How much money do you have to win on the lottery to retire?Prev Topic Next Topic

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johngreek

Patras,Achaia,Greece
Greece
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May 15, 2010
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Aug 1, 2010, 5:36 pm

i answer first

around 700k euros after taxes
joker17

United States
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June 1, 2009
5,345 Posts
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Aug 1, 2010, 5:41 pm

No less than 50 million net.
RJOh

100

mid-Ohio
United States
Member #9
March 24, 2001
20,272 Posts
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Aug 1, 2010, 7:56 pm

Lots of people retire after having never won a lottery and I'm one of them.

* you don't need to buy every combination, just the winning ones *
ttech10

Texas
United States
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June 5, 2010
887 Posts
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Aug 2, 2010, 12:08 am

I would only really need $5,000,000 as I could live off interest on investments and could still have a few vacations, it wouldn't be lavish but it would be possible to live without working. Ideally I would win $11 million after taxes, $1 million to spend and $10 million to invest. It would give me about a $100,000 income.

If rates were what they were two years ago then that $5 million would be perfectly fine for everyone, giving you over $100,000 a year in income.

(And yea, I'm young so it would have to be large enough to sustain years of not working and any economical changes.)
badboy00z

CA
United States
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December 26, 2009
410 Posts
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Aug 2, 2010, 12:42 am

$20 million after taxes is enough.
rdgrnr

100

The Hall Of The Mountain Kings Tennessee
United States
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April 28, 2009
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Aug 2, 2010, 12:53 am

I wouldn't mind hittin PB or MM with a 5+0 for a million. I retired at 49 so anything now is just more syrple on the flapjacks.

But I can drink muddy water and sleep in a holler log if I ever have to.
savagegoose

adelaide sa
Australia
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April 11, 2006
3,341 Posts
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Aug 2, 2010, 6:34 am

here in oz , bank interest is aroind 6% 6.5% is possible, on `1 mill, thats $65k a year for prime ass sitting job. minus around %30 tax thats $45k.

not quite s living like a wealthy person but living like a millionaire means $45k a year. so id say to retire $2M in aussie dollars. anything on top is just gravy

" Still swinging, still missing "
2014 = -1016; 2015= -1409; 2016 = -1171; 2017 = -1257 ; 2018 = - 1380 = TOT = - 6233

keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223 TOT = -3968

:
johngreek

Patras,Achaia,Greece
Greece
Member #91,325
May 15, 2010
42 Posts
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Aug 2, 2010, 8:47 am

bank interest here is 5.5% and the tax on bank interest is 15% :) not bad
Clipper

Texas
United States
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May 7, 2003
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Aug 3, 2010, 3:15 pm

I would imagine in all depended on how "well" you wanted to live. You could get a $3-4000 a month income off $600-700,000. Probably would not afford you with luxuries depending on "where" you lived but at least you probably wouldn't have to work.

A lot of it depends on the "where" you live then the "how much" you get which depends on how much you win.

I'm not greedy. I just want enough to see that my family (children, etc) don't have to struggle after I'm gone and until that time live confortably without having to work. That doesn't mean I won't stay active though because I firmly believe that one needs to stay active both physically and mentally to live an extended life.

Rather like the old saying....'Use it or loose it".
kapla

United States
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July 24, 2010
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Aug 3, 2010, 8:29 pm

Quote: Originally posted by Clipper on Aug 3, 2010
I would imagine in all depended on how "well" you wanted to live. You could get a $3-4000 a month income off $600-700,000. Probably would not afford you with luxuries depending on "where" you lived but at least you probably wouldn't have to work.

A lot of it depends on the "where" you live then the "how much" you get which depends on how much you win.

I'm not greedy. I just want enough to see that my family (children, etc) don't have to struggle after I'm gone and until that time live confortably without having to work. That doesn't mean I won't stay active though because I firmly believe that one needs to stay active both physically and mentally to live an extended life.

Rather like the old saying....'Use it or loose it".

Just need enough to pay of the basics (food, home, car, ***HEALTH INSURANCE**) and a little extra for fun & family and I am all set. So lets see that would be $100 million, but if I live to long the health insurance cost would wipe me out
Clipper

Texas
United States
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May 7, 2003
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Aug 3, 2010, 8:49 pm

Quote: Originally posted by kapla on Aug 3, 2010
Just need enough to pay of the basics (food, home, car, ***HEALTH INSURANCE**) and a little extra for fun & family and I am all set. So lets see that would be $100 million, but if I live to long the health insurance cost would wipe me out

Again, in order to live on winnings I think you would want to have all bills paid in full first and then have enough left over to invest to obtain a Monthly Income. It could be done with $1-2 million and live confortably. I have already asked a local banker how much one would need to get an investment return of $3-4,000 a month and he told me $6-700,000.

So if you owned your own property and had no monthly payments other then "basics" I think one could live confortably on the income from a $1-2,,000,000 investment. You won't be hob-nobbing with the Super Rich and Famous and "jet-setting" around the world but you could travel and live confortably.
markp1950

Milwaukee, WI
United States
Member #3,131
December 27, 2003
665 Posts
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Aug 3, 2010, 11:23 pm

Anything over $200K is gravy!

Flipping FCX can be VERY profitable!

MarkP
ONEDAY

OHIO
United States
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June 30, 2004
1,282 Posts
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Aug 3, 2010, 11:31 pm

i could get by on 1,000 a week. so about a millon would do..with investing.

have a great winning day!
TexasDreams

Houston, Texas
United States
Member #56,455
November 19, 2007
55 Posts
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Aug 5, 2010, 9:29 am

Quote: Originally posted by Clipper on Aug 3, 2010
I would imagine in all depended on how "well" you wanted to live. You could get a $3-4000 a month income off $600-700,000. Probably would not afford you with luxuries depending on "where" you lived but at least you probably wouldn't have to work.

A lot of it depends on the "where" you live then the "how much" you get which depends on how much you win.

I'm not greedy. I just want enough to see that my family (children, etc) don't have to struggle after I'm gone and until that time live confortably without having to work. That doesn't mean I won't stay active though because I firmly believe that one needs to stay active both physically and mentally to live an extended life.

Rather like the old saying....'Use it or loose it".

I aagree its all in the preception of how well we wanted to live. The current cash option in powerball would give me that level of comfornt I wanted. I would be debt free and have a steady monthly income. I dont need to be Bill Gates or Robert Murdock to be happy......

A few years ago, billionaire Warren Buffett advised "Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful."
savagegoose

adelaide sa
Australia
Member #37,135
April 11, 2006
3,341 Posts
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Aug 5, 2010, 12:12 pm

yeah saying 2 mill would do me; no taxes on winning here, i still ante up more cash at larger 20 mill jackpots. heheh i could bank 18 mill,. and try living off the interest on 2 mill for a while, and when i stuff up , go get another 2 mill tolive off. maybe thre 18 will have grown to 20 again by then :P

" Still swinging, still missing "
2014 = -1016; 2015= -1409; 2016 = -1171; 2017 = -1257 ; 2018 = - 1380 = TOT = - 6233

keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223 TOT = -3968

: