No Water Cannon Salute in STL for Capt
#81
Gets Weekends Off
Joined APC: Jul 2011
Posts: 451
I don’t know about you, but I still would like a cell phone, so that’s an expense. Probably cable and WiFi too since you won’t have the money to go out and do anything. Food and gas aren’t exactly cheap either. Don’t forget about inflation. That affects everyone. I’d also like to be able to travel and see my kids/grandkids if they move away. I’d also like to be able to help my kids if they hit a rough patch and lose their job or something.
Like I said, I’m sure it’s possible, but definitely not easy. If I’m retiring early, it’s so I can travel a lot and do what I want. That requires more than $40,000 per year... at least for me. Plus, I have a family, so that makes a HUGE difference. Like someone else said, the 4% thing is for 30 years, not 60. Most estimates I’ve looked at say that you need $2.5 million to retire in your 60s comfortably. I’d say you need at least $3.5 million to retire in your late 40s. But it all depends on priorities. Of course you can live on $40,000 if it’s just you and that’s your goal. My question is, do you really want to try that for 50-60 years?
#82
My ex-fiancée didn’t want her parents to pay for our wedding so he might luck out.
#84
Gets Weekends Off
Joined APC: Oct 2017
Posts: 200
I’m not saying it’s impossible to retire in your 30s with only 1 million in the bank, but I think it would be much harder than you think unless you’re living in your mom’s basement or a cardboard box under an overpass. And, I’d say you pretty much would have to be single unless your wife worked. Just because your mortgage is paid off, doesn’t mean your house is “free.” You still pay property taxes which are probably anywhere from 1,000 to 12,000 per year. Homeowners insurance is probably 1,000 per year or more. You may live in that house for the next 60 years, so I’m gonna guess a roof replacement, furnace replacement, a/c replacement, appliance replacement, etc aren’t out of the question. Same with your car. Insurance, maintenance, upkeep, and replacement need factored in. If you have a family, you need medical/dental insurance which isn’t cheap on your own. They say you need $250,000 for medical just for yourself in retirement. If you’re in your 30s, chances are your kids are still in high school or college. I suppose you can just make them pay for their own schooling though. I hope you don’t have a daughter who wants to get married and have a nice wedding. Sure, it’s only tradition for the bride’s parents to pay, but you could skip that and make her pay for it herself.
I don’t know about you, but I still would like a cell phone, so that’s an expense. Probably cable and WiFi too since you won’t have the money to go out and do anything. Food and gas aren’t exactly cheap either. Don’t forget about inflation. That affects everyone. I’d also like to be able to travel and see my kids/grandkids if they move away. I’d also like to be able to help my kids if they hit a rough patch and lose their job or something.
Like I said, I’m sure it’s possible, but definitely not easy. If I’m retiring early, it’s so I can travel a lot and do what I want. That requires more than $40,000 per year... at least for me. Plus, I have a family, so that makes a HUGE difference. Like someone else said, the 4% thing is for 30 years, not 60. Most estimates I’ve looked at say that you need $2.5 million to retire in your 60s comfortably. I’d say you need at least $3.5 million to retire in your late 40s. But it all depends on priorities. Of course you can live on $40,000 if it’s just you and that’s your goal. My question is, do you really want to try that for 50-60 years?
I don’t know about you, but I still would like a cell phone, so that’s an expense. Probably cable and WiFi too since you won’t have the money to go out and do anything. Food and gas aren’t exactly cheap either. Don’t forget about inflation. That affects everyone. I’d also like to be able to travel and see my kids/grandkids if they move away. I’d also like to be able to help my kids if they hit a rough patch and lose their job or something.
Like I said, I’m sure it’s possible, but definitely not easy. If I’m retiring early, it’s so I can travel a lot and do what I want. That requires more than $40,000 per year... at least for me. Plus, I have a family, so that makes a HUGE difference. Like someone else said, the 4% thing is for 30 years, not 60. Most estimates I’ve looked at say that you need $2.5 million to retire in your 60s comfortably. I’d say you need at least $3.5 million to retire in your late 40s. But it all depends on priorities. Of course you can live on $40,000 if it’s just you and that’s your goal. My question is, do you really want to try that for 50-60 years?
#85
That's worthy of a participation trophy with your name engraved on it, "Skippy".
#86
Gets Weekends Off
Joined APC: Feb 2006
Position: B-737NG preferably in first class with a glass of champagne and caviar
Posts: 5,909
#87
I’m not saying it’s impossible to retire in your 30s with only 1 million in the bank, but I think it would be much harder than you think unless you’re living in your mom’s basement or a cardboard box under an overpass. And, I’d say you pretty much would have to be single unless your wife worked. Just because your mortgage is paid off, doesn’t mean your house is “free.” You still pay property taxes which are probably anywhere from 1,000 to 12,000 per year. Homeowners insurance is probably 1,000 per year or more. You may live in that house for the next 60 years, so I’m gonna guess a roof replacement, furnace replacement, a/c replacement, appliance replacement, etc aren’t out of the question. Same with your car. Insurance, maintenance, upkeep, and replacement need factored in. If you have a family, you need medical/dental insurance which isn’t cheap on your own. They say you need $250,000 for medical just for yourself in retirement. If you’re in your 30s, chances are your kids are still in high school or college. I suppose you can just make them pay for their own schooling though. I hope you don’t have a daughter who wants to get married and have a nice wedding. Sure, it’s only tradition for the bride’s parents to pay, but you could skip that and make her pay for it herself.
I don’t know about you, but I still would like a cell phone, so that’s an expense. Probably cable and WiFi too since you won’t have the money to go out and do anything. Food and gas aren’t exactly cheap either. Don’t forget about inflation. That affects everyone. I’d also like to be able to travel and see my kids/grandkids if they move away. I’d also like to be able to help my kids if they hit a rough patch and lose their job or something.
Like I said, I’m sure it’s possible, but definitely not easy. If I’m retiring early, it’s so I can travel a lot and do what I want. That requires more than $40,000 per year... at least for me. Plus, I have a family, so that makes a HUGE difference. Like someone else said, the 4% thing is for 30 years, not 60. Most estimates I’ve looked at say that you need $2.5 million to retire in your 60s comfortably. I’d say you need at least $3.5 million to retire in your late 40s. But it all depends on priorities. Of course you can live on $40,000 if it’s just you and that’s your goal. My question is, do you really want to try that for 50-60 years?
I don’t know about you, but I still would like a cell phone, so that’s an expense. Probably cable and WiFi too since you won’t have the money to go out and do anything. Food and gas aren’t exactly cheap either. Don’t forget about inflation. That affects everyone. I’d also like to be able to travel and see my kids/grandkids if they move away. I’d also like to be able to help my kids if they hit a rough patch and lose their job or something.
Like I said, I’m sure it’s possible, but definitely not easy. If I’m retiring early, it’s so I can travel a lot and do what I want. That requires more than $40,000 per year... at least for me. Plus, I have a family, so that makes a HUGE difference. Like someone else said, the 4% thing is for 30 years, not 60. Most estimates I’ve looked at say that you need $2.5 million to retire in your 60s comfortably. I’d say you need at least $3.5 million to retire in your late 40s. But it all depends on priorities. Of course you can live on $40,000 if it’s just you and that’s your goal. My question is, do you really want to try that for 50-60 years?
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