = 4 mil NOK.

My husband (in my opinion stupidly) declined an offer from his father to receive 100.000 euro (almost 1 mil NOK) as an early inheritance. Because "We don't need it, we do financially well.". But that is for us 2 times what we spend per year.

Dances With Fire · « **Reply #14 on:** March 30, 2017, 06:16:53 AM »

Quote from: Monkey Uncle on March 30, 2017, 04:47:10 AM

If I had another $150k or so, that would erase most of my anxiety about health care, which is the only thing keeping me from FIREing at this point.

+1 on the health care issue.

Another $250K and I could walk away today.

MishMash · « **Reply #15 on:** March 30, 2017, 06:38:09 AM »

Quote from: EdwardMM on March 29, 2017, 08:32:02 PM

Probably $500,000. But every time I save more I feel like I need more.

This, first it was 850, then a million, then 1.5. Now we are at 1.5 and I'm thinking 2 million. Plus DH will have a military pension on top of that. I keep getting OMY syndrome. Largely because DH still has 4 years to work, no kids, and DH has expensive hobbies.

I really need to quit though, I can visually see my mental health declining, couldn't get out of my car at the office building on Tuesday but DH flip flops in his support as no matter how many times I show him the spreadsheets, he just doesn't believe it.

teen persuasion · « **Reply #16 on:** March 30, 2017, 06:42:15 AM »

Quote from: matchewed on March 30, 2017, 05:01:20 AM

A little under 300K.

But that won't take too long at this point anyway.

Exactly!

Laura33 · « **Reply #17 on:** March 30, 2017, 06:44:30 AM »

Enough to convince DH that we have enough. So probably $2M. Although the kids are still at home, so it's mostly not about the money at this point, and more that he loves his job and doesn't see much point in quitting until we can do all the traveling we have planned for when they're fledged.

Duchess of Stratosphear · « **Reply #18 on:** March 30, 2017, 06:57:36 AM »

$1 million for sure. $750k very likely. Oh, what a lovely thought! I bought a lottery ticket last week that I can't bare to look at because I know I just threw away $2. But it let me fantasize about not being a desk jockey for a little while.

Retire-Canada · « **Reply #19 on:** March 30, 2017, 07:02:13 AM »

Quote from: texastumbleweed on March 29, 2017, 07:43:31 PM

What is your current goal for hard cash you want saved up before you can retire? I'd like to fix up our house and do a few other minor things on top of the money we would need to feel comfortable retiring. Not really sure my number yet. If someone handed you X today and said you could retire, what would X be?

If someone handed me $270K I'd retire today.

DeskJockey2028 · « **Reply #20 on:** March 30, 2017, 07:24:48 AM »

I'd need about $750,000 today to say goodbye to my commute, boss and office forever. And I'd do it in about .076 seconds too.

caracarn · « **Reply #21 on:** March 30, 2017, 07:36:35 AM »

There are a few things that make this not a feasible fantasy for us right now as we still have five kids at home so that number would be much higher right now, but assuming it was just my wife and I $750K - $1 million would do well.

marielle · « **Reply #22 on:** March 30, 2017, 07:40:36 AM »

I have pretty much nothing saved up and no house but if someone handed me $500k right now I'd drive home immediately.

hoping2retire35 · « **Reply #23 on:** March 30, 2017, 07:43:37 AM »

$300k and I walk away.

buy several apartments, get net of $2400 a month and I am golden.

TravelJunkyQC · « **Reply #24 on:** March 30, 2017, 07:45:05 AM »

Currently at 150k for both my partner and I. Another 850k would be enough for both of us, plus two eventual children (if we're to stay in Québec) if he stopped working as well. If he kept working... well frankly we live on the equivalent of one salary anyway, so theoretically nothing.

Khan · « **Reply #25 on:** March 30, 2017, 08:14:34 AM »

You give me 1 1/2 million and I don't ever think about making money again.(Combine with current reserves, ~1.75 million, ~70k/year). Around 40k/year(1 mil) things start becoming fuzzy on my motivation or wants.

fattest_foot · « **Reply #26 on:** March 30, 2017, 08:15:31 AM »

Depends on what happens with healthcare.

If we have the ACA or some kind of single payer, another $600k or so would do it.

Otherwise you'd probably need to tack on another $200-300k.

BussoV6 · « **Reply #27 on:** March 30, 2017, 08:18:07 AM »

450K this week and I call my boss and ask him to come and collect his laptop and car. We have approx 1m in stache already, but the xtra 450K and we are all good.

TheAnonOne · « **Reply #28 on:** March 30, 2017, 09:22:06 AM »

We have 290k and spend 33 to 36 a year.

Realistically, we would like to be able to spend 4k on average because we envision a lot of travel and fun so, I am still probably a million out... *sigh*

Though, another 460k gets us to our barebones # of 750k. We will likely pare back and start to travel more at that point.

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prognastat · « **Reply #29 on:** March 30, 2017, 09:56:31 AM »

At about 175k and need about 725k to be done building our stache.

Scortius · « **Reply #30 on:** March 30, 2017, 10:02:15 AM »

I'm just getting started and I have young kids and am about to buy a house. I think I'll be targeting a 2M portfolio before I'm done.

RetirementDreaming · « **Reply #31 on:** March 30, 2017, 10:37:00 AM »

Hand me 500k (plus the 1.1M I already have) and I'm out the door.

ysette9 · « **Reply #32 on:** March 30, 2017, 10:43:29 AM »

Quote

I've been in the lottery pool at work for over 10 years. I'm about $1k in the hole. To much investment at this point to bow out though.

You do realize that this is a classic example of sunk cost fallacy, right? Otherwise know as "throwing good money after bad"?

https://en.m.wikipedia.org/wiki/Escalation_of_commitment

Fish Sweet · « **Reply #33 on:** March 30, 2017, 10:44:29 AM »

I just hit 100k, so if someone passed me 600k today, I'd warily pack up my bags. A million, and I'm out like trout.

tipster350 · « **Reply #34 on:** March 30, 2017, 11:14:39 AM »

$300k and I will be running for the exit.

moof · « **Reply #35 on:** March 30, 2017, 12:25:19 PM »

800k post-tax would do it.

golden1 · « **Reply #36 on:** March 30, 2017, 12:59:54 PM »

$500K, but I would take a part time job instead of full time.

$1M and I would retire outright. (Actually I still might work part time, because I tend not to do well without external structure.)

Aggie1999 · « **Reply #37 on:** March 30, 2017, 01:00:52 PM »

Quote from: ysette9 on March 30, 2017, 10:43:29 AM

Quote
I've been in the lottery pool at work for over 10 years. I'm about $1k in the hole. To much investment at this point to bow out though.

You do realize that this is a classic example of sunk cost fallacy, right? Otherwise know as "throwing good money after bad"?

https://en.m.wikipedia.org/wiki/Escalation_of_commitment

Sure. I can afford $2 per week though. Would kick myself very hard if I quit and the group won big (yea, I know it will never happen).

BayAreaFrugal · « **Reply #38 on:** March 30, 2017, 01:08:41 PM »

$1.3M post-tax and I'd stay in my current HCOL area and retire today. About $800k post-tax and I'd really strongly consider moving to a LCOL area so I could retire today. But probably if I were given somewhere around $500k post-tax I'd still quit my job and do something part time.

ysette9 · « **Reply #39 on:** March 30, 2017, 01:24:25 PM »

Quote

Sure. I can afford $2 per week though. Would kick myself very hard if I quit and the group won big (yea, I know it will never happen).

In that case, consider it the price to pay for the fun of the mental flight of fancy thinking about what you would do if you did win. :)

Polish_Hammer · « **Reply #40 on:** March 30, 2017, 01:29:32 PM »

a 2yr severance package :)

Retire-Canada · « **Reply #41 on:** March 30, 2017, 01:43:08 PM »

Quote from: Aggie1999 on March 30, 2017, 01:00:52 PM

Sure. I can afford $2 per week though. Would kick myself very hard if I quit and the group won big (yea, I know it will never happen).

Don't retire. With that logic you don't deserve it. ;)

PoutineLover · « **Reply #42 on:** March 30, 2017, 01:51:50 PM »

I'd retire now if I got 600K after tax. Possibly even 500. Although I'd also quit my job for as little as 300K and try living abroad with a low cost of living and see how far I get, while accepting the possibility that I may need to work again at some point.

exmmmer · « **Reply #43 on:** March 30, 2017, 03:16:15 PM »

$25k. Gone.

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WhiteTrashCash · « **Reply #44 on:** March 30, 2017, 03:18:16 PM »

$1 million would do it for me. I'm still pretty early in my quest for FIRE.

MrMoogle · « **Reply #45 on:** March 30, 2017, 03:48:03 PM »

I'm $250k away from my FIRE goal, but for it to happen today, it would have to be more like $500k maybe. If someone hands me $250k, I'd probably be gone by the end of the year.

Clean Shaven · « **Reply #46 on:** March 30, 2017, 03:49:00 PM »

$1.05

skp · « **Reply #47 on:** March 30, 2017, 03:55:47 PM »

Currently- Enough to pay for my health insurance premiums until I'm eligible for Medicare. I don't hate my job enough to warrant paying astronomical health care insurance premiums.

bobechs · « **Reply #48 on:** March 30, 2017, 04:16:20 PM »

For $305,409 I could buy an annuity that pays out $1645/mo. until 2042.

https://www.immediateannuities.com/information/sma-rates-5.htm

That, plus SS benefits and a $500/mo. pension from prior government employment would cover me adequately to age 88.

Then, I guess I'd just have to find another job.

HPstache · « **Reply #49 on:** March 30, 2017, 05:20:58 PM »

I would say that $800K would do it. I'm not sure if I am ready to stop working quite yet. There would be a few projects I'd want to finish to leave respectfully... so maybe I'd work for another year.

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Author Topic: How much would someone have to hand you today to retire? (Read 28662 times)