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Old 04-24-2019, 08:47 AM
 
Location: Living on the Coast in Oxnard CA
15,760 posts, read 26,819,823 times
Reputation: 20418

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Goal is to have $5 million for retirement. So the retirement would be paid for. I would still work and continue to build my retirement.

I live in California. If someone gave me $10 million today 36% would be taken by the IRS and the State of California would take 13.05%.

What I would end up with is $5,095,000 which is what it would take to fund my retirement account.
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Old 04-24-2019, 08:49 AM
 
Location: Living on the Coast in Oxnard CA
15,760 posts, read 26,819,823 times
Reputation: 20418
Quote:
Originally Posted by NW4me View Post
My new job would be determining the best plan for giving away those millions...
learning which organizations accomplish the most, with the least overhead.

When all but the last million was given away, I'd keep that last one for myself,
"retire" from my self-employment, and do some traveling.

Nice work, if I could get it!
You are in San Francisco. How long can you live on $1million
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Old 04-24-2019, 11:25 AM
 
Location: In a vehicle.
5,060 posts, read 3,235,316 times
Reputation: 8259
Quote:
Originally Posted by Tarkinson View Post
Say tomorrow, 10,000,000 was deposited in your checking account, would you still work?
Work? Why?
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Old 04-25-2019, 12:23 PM
 
Location: Willowbrook, Houston
754 posts, read 645,686 times
Reputation: 956
Yes, but I'd invest that $10,000,000 so I can generate at least 10-12% a month for life.
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Old 04-25-2019, 11:02 PM
 
Location: SF, CA
1,524 posts, read 690,603 times
Reputation: 2397
Quote:
Originally Posted by SOON2BNSURPRISE View Post
You are in San Francisco. How long can you live on $1million
For a lifetime, as long as I stayed in the same (rent-controlled) apartment.

But, being retired now, I'm planning to leave big cities behind....
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Old 04-27-2019, 10:14 AM
 
1,417 posts, read 555,690 times
Reputation: 3139
I would do pt...20 hrs a week and that is it.We as human beings need to keep our minds and body active.Of course working 20 hrs a week would give me plenty of time to enjoy and do other things.
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Old 04-27-2019, 10:57 AM
 
2,487 posts, read 709,914 times
Reputation: 3462
Quote:
Originally Posted by SOON2BNSURPRISE View Post
You are in San Francisco. How long can you live on $1million
Ten minutes.
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Old 04-27-2019, 12:38 PM
 
Location: Grove City, Ohio
10,143 posts, read 12,410,961 times
Reputation: 13997
I'm 70 with a retirement income of over $5,000 a month that would be tax exempt if I didn't work but I am still working 45+ hours weekly just because I want to.

I always liked working and I figured if I saved everything from my job, which I am doing, I would have plenty of money if I ever do decide to retire.

A million dollars isn't enough to stop working if you are under 50. If you're 50 you can figure living 35 more years $1,000,000/35=$28,571 and that would be poverty living.

From my experience you need to be debt and mortgage free with a retirement income of at least $40,000 to live halfway comfortable.

I figure I will work to until 75 and maybe later.
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Old 04-27-2019, 06:55 PM
 
3,778 posts, read 2,136,940 times
Reputation: 10308
Quote:
Originally Posted by nicet4 View Post
I'm 70 with a retirement income of over $5,000 a month that would be tax exempt if I didn't work but I am still working 45+ hours weekly just because I want to.

I always liked working and I figured if I saved everything from my job, which I am doing, I would have plenty of money if I ever do decide to retire.

A million dollars isn't enough to stop working if you are under 50. If you're 50 you can figure living 35 more years $1,000,000/35=$28,571 and that would be poverty living.

From my experience you need to be debt and mortgage free with a retirement income of at least $40,000 to live halfway comfortable.

I figure I will work to until 75 and maybe later.



Its best to keep working if you want to stay in good health definitely

Last edited by DorianRo; 04-27-2019 at 07:46 PM..
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Old 04-27-2019, 10:47 PM
 
1,628 posts, read 1,022,676 times
Reputation: 2825
My tolerance with dealing with !@#& holes would be than 1 percent if had millions to back me up. I would be fired way too many times to hold a job.
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