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

Topic closed. 13 replies. Last post 4 months ago by Unluckyone.

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wander73's avatar - Lottery-038.jpg
Philadelphia, PA
United States
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Posted: August 7, 2016, 1:33 am - IP Logged

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.

    Kingofearth's avatar - Kinnak
    Upstate NY
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    Posted: August 7, 2016, 1:46 am - IP Logged

    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.

    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).

      sully16's avatar - sharan
      Ringleader
      Michigan
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      Posted: August 7, 2016, 6:50 am - IP Logged

      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.

      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.

      Did you exchange a walk on part in the war ?

      For a lead role in a cage?

       

                                                  From Pink Floyd's " Wish you were here"

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        Ga
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        Posted: August 7, 2016, 8:40 am - IP Logged

        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.

          wander73's avatar - Lottery-038.jpg
          Philadelphia, PA
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          Posted: August 7, 2016, 9:27 am - IP Logged

          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.

          I will be 43 in Dec.

            ArizonaDream's avatar - Lottery-009.jpg

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            Posted: August 7, 2016, 10:18 am - IP Logged

            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!

              HoLeeKau's avatar - YheaShea
              Idaho
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              Posted: August 7, 2016, 10:51 am - IP Logged

              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 her mid 90's so I think I need to plan on income till I'm 90, and a 2 million dollar win (1.2 mil after taxes) would be just enough while a 3 million win would be a fairly comfortable retirement for me figuring in what social security would pay when I'm eligible.

                Sunglasses's avatar - nicebear
                Zaperlopopotam
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                Posted: August 7, 2016, 11:02 am - IP Logged

                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!

                  TheMeatman2005's avatar - lightening
                  Brooklyn, NY
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                  Posted: August 7, 2016, 1:02 pm - IP Logged

                  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 amount coming in every year, I could retire. More would be better, but I will start with that amount.

                  The Meatman

                  “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                  Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

                    wander73's avatar - Lottery-038.jpg
                    Philadelphia, PA
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                    Posted: August 7, 2016, 1:25 pm - IP Logged

                    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!

                    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.

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                      Tulsa
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                      Posted: August 7, 2016, 4:01 pm - IP Logged

                      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 good cars but not really expensive ones.  Then we will open a trust for each of our children and should have easily about 8 million after that to invest and live wisely off of.  I will not see a million dollars after taxes in over 30 years of teaching and we have made it by this far.  You just have to adjust your priorities and not let your eyes get too big.  Plus, make sure you take care of the ones you should truly take care of: your parents

                       

                      I would also donate some money to the Shriners as I was a patient of theirs for many years as a child and I would like to help some other children.

                        bigdaddy's avatar - aviator2 1.jpg
                        BETWEEN OAKRIDGE AND WRIGHT-PATTERSON AFB
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                        Posted: August 7, 2016, 4:17 pm - IP Logged

                        $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.

                        Relax,Bigdaddy has your number!!!!!

                        Pi is the way...

                        turning $30 or less into thousands everyday!!

                        here we go steelers ..here we go---------stairway to seven 

                        TIME FOR THE LOMBARDI TROPHY TO  COME  HOME..

                          wander73's avatar - Lottery-038.jpg
                          Philadelphia, PA
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                          Posted: August 8, 2016, 12:43 pm - IP Logged

                          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 middle of a class action lawsuit with a life ins company and my dad was prescribed pradaxa.  We're going to go to a lawyer for those two things so I just wanted to get some opinions about the lottery

                            Unluckyone's avatar - lib

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                            Posted: August 10, 2016, 7:30 pm - IP Logged

                            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 we can retire. We both have 401k's and a Roth IRA so I like to think that we are somewhat responsible with our money.