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Mon Aug 12, 2013, 11:24 AM

 

How much money would you need to never work again?

I'm sure this is a game we all play with ourselves on a pretty regular basis. The Oprah purse thread made me play another round of this with myself this morning. What's your number and the conditions, i.e. house paid?

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Reply How much money would you need to never work again? (Original post)
Bunnahabhain Aug 2013 OP
aikoaiko Aug 2013 #1
canoeist52 Aug 2013 #2
hobbit709 Aug 2013 #3
leftstreet Aug 2013 #4
quinnox Aug 2013 #5
leftstreet Aug 2013 #16
Nay Aug 2013 #38
wandy Aug 2013 #23
MineralMan Aug 2013 #6
closeupready Aug 2013 #7
liberal N proud Aug 2013 #8
Igel Aug 2013 #9
hollysmom Aug 2013 #15
HughBeaumont Aug 2013 #10
BlueToTheBone Aug 2013 #25
PowerToThePeople Aug 2013 #11
lpbk2713 Aug 2013 #12
hollysmom Aug 2013 #13
Igel Aug 2013 #14
TlalocW Aug 2013 #17
quinnox Aug 2013 #19
closeupready Aug 2013 #28
Fuddnik Aug 2013 #18
TBF Aug 2013 #20
Dash87 Aug 2013 #21
HERVEPA Aug 2013 #22
laundry_queen Aug 2013 #24
bitchkitty Aug 2013 #26
1-Old-Man Aug 2013 #27
duffyduff Aug 2013 #41
hunter Aug 2013 #45
Bunnahabhain Aug 2013 #29
HereSince1628 Aug 2013 #30
Bunnahabhain Aug 2013 #33
HereSince1628 Aug 2013 #34
lumberjack_jeff Aug 2013 #31
NuclearDem Aug 2013 #32
cantbeserious Aug 2013 #35
Adam051188 Aug 2013 #36
Fix The Stupid Aug 2013 #37
hunter Aug 2013 #39
duffyduff Aug 2013 #40
Duer 157099 Aug 2013 #42
Bunnahabhain Aug 2013 #43
woodsprite Aug 2013 #44

Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:25 AM

1. 6 - 7 million

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:27 AM

2. I would always want to be doing something useful.

Define work. No amount of money would make me just be idle.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:27 AM

3. If I had $50K a year coming in, it would let me do whatever I wanted.

But then I don't need a fancy house or car.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:28 AM

4. What do you mean by 'work?'

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:30 AM

5. Never working again can lead to a quick death

 

Ever notice how some people retire and then die soon afterwards. Maybe it is good to always be working on something.

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Response to quinnox (Reply #5)

Mon Aug 12, 2013, 11:41 AM

16. That usually means they weren't laboring at home

Not always, but generally the case

There's a TON of daily laboring and responsibilities that happen outside 8 hr 5 day workweeks.

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Response to leftstreet (Reply #16)

Mon Aug 12, 2013, 01:23 PM

38. Well, exactly. People who die from 'not working' generally never lifted a finger at home

after their paid job. Nothing to do? No work at home? That's a joke. There are plenty of retired women who wish they had less to do at home. But you never get to retire from that.

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Response to quinnox (Reply #5)

Mon Aug 12, 2013, 11:56 AM

23. +1 You got that right! nt

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:31 AM

6. What would I do if I didn't work?

So, no. I'd probably shift to doing what I do on a pro bono basis for non-profits I support, though.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:34 AM

7. I think I could probably just make it from now to grave on $500,000.

 

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:34 AM

8. I go nuts on the weekends if I don't have anything to do

Retirement would kill me.

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Response to liberal N proud (Reply #8)

Mon Aug 12, 2013, 11:37 AM

9. Yup.

Father retired. Gained 40 lbs in 6 months.

Went back to work.

When his wife finally complained too much and too unreasonably, he quit his job. And promptly started to volunteer 20 hours a week or more. Kept it up until he was 81 or so.

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Response to liberal N proud (Reply #8)

Mon Aug 12, 2013, 11:41 AM

15. I do volunteer work

just because you are retired, doesn't mean you have to sit around the house.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:37 AM

10. 1.25 - 1.5 million.

Even with a shite rate of return, you'd be making enough interest income per year to live handily without making a dent in that amount.

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Response to HughBeaumont (Reply #10)

Mon Aug 12, 2013, 12:02 PM

25. But when you're dead

you won't need any of that money. So what would you really need to live for the rest of your life.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:39 AM

11. 30k/year 50 years 1.5 mil. Less if it earns interest. n/t

 

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:39 AM

12. Moot question to me.




Not bragging or complaining but I dropped out of the rat race thirteen years ago at age 56 conceding defeat to the rats. No beach homes or European vacations on the horizon but I'm doing OK.


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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:39 AM

13. Well, when I was laid off in my late 50's, I was offered a few not great jobs by friends,

But I was seriously burnt out and could see that I was not nearly as bright as I used to be, and as people remembered me to be (after having to be resuscitated 3 times after an accident.)

If I sold my paid off house, my main asset, I would probably have had over a million. The house is worth a lot less now and the town is in financial trouble, so it will probably get worse.

I lived on savings until I could go for early retirement at 62. I now live on social security, small retirement plan from a 5 year job and savings still with occasional dip into 401K for major expenses like house repairs. I think this is good enough.

I think you need assets of at least a million to not work again if you are older. The younger you are, the more you need.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:40 AM

14. Unanswerable.

Fine, give me $10 million. What do I do with it?

Possibly lose most of it in bad investments. But I'd have a nifty plucked-string instrument collection before that.

Many were retired and all they needed to never work again. In 1929. Or 2008. They changed their minds.

Then again, my SIL said that she resented being part-time at work, she really needed more. Then she went on disability and found she could get by on less.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:42 AM

17. Give me 20 bucks right now

And I'll think it over.

TlalocW

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Response to TlalocW (Reply #17)

Mon Aug 12, 2013, 11:46 AM

19. heh, yup

 

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Response to TlalocW (Reply #17)

Mon Aug 12, 2013, 12:05 PM

28. LOL, there we go.

 

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:44 AM

18. How much you got?

I'll take it!

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:49 AM

20. We are sort of doing that in my household -

husband is working and I am home with the kids. In order to "never work" I'd need to hire a nanny, so an additional 40K or whatever a year (and a slightly larger house if the nanny were live-in) ...


The only issue with our plan is that we still do have outstanding student loans and I may go back to work outside of the home to earn income at some point to pay those off quicker. Other than that we're good.

Lump sum I have no idea ... here in TX if you have a professional income (6-figure) you can do it w/one adult working depending upon how much you like new cars, how many kids you have etc ...

I think your responses are going to vary a lot depending upon where folks live and what they consider a comfortable living. I'm good w/driving older cars etc ... other folks have different preferences.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:50 AM

21. 75,000 /year x 75 years = ~ $5.5 million

I would live a modest life style. $4.5 million is the bare minimum, imo, and iffy, based on future inflation.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:54 AM

22. Will retire in a little over a year at 65 1/2

 

with maybe 420k and 30k/year social security. Should be fine. Only need enough for the time between now and when the dementia sets in.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 11:57 AM

24. I think I worked it out to be 5 million

but that was to live comfortably, buying whatever I want - within reason I mean. 5 million would mean that even if I just shoved it in a savings account (after paying off my mortgage), at 1% I could live comfortably and still meet my family obligations.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 12:03 PM

26. I don't work now.

But an extra few hundred a month would do a lot for my peace of mind.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 12:05 PM

27. I can tell you how I did it ...

First off I saved as much as I could while still providing for my family in a comfortable fashion. By saved I mean I put the money into various investment instruments. I then set my rule. The rule was this, I would keep on working and saving without reguard to retirement until the month the income from my investments (twelve month moving total) exceeded my then current annual income. At that point I would continue working and saving for one more year and then retire. I was able to retire at age 57 and have never charged anyone for a days work since.

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Response to 1-Old-Man (Reply #27)

Mon Aug 12, 2013, 01:27 PM

41. So what if it works for you? For most people it doesn't, and don't think you have any control

 

over your fate. It is largely the luck of the draw that you didn't have major health problems or layoffs which left you destitute.

Most people are NOT you.

And you probably had a working spouse to cushion the blow. That is a HUGE deal compared to somebody who has to do it on his or her own and is kicked to the curb.

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Response to 1-Old-Man (Reply #27)

Mon Aug 12, 2013, 02:38 PM

45. Luck so far, until random shit falls out of the sky.

My wife and I ran out our COBRAs and then we were uninsurable except through our state's high risk program which had a long waiting list. My wife was accepted, I was not, so I went without, insuring our kids separately.

We were a fairly healthy couple when we met, and if we'd had any sense we'd have emigrated to a true first world nation. If my kids decide to emigrate I'll give them my blessings and say GO! That's how my ancestors came to the U.S.A.. Their homelands were getting ugly.

These boots were made for walking. It's the history of humanity in a nutshell.

Currently my wife is carrying our medical insurance through her work. It's not excellent insurance, but things could be worse.

Our health care costs and insurance have exceeded our home mortgage for many, many years now.



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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 12:08 PM

29. Work is mandatory and = what you have to do in order to survive.

 

If you can survive without showing up at a job it's not work but rather something you have decided to occupy your time with.

For those kicking in Social Security I would remind you the maximum benefit this year is for someone that does not start collecting until they are 70, and has hit the SS cap contribution every year for many years, and it's 3.35k or 40.2k per year. Few people wait until 70 and few people have earned the cap the required number of years. http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/5/~/maximum-retirement-benefit

Most financial planners will tell you 4-5% "spend rate" is safe. It will allow you to weather the ups and downs and grow your nest egg to allow for inflation. So $5 million gets you a "safe" income of 250k per year, in 2013 dollars. Also keep in mind your taxes will change. They will go to being more Mitt Romney style as you're looking at capital gains and divided income not wage income.

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Response to Bunnahabhain (Reply #29)

Mon Aug 12, 2013, 12:24 PM

30. The key isn't money, it's ownership

of something of value that staves off starvation and disease.

A terrible consequence of the now failed industrialization of America, is that with industry's departure many workers own nothing that has such value.

Work should bring ownership in the enterprise, in the development and expansion made possible by the value added to a product through the laying on of working hands.

We failed as a nation, in our experiment with capitalism, when we failed to require that corporations share ownership with the workers who are as responsible for making profits as any financial investor.

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Response to HereSince1628 (Reply #30)

Mon Aug 12, 2013, 12:31 PM

33. Money buys ownership if you want it to.

 

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Response to Bunnahabhain (Reply #33)

Mon Aug 12, 2013, 12:34 PM

34. Yes, IF you have it.

If the capitalists have cheated you out of your fair share, then you haven't as much of it as you should have to be able to gain ownership in the things that stave off hunger and disease.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 12:25 PM

31. Depends. How long am I going to live? Seriously, I love my work.

 

Last edited Mon Aug 12, 2013, 01:54 PM - Edit history (1)

It'd take a lot to get me to walk away from it.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 12:30 PM

32. A lot. Only 24, and I know things are only going to get more expensive.

 

But since I drive a fairly fuel efficient car and would be more than happy with just a studio apartment, probably less than anticipated.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 12:35 PM

35. 1 Million Minimum

eom

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Response to Bunnahabhain (Original post)


Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 01:07 PM

37. Actually not much at all....


I just want my family farm back...

We lost it in the '80s...my parents had to get an operating loan at 23% interest...

It all went downhill after that. They drove the farm into the ground.

My dad was on suicide watch - yes it was that bad. I came home one day from school to see a few hundred people bidding on everything but the clothes on our backs - no exaggeration.

Sad thing is, I have to drive by this farm almost every day. Current owners have let it go to &#*@(. Do not cut the grass, outbuildings falling down, looks like a mess.

I just want it back to make my dad happy (He passed in 2010, but it was his dream to get 'our' farm back) and to be able to make a living on my own while helping as many people as I can. I would grow tonnes of extra food and give it away.

Yes, that's my dream. And a dream is all it will ever be

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 01:23 PM

39. Nothing. I've got some experience as a feral human.

That strange guy with the shaggy beard and worn out clothes you see sitting at a computer in the public library posting on DU? It could be me someday! Paper towel bath in the public restroom. I don't stink. I'm affable too.

The nice thing about myself is that entirely off my meds I never know how bad my life sucks.

Living in a broken car in a church parking lot? Not so bad. Living in a backyard shack watching my feet rot? Not so bad. Police picking me up and taking me home for crawling around studying insects in a public place? Not so bad.

It's only the in-between places that terrify me. Functional is preferable, but entirely dysfunctional I'm oblivious. It's only when I know I could be doing better that it hurts.

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 01:26 PM

40. 50k a year, for life n/t

 

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Response to Bunnahabhain (Original post)

Mon Aug 12, 2013, 01:53 PM

42. Money would allow me to work more

I would be able to contribute much more to this world if I had the resources. I'm doing the best that I can under the circumstances, but with more money, I could change the world for the better.

So, money wouldn't stop me from working at all. It would enable me to continue and to be more productive.

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Response to Duer 157099 (Reply #42)

Mon Aug 12, 2013, 02:07 PM

43. I imagine many of us think this.

 

If we just had more money we would be able to get more done. The question is, "How do I get more money?" For me it's always been to work both harder and smarter. Guess it's a Catch 22.

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Response to Bunnahabhain (Reply #43)

Mon Aug 12, 2013, 02:29 PM

44. Yeah, but you're working FOR someone and their beliefs/vision

Where if you HAD money, you could work for what you believe in, to further your vision of what the world should be. Look at the Koch's -- that's what they're doing -- they're just gazing at a wrong myopic vision.

They're willing to do ANYTHING to get money. Once they finally get *enough*, they can't put it to good use because they have forgotten (or never known) what it is to be one of us. They can't stop hoarding money/stuff because that IS their vision of the world. Where with our side, most of us wouldn't even consider selling ourselves out and going against our beliefs/vision just to get rich. They see their role as to make it so we can't get the big money unless we corrupt ourselves -- and they'd like it to be that we couldn't get ANY money. They say "Money corrupts". I don't think it would with all people. Maybe the saying should be "Money corrupts weak people and turns them into bullies."

Added: To answer the question, $8,000,000 should keep our immediate family as we are now for the next 50 years (which would put us at 100yo). That figure does not take inflation into consideration.

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