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Old 02-27-2010, 12:04 PM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,831,348 times
Reputation: 8293

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Quote:
Originally Posted by Kleenex View Post
My friend and i were talking about this the other day......we're saving up the wazoo for "retirement"........we're in our 20's and the way we're saving, we should have 3-4 million in retirement (age 64).
But, we live frugally now, we don't drive fancy cars, etc.

you see people reaching the retirement age and either drop dead or simply too tired/sick/old to 'do anything' exciting. we don't want to be them! what's the point of having 4 millions and not having the energy or the desire to have FUN! why shouldn't we drive that sports car that we've DREAMED about for as long as we can remember? while we're young and full of excitement for life!?!

i pose this question: IF you're at the age of retirement, please share your wisdom. would you have done anything differently? Do you wish you had bought that 100k car when you were 30 and maybe not have had as much as you do now?

cheers.
At present interest rates you only need $5-6 million to be able to live on your interest
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Old 02-27-2010, 12:23 PM
 
71,700 posts, read 71,801,099 times
Reputation: 49268
at present interest rates it takes 360 years to double your money....some of the funds i bought last march did that in less then a year.
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Old 02-27-2010, 01:49 PM
 
183 posts, read 312,953 times
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Quote:
Originally Posted by MadManofBethesda View Post
Anyone who attempts to retire at 45 with only $500k and no pension will find themselves surviving on cat food in the not-to-distant future.
Depends on your definition of surviving. My best friends mom retired on about $100,000 about 15 years ago. Her extremely frugal lifestyle allowed it. She lives half the year in India and half in the states with friends in a commune kind of thing. I guess the point was just to consider the idea of balance.

Quote:
Originally Posted by MadManofBethesda View Post
IMHO, that is not "retirement." That is changing jobs.

If you have to work to make ends meet, you by definition are not retired.

That said, before clicking on the Submit Reply button below, I first want to welcome you to the Retirement Forum and note that I have really enjoyed reading your first two posts here. My comments above just reflect a disagreement with a couple of the points you expressed.
I like to call it semi retirement. The ends that have to be met are my two teenage boys. Just eliminating their food bill alone would allow us to retire comfortably! Its more of a want to work than having too. But it will be doing what I want, when I want. I agree, not total retirement, but getting there.

I think the important thing is that retirement is what each of us makes of it. There are few rules. If it makes you happy is all that really matters. I appreciate the comments. I took them as intended.
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Old 02-27-2010, 03:52 PM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,831,348 times
Reputation: 8293
Quote:
Originally Posted by mathjak107 View Post
at present interest rates it takes 360 years to double your money....some of the funds i bought last march did that in less then a year.
Yet the rich are doubling theirs every 5 years

I require $53K annually, without a mortgage or car payments
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