How much do you all think is enough to retire on?

Reply #13

Unluckyone — Wed, 10 Aug 2016 23:30:31 GMT

I am married and in my late 30's and we don't have any kids other than 2 dogs. We both work and 5 years ago upgraded to a nicer and larger home after rolling the proceeds from our previous home. We took out a 15 year note as we were able to save another 1 1/4 percent.

A million dollars net would subsidize our current income and allow us to live a very nice lifestyle while $3 million net would be adequate to retire on. We both have retirement accounts and that is also a factor on deciding when... [ More ]

Reply #12

wander73 — Mon, 08 Aug 2016 16:43:42 GMT

So thank you all so far for everyone's input so far and a lot of decent examples I was reading. I love when I hear people their friends forget the friends worry about them worry about their children and the grandchildren the friends can all wait. If the person has any siblings and I do have two siblings myself my handicap brother and my younger sister but my younger sister is a pain in the neck.

I would definitely help out my mother because a mortgage situation and we might be in the mi... [ More ]

Reply #11

bigdaddy — Sun, 07 Aug 2016 20:17:34 GMT

$5 million should be plenty..

$4 million spread across monthly payment reits..$40k a month in dividend..

$500,000 cash safety net...it already own my home and have plenty of room for expansion.

Reply #10

GatorShea — Sun, 07 Aug 2016 20:01:34 GMT

I told my wife that if we win a jackpot and get 10 million after taxes then we are set. Anything more than that and we will be helping out some family members so that they can retire and live their lives. If you can't find a way to live off of a hundred thousand per year with only monthly bills (no mortgage, car payment, etc.) then you are a fool with your money. I figure if we have 10 million then we can choose to live where we want, pay that house off and furnish it while getting a couple of g... [ More ]

Reply #9

wander73 — Sun, 07 Aug 2016 17:25:46 GMT

You're absolutely right. I think the elderly are getting screwed royally and they all should be worried. The elderly shouldn't have to work.

Reply #8

TheMeatman2005 — Sun, 07 Aug 2016 17:02:55 GMT

I would retire immediately if I was to win a jackpot big enough where my investments returned anywhere between $45 - 65 K or more after taxes.

Being that I would split my winnings with my brother 50/50, I figure that would mean I would have to win a jackpot of at least $20 mil.

$10 mil apiece less 48% taxes (NYC resident) would leave me about $5,200,000. The interest on that amount would be about $104,000 / year less about 40% taxes on the earnings would net me about $62,400.

With that... [ More ]

Reply #7

Sunglasses — Sun, 07 Aug 2016 15:02:54 GMT

The question is, are you able to survive with your pension? Nowadays you can't even rob a bank anymore, they put everything into computers. All you can do is buy a quick pick that does it better than three days of number crunching

Reply #6

HoLeeKau — Sun, 07 Aug 2016 14:51:56 GMT

It depends on how much income you need per year to feel secure. As demonstrated in the 'What is a Life Changing Win thread, that number varies significantly. Some of us could live quite well on 50K per year. Others will barely scrape by on 3 million per year.

So figure out what your number is, and how many years you would need to live on it. Then go from there.

And yes, 2nd place with the multiplier would be enough for me to retire on, but I'm a little older than you. My mother lived into... [ More ]

Reply #5

ArizonaDream — Sun, 07 Aug 2016 14:18:43 GMT

I'm older than you. I just played around with some investment and annuity calculators I found and I think I could retire now with a 2 million win. I'd think about working a few more years however. 4 or 5 million, instant retirement

Reply #4

wander73 — Sun, 07 Aug 2016 13:27:18 GMT

I will be 43 in Dec.

Reply #3

Brcebrce — Sun, 07 Aug 2016 12:40:23 GMT

5 million is a nice round number. You can't live like you won the lottery, but if you invest, make a budget and stick to it you will be fine.

Reply #2

sully16 — Sun, 07 Aug 2016 10:50:35 GMT

How much does it cost you a year to live? add up your expenses.

When do you plan to retire?

Good rule of thumb, for every dollar you earn, put 10 cent into savings.

Example, you make 400 dollars, 40 goes into savings.

Make a budget and live within your means.

Don't know how old you are, but starting young and saving, you can retire with comfort.

Reply #1

Kingofearth — Sun, 07 Aug 2016 05:46:12 GMT

If I retired soon I'll need to plan for 70+ years so I'd need quite a lot more, 25 Million after taxes should be enough figuring inflation will drain the dollar's value. BUT given the odds of winning, I'm not gonna throw my money away unless the amount is gonna be truly record breaking (i.e at least in the top 25 largest for both annuity and cash).

How much do you all think is enough to retire on?

wander73 — Sun, 07 Aug 2016 05:33:14 GMT

Everyone has a different tax bracket. SO what is ideally enough to retire on? Does it matter? Would 5 numbers with the multiplier or powerplay if the person invested that money right be able to and not go broke.