lf you won $1million could you see yourself retiring?

Reply #46

AlanHarvey — Fri, 12 May 2017 07:28:41 GMT

I'm afraid we have a lot of people here in the US who are depending on a large win for that very reason.

Reply #45

darthfury78 — Wed, 10 May 2017 00:44:17 GMT

If you have $1 Million to retire on, it's possible. But all of that money could be invested into preferred stocks that pays a good divided, whereby the money could generate up $50K a year on some of those investments. generating $50K is quite possible as you do not even have to touch the principle....

Reply #44

alsmurf4 — Tue, 09 May 2017 19:43:30 GMT

Retired a few months ago but a win would make it a little more comfortable.

Reply #43

Redd55 — Mon, 17 Apr 2017 21:10:09 GMT

Great article. There's some great advice in it too.

Yep. People should really take a look at it. It clears up a lot of misconceptions.

Reply #42

GiveFive — Mon, 17 Apr 2017 19:56:09 GMT

Great article. There's some great advice in it too.

For me personally, it's not that I'm interested in becoming an ultra high net worth individual. I'm more concerned about the peace of mind that I'd have if I was ever so lucky to win just $500,000. That'd give me the peace of mind I'm looking for because then I'd know that I wont run out of money in retirement.

I'm semi-retired now... I work part time to keep busy, but in a couple of years I plan to fully retire. I don't want to give up... [ More ]

Reply #41

Redd55 — Sun, 16 Apr 2017 12:04:39 GMT

Here's a very good article about why a million bucks does not make you rich It talks about inflation, fees, necessity of insurance, taxes, medicare, and how you will go broke before retirement, etc.

8 Worst Things About Being a Millionaire

Reply #40

GiveFive — Wed, 12 Apr 2017 12:17:01 GMT

See, here's the thing that bugs me;

Have you ever seen those ad's that target people with a half a million dollars in their retirement accounts placed by an investment firm?

I don't have anything close to $500,000 in my 401k. Is that investment company trying to tell me that I don't have enough money saved for retirement? And what about the ad's that seem to imply that you need at least $500,000 saved for retirement, or you'll probably run out of money after you retire?

It's well d... [ More ]

Reply #39

GiveFive — Wed, 12 Apr 2017 11:56:54 GMT

I too have wondered what's the percentage of regularly playing lottery players are out there who are hoping a big win would enable them to stop working and retire. That's because when I look at pictures of winners, while there are definitely winners from every age group, I've noticed that there seems to be many winners who look like they're either close to retirement age, or might actually be retired.

I've managed to save money for retirement, but sometimes I wish I'd saved more than I did.... [ More ]

Reply #38

rcbbuckeye — Tue, 11 Apr 2017 23:48:30 GMT

Dang!

You're ahead of me with the jar full of pennies.

I do, however, have a tic for tonight, and three for Lotto tomorrow night, and.......one for PB tomorrow night.

Good luck Mike!

Well, good luck to me too. Today was a good day for sales, but also one of those days that management (who is a friend) just really pissed me off. I really wish I would win tonight just to kiss that job goodbye.

Reply #37

mikeintexas — Tue, 11 Apr 2017 19:27:52 GMT

That'd be me.

As it stands right now, my retirement plan is a jar full of pennies and a lottery ticket good for four more drawings.

Reply #36

Stack47 — Tue, 11 Apr 2017 18:10:03 GMT

Will all the discussion on will you retire after winning a huge jackpot makes me wonder if some of the people here are counting on winning a huge jackpot so they can retire.

Reply #35

DELotteryPlyr — Sat, 08 Apr 2017 22:16:40 GMT

Reply #34

jjtheprince14 — Sat, 08 Apr 2017 14:47:15 GMT

I'm only 41, I'd really need to net $50,000,000 after taxes to be able to retire comfortably in the US.

Now if I were to move to a 3rd world country with a warm climate, yeah I could retire easily on $1 million.

Reply #33

Coin Toss — Sat, 08 Apr 2017 00:10:14 GMT

Could be either I guess noise-gate.

The Bicycle Poler Parlor was or still is in Gardena.

Pretty good for the house if you can get it on, since poker is a game where the players bet against each other at thge Bicycle lube they rented the seats at the tables at an hourly rate and they also raked the pot.

Reply #32

noise-gate — Fri, 07 Apr 2017 17:50:51 GMT

For high rollers CT? Correct me if I am wrong, but the section under TNT $15,000 looks a lot like the back of a female's thighs with a sheer silk top covering her derrie're. Then again it could simply be plumes of smoke.

Reply #31

Coin Toss — Fri, 07 Apr 2017 16:27:34 GMT

Well there is this;

http://www.thebike.com/

I'm not sure if this is the original Bicycle Club or not, but the Bicycle Club is/was a Poker Parlor that goes way back.

Reply #30

noise-gate — Fri, 07 Apr 2017 04:13:24 GMT

True.

Reply #29

grwurston — Fri, 07 Apr 2017 04:03:15 GMT

If I hit for a million I'd put in for my retirement as soon as the check cleared.

Reply #28

weshar75 — Fri, 07 Apr 2017 03:23:54 GMT

I could be debt free and my mother debt free and a new car and that would give me piece of mind.-weshar75

Reply #27

rcbbuckeye — Fri, 07 Apr 2017 00:09:07 GMT

Yeah. LOL. As soon as I clicked reply it hit me that you were referring to down south California.

I guess they don't mind people getting hooked on porn, but heaven forbid they get hooked on gambling

Reply #26

noise-gate — Thu, 06 Apr 2017 22:08:47 GMT

Yeah rcb, that's what I meant. Out here on the West Coast if we say down south it means Southern California If we say THE South well that's a no brainer. Arnold was governor when the State adopted the Parimutuel thingy. What's Kinda funny is that we have had the heart of the sex industry in LA for decades yet PB took a long time getting to CA.Go figure.

Reply #25

music* — Thu, 06 Apr 2017 21:53:57 GMT

mutual funds? I believe that there is one billionaire on the Forbes Top 400 richest who made his fortune from mutual funds. He/She owned the company that sold the funds not by investing in them. I hope you understand how they are taxed. You will need a CPA.

A good mutual fund will not go up as high as a stock and will not go as low as a stock would.

Are you ready for all the fees?

I am at the age where I do not have the time left for gains to be made over a twenty or thirty year t... [ More ]

Reply #24

rcbbuckeye — Thu, 06 Apr 2017 21:42:01 GMT

USAMega said there was a second prize winner in CA who won $2,469,064. And one in PA for a million.

The parimutuel paid off in CA that time.

Reply #23

noise-gate — Thu, 06 Apr 2017 21:24:33 GMT

Someone down South bagged a cool $2 mil in the PB category last night. If the winner is in their 70-80's, home paid off a long time ago and are frugal enough - it's plain sailing.l guess at that age it's safe to say that they not going to be feeding their nostrils or shooting up. Then again the winner could be someone with a few nose rings.You just never know.

Reply #22

rcbbuckeye — Sun, 02 Apr 2017 15:29:26 GMT

When I'm 66 and if I have no mortgage or debt, my wife and I could get by with that and SS.

But.....at this time having no mortgage in 3 or 4 years is not on the horizon. We just may end up selling the house and cashing out then rent a condo or apartment. The advantage is no property taxes or upkeep on the house.

Reply #21

hearsetrax — Sun, 02 Apr 2017 15:15:07 GMT

curious article,but not much of a surprise I'd reckon

Reply #20

Coin Toss — Sun, 02 Apr 2017 06:03:10 GMT

Interesting read from Money magazine;

Is 1 million still enough to retire on?

https://www.yahoo.com/finance/news/1-million-still-enough-retire-200619378.html

Reply #19

lottolaughs — Sun, 02 Apr 2017 01:26:43 GMT

In California? Ha. What is a million dollars? After taxes it would be much less. It all depends on your age and,like tkr said, cost of living. I'd say about 5 mil and then I could retire with no worries.

Reply #18

tkr333 — Sun, 02 Apr 2017 01:14:55 GMT

I guess a whole lot of it would depend on your cost of living. For me i could do it on a whole lot less. Got a buddy that won a million a couple years ago. He still wont quit says he has to have health insurance.

Reply #17

GiveFive — Sun, 02 Apr 2017 00:58:14 GMT

Nah. I cant even see myself retiring with the money I've already saved! G5

Reply #16

EdG1955 — Wed, 29 Mar 2017 19:32:32 GMT

Would that be $1 million cash? Or an annuity? If cash, that's about $550,000 after taxes. A 20 year annuity would be $50,000 per year. Since I'm 61 and less than a year away from Social Security, I could retire on either one.

Reply #15

wander73 — Wed, 29 Mar 2017 18:48:52 GMT

If I were hit the million I would definitely go to the accountant lawyer and financial planner just to find out at different options after the taxes taken out and go from there. When my father was alive didn't quite understand about the current economic situation with the jobs out there.

What I would do is I would get sewing going on Amazon I would keep up my search engine my personal site and maybe have one or two people help me out depending on situation.

I look at IRA and mutu... [ More ]

Reply #14

wander73 — Wed, 29 Mar 2017 18:23:56 GMT

Up here In PA is atwill. Employers don't care for the well being of an employee.

Reply #13

monquel331 — Wed, 29 Mar 2017 18:09:03 GMT

Yes i do and help my moma and my girlfriend and kids and family and help other

Reply #12

gregs241 — Wed, 29 Mar 2017 06:13:44 GMT

YES!!! a guestimate after tax of $650K and my age-59, my employer would be searching for a replacement!! a two week notice as of 14 days ago

Reply #11

noise-gate — Wed, 29 Mar 2017 05:48:36 GMT

Sounds like a good plan dognabit.Squirrel away a good portion of the money leave a little something for yourself.That will work.

Reply #10

dognabit — Wed, 29 Mar 2017 03:48:23 GMT

Sadly, I would not be able to retire on an even million. At 42, I'd put 500k in an IRA, another 100K in an emergency S P 500 account. The other $400 K would be used on a house, bills, friends and myself.

Reply #9

noise-gate — Tue, 28 Mar 2017 21:53:46 GMT

l burst out laughing when l read your last paragraph Teddi. Reminded me of a relative of mine years ago , just got bombarded by credit card applications in the mail. He decides without consulting wiser minds on the pitfalls of getting into debt gets one.Long story short :He blew through his $500.00 limit in less than 2 months.-A little while later we go out to eat his Dad says Well Son, you gonna pay for the meal? .The look on his face was precious. He Dad says must suck to realize that they gon... [ More ]

Reply #8

Teddi — Tue, 28 Mar 2017 20:48:28 GMT

It's not that it wouldn't be life altering, but I couldn't retire on it. Man, does it suck to realize that.

Reply #7

Raven62 — Tue, 28 Mar 2017 19:59:13 GMT

I could retire my car and still have plenty left over

Reply #6

noise-gate — Tue, 28 Mar 2017 18:29:20 GMT

Fixer uppers

Reply #5

noise-gate — Tue, 28 Mar 2017 18:27:53 GMT

No East Coast No West Coast huh Max. Just smack dab in the middle of the country, in the middle of nowhere. Sounds exciting if you were raised on a farm.No disrespect to farmers they do a great job out there tending their crops bringing it to our tables.

Reply #4

msmillionaire — Tue, 28 Mar 2017 17:23:13 GMT

no i would buy some houses

Reply #3

MaximumMillions — Tue, 28 Mar 2017 17:14:20 GMT

Funny you would ask this, I was thinking about this just a few days ago.

We have a 2Lucky for Life type lottery here since the 70ies, you win 2M and they used to pay it as an annuity that would pay ~7500 monthly, and now you can also get it in a lump sum.

I think that is a great amount, that's 2 or more wages for a lifetime without having to work. Your average employee is not going to make more in their career unless they really apply themselves and dedicate their life to their profession.... [ More ]

Reply #2

noise-gate — Tue, 28 Mar 2017 14:39:03 GMT

l based this question on the fact Teddi that we are all in it to win something. Since the 2nd prize is a million would that be enough? In the recent past some have said that $250K will be more than generous, others would beg to differ . Personally, a million wouldn't cut it right now so my higher# would be in the $15-$20mil range. Have a good day- me.

Reply #1

Teddi — Tue, 28 Mar 2017 08:14:13 GMT

$1 million before or after taxes? If the latter, I'd retire if I were 20 years older. But at this point the most I could do with $1 million is own a home free and clear, pay off all my bills and take some time off. If I limited my spending, the most I could take off from working is 10 years. Then I'd have to go back to work at an age where people would be less likely to hire me and be well behind in my skillset and level of on-the-job experience. Would make more sense to keep working to age 60 o... [ More ]

lf you won $1million could you see yourself retiring?

noise-gate — Tue, 28 Mar 2017 05:14:49 GMT

Or would it have to be a great deal higher in order for you to walk away from it all?

*Have a great rest of the week people and stay healthy while you at it