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Old 01-05-2016, 08:49 PM
 
Location: North West Arkansas (zone 6b)
2,673 posts, read 2,014,955 times
Reputation: 3671

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Quote:
Originally Posted by DelightfulNYC View Post
The min amount of money to live a basic lifestyle to retire at 50 is five million.
if you plan to retire and stay in NYC, sure you'll need 5 mil.

it's hard for new yorkers to understand but..... "there are other worlds than these"

buy a house for $60k somewhere cheap and live it up for much less than 5 mil.
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Old 01-05-2016, 08:53 PM
 
Location: Eastern Oregon
983 posts, read 762,107 times
Reputation: 1859
I have been telling people that I do not work *outside* the home. That I take care of our property and house. That is true. But as I get older I am starting to think of myself as *retired*. I am not sure if that is the correct term. Anf really - our finances are nobody's business.
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Old 01-05-2016, 10:33 PM
 
Location: SoCal
13,235 posts, read 6,340,776 times
Reputation: 9854
I told people I'm not retired but my brain is.
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Old 01-06-2016, 06:34 AM
 
Location: Arizona
295 posts, read 204,530 times
Reputation: 593
Retire as soon as you can because you can die at any moment. Tomorrow is not promised.
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Old 01-06-2016, 06:53 AM
 
7,801 posts, read 4,393,390 times
Reputation: 11594
"The min amount of money to live a basic lifestyle to retire at 50 is five million."


The secret is LOW OVERHEAD.


"Either way I could always retire and do something part time. Does that still count as 'retired'? "


Yes.
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Old 01-06-2016, 08:32 AM
 
Location: NY in body, Mayberry in spirit.
2,692 posts, read 1,771,298 times
Reputation: 6324
Quote:
Originally Posted by echo42 View Post
I will be eligible to retire this year, not mandatory though, and I am contemplating it. I will almost be able to match my current lifestyle but may have to cutback a bit. So in essence, the money issue is not a problem.

My quandary is "what the hell do I do all day"? I play golf, but can only play a few times a week before my back gives me problems. I like to fish but would be bored if I fished everyday. I like hiking alone, but the solitude after a while becomes downright lonely. I have a few other hobbies that are frivolous in nature that I enjoy but worry that they would also lose their luster.

Don't get me wrong, I love my wife and family and they love me and the idea of spending more time with them is appealing but too much and I think I may end up driving them crazy.

I have been thinking about some volunteer work but can not think of a cause that would get me excited enough to donate my valuable time. Does anybody do any volunteer work that they enjoy?

I have been thinking about starting some kind of business venture that is far removed from what I do now. This sounds good to me. I like having a purpose and making things happen. Only problem with that is after over 25 years as civil servant my skills are limited to cutting the lawn and cleaning the pool. Is San Diego in need of another pool guy or landscaper (rhetorical)?

I think retirement will provide me with a new found freedom but I also worry that it is a countdown to death.

So in short:

What the hell do I do all day?
Does anybody do any volunteer work?
Has anybody started a business?
I'm sorry, but this post is just sad.
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Old 01-06-2016, 08:34 AM
 
71,643 posts, read 71,777,271 times
Reputation: 49235
Quote:
Originally Posted by gunslinger256 View Post
if you plan to retire and stay in NYC, sure you'll need 5 mil.

it's hard for new yorkers to understand but..... "there are other worlds than these"

buy a house for $60k somewhere cheap and live it up for much less than 5 mil.
i can't say i would ever want to live anywhere a home is 60k ...
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Old 01-06-2016, 08:34 AM
 
Location: NY in body, Mayberry in spirit.
2,692 posts, read 1,771,298 times
Reputation: 6324
Quote:
Originally Posted by DelightfulNYC View Post
I have enough money to retire. But I would be working even harder on managing investments, buying rental properties, maybe doing AiRBnB.

The min amount of money to live a basic lifestyle to retire at 50 is five million.
Ridiculous.
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Old 01-06-2016, 08:41 AM
 
71,643 posts, read 71,777,271 times
Reputation: 49235
going out 40 years , a 50/50 portfolio could have been counted on to provide a safe withdrawal rate of 3% inflation adjusted . 5 million would provide about 150k pre tax plus social security and pension .

.
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Old 01-06-2016, 08:45 AM
 
7,801 posts, read 4,393,390 times
Reputation: 11594
Quote:
Originally Posted by NYJoe View Post
I'm sorry, but this post is just sad.
Retirement is wasted on the wrong people. If you don't want yours, could I have it?
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