[slackercruster]

If you were one of the silicon valley overnight lotto winners. Or you just got lucky with a $1 ticket that paid off.

How much $$ would you need to quit your job and do whatever you wanted to the rest of your life?

[RioRico]

I'm already there.

[humbr]

I'm there for 5 years now. You need less than the advisers tell you, unless you waste money. In which case it doesn't matter how much you start with. Learning to separate needs from wants helps a lot.

It's not what you earn, it is what you keep that matters.

[magkelly]

Well, for me "do what I wanted" actually means still working. Taking pics, having a gallery, hosting other artists, et all. Even if I had mega $$$ that wouldn't change. I'd just spend more on it and probably sponsor a few other people's artistic dreams as well. I might not do as much commercial work. I'd likely focus more on traveling and taking pics of things and people that mean more to me versus say doing paid studio shots of families and such, but I'd still be doing the same thing, just even more my way...

[Ratmagiclady]

I think any kind of money in those amounts, I'd be using to *start* something.


I suppose what and where might depend somewhat on how much.

[Medium FormatPro]

the silicon valley

Through my ex-wife; we were once offered a career move to that area. It is quite impressive, but... There's just something about having to almost bid for a quality house. Also the price of the average house.

If it were entirely up to me I'd choose to live on a larger plot of land - almost even if I had to settle for a mobile type of home or a prefab. BTW one of my distant neighbors has a type of all glass modular; another neighbor a mobile which costs almost 200k. go figure.


As for my version to an answer to the topic question...

For me all t would take is not much beyond 5m; but I would still stay either working very part time, building a newer house, teaching, volunteering, etc... But with 5m, one could technically live off of the investment (without really much risk at all), and also off of the interest.

[daacon]

I don't know not there yet , not sure I will every 100% retire unless forced to (self employed) . Every retirement calculator I go to gives me the same advice - have more money or die younger .....gotta love the honesty.

[monochrome]

Return necessary to preserve purchasing power of investment pool =

Fees + Taxes + Inflation + Withdrawals = 1% + 2% + 3% + x%.

Where Expected Return is 8% for a diversified investment portfolio, x = 2

Multiply necessary after-tax income by the reciprocal of .02 = 50

$15,000 a month after Fees, Taxes and Inflation x 12 = $180,000 * 50 = $9,000,000

You get a 3% raise every year. Remember, you have no debt!!

(Of course, that's all a fantasy)

[Rupert]

I've already had a lifetime of doing mostly what I wanted to do, and am still at it, though retired now for about 4 years. It does take less money than you think if you are not too greedy and can enjoy the things that mean the most....which are usually free!
I have no shortage of cash for my needs......but Mrs Rupert is a different story...that's why she is still working! When she retires, she will have more than me.......but not more fun!

Not saying that planning is not important, it certainly is, but if you don't enjoy life as you live it, retirement won't be much different for you no matter how much cash you have.

Regards!

[kswier]

I am not sure if I would ever stop working, but I might change what I do. I like my current job a lot, but given sufficient funds I think I would try and start some kind of non-profit business whose goal was to develop technology to help others (I have not thought of specifics). I love having things to do, and think I would get bored if I settled on some island (or something similar).

I am curious of those who seem to want to leave their jobs tend to have jobs that require long hours and high stress. If I had to put in 60-80 hours a week, my perspective on this issue might change (after all, I need time for all my random hobbies).

[Parallax]

How much would it take for me to call it quits?

Anything north of a million would do it; although there are days that about 12 cents would be enough.

[RioRico]

How much would it take for me to call it quits?

Anything north of a million would do it; although there are days that about 12 cents would be enough.

A mere million won't go as far as it used to. Better hold out for ten.

[dadipentak]

I'm already there.

Me too--didn't wait to crack a million (by a long shot ;~)

[reeftool]

I'm very close to retiring anyhow it wouldn't take much at all at this point. I have enough saved to make it work now but if I wait 3 more years until I'm 65, I'll be much better. The house will be paid off as will be the last of the kids college costs. I chose the last choice. My needs are little and I have a lot of stuff already.

[pickles]

I retired at 55, now I'm now 67.
Only ever had the one job..Worked in a Bank.
Retirement has been good....I'm into cars.....so wifey & I are able to cruise regularly.....go away for a few days during the week etc.
Retirement doesn't suit everyone....but it suits me.....because I can do exactly as I want to do.....which was not the situation when I was working.
Cheers, Pickles.