Some insight needed for class project

[strugglingstudent77]

Wow!! Thanks everyone! I so much appreciate your opinions and reasoning. This will help me greatly with putting together a report. I have asked this question for the survey here and also among students at school and there really is a pattern of people saying that while they do love MN, they would prefer to be in a warmer climate in the winter. Snowbird type of living is the preference for many.

Any more input from others would be great

thanks

[Citykid3785]

$5M would be the minimum as I'm only 27 and have a long life yet to live. But I would still want to keep busy in some sort of job always, even if part time.

Secondly I would stay in Minnesota. I'm here by choice without the $5M, so nothing would change. I would travel a lot more, or perhaps pick up a second property however.

[1stpontiac]

Originally Posted by strugglingstudent77

Hello

I am a college student here in Minneapolis and have relocated from the West Coast. Currently I am in a Statistics class and have to do a class project on stats. My project is to ask how much money would one need to retire and quit their job and not have to work at something that you may not like.

1) Would it take hundreds of thousands or millions to get you to quit ?

2) Also, since there are a lot of people who love MN on this board, my question is whether you would stay in MN if you won a large amount of money?

Any input appreciated as my project is due in 2 weeks. I really am interested in learning how people in MN feel about where they live.

thanks

1) I can't imagine quiting work. I might do something a little different, but quite possibly not. I like what I do and I'm reasonably good at it.

2) Definitely stay in MN. Love the state and its good to be close to family. I would travel alot though, methinks.

[Navelinski]

I would still live in Minnesota, but I would move to a lakefront property if possible.

So that would mean I would need "millions" because the property alone is likely to cost over $600,000. And if you want to have a little fun and travel, I think inflation would eat up anything less than $1Million pretty quickly.

Part of the answer depends on the age of the person. Younger people have longer to wait for retirement and so inflation will be more of a factor. I cannot imagine what health care will cost 20 or more years from now.

[strugglingstudent77]

Just wanted to say a final thanks for all that have given me great input here. I am combining this info with opinions that I have received from friends, classmates etc. Now I have enough to formulate the ideas into a paper for class.

Thank you!!

[QuantumIguana]

It would take hundreds of thousands at least for me to retire early if a requirement of taking the money was that I not have another job. If I was able to take a low-paying job, then I could accept less. Retirement is around 20 years away, so I would have to have enough to live off the interest. If retirement was only a few years away, I would need enough to live on until retirement.

I would continue to live in Minneapolis, although I would travel a lot more. If I were to win the lottery, I would be tempted to sell the ticket to a broker. I would make less money, but I would remain anonymous.