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How much is enough to retire ?

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    How much is enough to retire ?

    I still have another 5 or 6 years to work.
    I can't seem to get a understanding of how folks are able to do it.
    With what money I have put back and what I could get selling the farm I should have a pretty good nest egg in the bank.
    With CDs paying 1% it will only generate a small amount a year.

    I know a lot of fellows here have retired but I just cant figure how I can live without a income.

    Retiring from my job just to take a lesser job seems kinda silly to me
    Last edited by Buff; 05-25-2017, 01:27 PM.

    #2
    I will be working right up until lunch on the day of my funeral.

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      #3
      All depends on the person. Do you want to die with a lot of money in the bank or do you want to die broke? If you live another 30 years that roughly 67000 a year not counting anything you make on investments.

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        #4
        Everyone has a different number, best to talk to a Financial planner about your specific situation.

        That being said, I'm hoping for 2.5mil and ZERO debt by 50 so I can bridge the gap till I can withdraw from my 401k, IRAs and then carry me into being able to tap into whatever is left of SS.

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          #5
          Have everything paid for? Figure out your monthly bills and expenses. then multiply by how many years your gonna live.

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            #6
            Are you only considering investing in CDs as a way to make money on your money? If so, you're going to have a hard go at it.

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              #7
              Originally posted by Traildust View Post
              Have everything paid for? Figure out your monthly bills and expenses. then multiply by how many years your gonna live.

              Now that is the real problem number to come up with

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                #8
                Originally posted by Throwin' Darts View Post
                Are you only considering investing in CDs as a way to make money on your money? If so, you're going to have a hard go at it.
                No but after I retire I would assume I would need to pull it out of the market and put it somewhere safe.

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                  #9
                  Originally posted by Buff View Post
                  Now that is the real problem number to come up with
                  Theres an expiration date on the bottom of your foot.

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                    #10
                    You can't do it with CDs, brother. Not unless you have a few million more anyway. You need your money to earn more than you spend so that your nest egg can continue to grow a little. That allows you to get a raise as you go so your income can keep up with inflation.

                    Find a good financial advisor to talk to that can explain everything in plain English. You may be in a much better position than you think after you run the numbers.

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                      #11
                      Depends how you want your retirement to look. This guy retired along time ago and he didn't have to save a dime.
                      Attached Files

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                        #12
                        Originally posted by J Sweet View Post
                        Depends how you want your retirement to look. This guy retired along time ago and he didn't have to save a dime.
                        Sweet!....he's a shopping fool too!

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                          #13
                          Like many have said, it depends. lots of good websites that will take your information and assumptions (spending, retirement income, investments, etc.) and you can figure it out pretty easily.

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                            #14
                            Multiply your annual spending including your taxes by 25%. That is the number that I use. This allows you to withdraw at 4% and maintain your current level of spending. There are many studies out there that show that the chances of running out of money are very slim. It will be tough to retire with CDs unless you are in a position where you make a ton of money.

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                              #15
                              Originally posted by bowhuntertex View Post
                              I will be working right up until lunch on the day of my funeral.
                              X2 This is my thought exactly. Hopefully when I am ready to retire Cabelas, Bass Pro or Gander is hiring!!!

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