Hypothetical Situation

[Kong Vang]

What's the minimum you can retired on? 1 million dollars, 2 million dollars or more? Let's say you do have a million dollars saved? Would you retired right now?

[hmgROCK]

Depends on your lifestyle

$1 million at 4% interest= $40k
You can live at $40k comfortably

Yeah

$1 million is the sweet spot

At least $500k minimum= $20k
You going be pushing it though

[hmgROCK]

$500k
And living aboard someplace cheap like thailand
Yes, you definitely can do that

Some place cheap

[YAX]

Just get on Social Security. Problem solved. 

[one-tai]

Defining "retirement" is the bigger question for me personally. I plan on generating income well pass retirement. Two things I'm considering doing post retirement is mowing lawns or commercial shore fishing. I'm extremely passionate about these two things. I don't see myself not being productive and not generating income. I just don't want to be doing what I'm currently doing forever. I have over 120k cash on hand that I haven't tapped into because I'm generating income that doesn't require me to use it. I assume retirement is going to be a lot like this.

[hmgROCK]

Defining "retirement" is the bigger question for me personally. I plan on generating income well pass retirement. Two things I'm considering doing post retirement is mowing lawns or commercial shore fishing. I'm extremely passionate about these two things. I don't see myself not being productive and not generating income. I just don't want to be doing what I'm currently doing forever. I have over 120k cash on hand that I haven't tapped into because I'm generating income that doesn't require me to use it. I assume retirement is going to be a lot like this.

them houses, life insurance, and exotic car don't generate anything
cash is always KING
need something that is super liquid

cash or cash equivalents

you got a long way for that $1 million magic number

[Kong Vang]

Defining "retirement" is the bigger question for me personally. I plan on generating income well pass retirement. Two things I'm considering doing post retirement is mowing lawns or commercial shore fishing. I'm extremely passionate about these two things. I don't see myself not being productive and not generating income. I just don't want to be doing what I'm currently doing forever. I have over 120k cash on hand that I haven't tapped into because I'm generating income that doesn't require me to use it. I assume retirement is going to be a lot like this.

Speaking of SSI , how will SS look in 10 years. Should we even count on it as a source of income?

[one-tai]

them houses, life insurance, and exotic car don't generate anything
cash is always KING
need something that is super liquid

cash or cash equivalents

you got a long way for that $1 million magic number

The thing is, I'm not trying to hit an arbitrary number. Personally, if I were to "retire" right now, I would become a commercial shore fisherman. Fish a couple of hours and sell my catch to a store of some sort. I would also mow lawns because I love seeing the immediate results.

[one-tai]

Speaking of SSI , how will SS look in 10 years. Should we even count on it as a source of income?

You're asking the wrong person brother! I plan on working until the day I die because my vision of "retirement" isn't sipping a pinacolato while lying on a hammock on some remote island.

[hmgROCK]

The thing is, I'm not trying to hit an arbitrary number. Personally, if I were to "retire" right now, I would become a commercial shore fisherman. Fish a couple of hours and sell my catch to a store of some sort. I would also mow lawns because I love seeing the immediate results.

you gotta count the number, bro
CASH IS ALWAYS KING

your $500k houses ain't generating any income
if you sell it and get $500k cash and 4% interest= $20k
and just play regular rent $500

yeah, you can probably live like that
but it's going be super frugal

[Kong Vang]

Defining "retirement" is the bigger question for me personally. I plan on generating income well pass retirement. Two things I'm considering doing post retirement is mowing lawns or commercial shore fishing. I'm extremely passionate about these two things. I don't see myself not being productive and not generating income. I just don't want to be doing what I'm currently doing forever. I have over 120k cash on hand that I haven't tapped into because I'm generating income that doesn't require me to use it. I assume retirement is going to be a lot like this.

Agreed...and for the record, 120k is awesome. I think continuous income is key.


What’s your magic number, before saying goodbye to the 9 to 5 job.

[hmgROCK]

You're asking the wrong person brother! I plan on working until the day I die because my vision of "retirement" isn't sipping a pinacolato while lying on a hammock on some remote island.

yeah man
me too

i've been furlough since the virus started
and i am BORED as F

hahahah 

even i get tired of fishing sometimes

[hmgROCK]

Agreed...and for the record, 120k is awesome. I think continuous income is key.


What’s your magic number, before saying goodbye to the 9 to 5 job.

$1 million  <<<< if you want to live good
$500k       <<<<< going be pushing it, but doable

cash or cash equivalents

[Kong Vang]

You're asking the wrong person brother! I plan on working until the day I die because my vision of "retirement" isn't sipping a pinacolato while lying on a hammock on some remote island.

Understandable, I agree, everyone has a different view. My view is I want to be in a situation where I don’t need a job. I want to choose the work I enjoy, even if it’s free. That’s retirement to me. Although zipping a margarita on the beach next to a beautiful woman does sound pretty good right about now.

[hmgROCK]

I have over 120k cash on hand that I haven't tapped into because

gotta put that money to good used, bro
right now LOW FED RATE= SHYT BANK INTEREST RATE

you can still get good rate by buying bond stock

$BND  2.4% interest

https://investor.vanguard.com/etf/profile/BND

$BND will give you that safe magic 4% interest that you are looking for on your $1million