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  3. Can anyone explain why cant you retire once you reach $1M before 50?

User Info: Spacefrisian

Spacefrisian
3 weeks ago#61
You can, but those around you think they are better and will judge you for it.
Sanctus Dominus Infernus ad Astra
Regus Kobalus....cast unholy fire

User Info: Ratchetrockon

Ratchetrockon
3 weeks ago#62
I can retire off 50 million

1 million though probably not.
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User Info: deprofundis442

deprofundis442
3 weeks ago#63
Nabinator posted...
I'm not American, buckaroo
Okay. Then ditch wherever you are amd live somewhere with better healthcare.
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User Info: Pulp

Pulp
3 weeks ago#64
TheMKDestroyer posted...
I'm no expert here but if you could someone manage on 2,000 a month then you can make a million dollars last 41 years and by the time you're 90 you probably won't care if you're broke and be put in a retirement home anyways.


Lol...you think retirement homes are free or even cheap? Expensive as f***.
INTEL 533MHZ PIII 512k/133, ALL-IN-Wonder 128 Pro AGP, 128MB SDRAM, Sound Blaster 32AWE, 47GB Elite SCSI, Win98

User Info: LordKaizer

LordKaizer
3 weeks ago#65
21WIVES_CHILL posted...
Lets say you worked hard, invested most of your money into index funds, saved the rest, and you're looking to retire at 50. But the company you work at requires that you work there for at least 30 years and earliest you can retire is at 57.

....

If you've already made $1M before 50 from this job, why bother working on? To receive even more money later in exchange for working 9-5 for 7+ more years? Why?

Search for cheap and low cost of living homes in a nice area (plenty of them here in the US under $100K) and pay it off along with the taxes which shouldnt be more than a grand a year.

A million is not enough for 21 wives.
"You can still sell well but not enough to cover the costs of things" WTGHookshot
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User Info: Industen

Industen
3 weeks ago#66
If you have zero debt or obligations (home, car, ex wife, kids, single) you can easily do it. If you spend a ton of money and live above your means then absolutely not. It is all about sacrifice.

It took me 7 years to pay off a 175k (2004-2011) mortgage and if I had that same responsibility this would be a totally different. Always pay cash for new vehicles and never pay interest on credit cards.

Most people have this carrot they dangle in front of your face. I am eligible along with my wife to retire at 57(2032) which puts me at 33 years of service. I receive a pretty damn good pension with Social Security supplement until 62 when normal kicks in. Along with 401k and savings it makes life pretty damn good when I hang up my timecard.

With 1 million savings, 1 million in 401k, pension, Social security you are looking at a huge increase in the amount of money you get monthly as opposed to just having 1 million in the bank and cashing out at 50. Those extra 7 years of working put you in a very comfortable position that would be foolish not to.

You don't want to be that guy who went back to work at 70 just because you didn't plan well.
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User Info: RollingCradle

RollingCradle
3 weeks ago#67
nothing wrong with being productive at 70.

What the f*** else are you gonna do at 70.

Be realistic.

User Info: TheMKDestroyer

TheMKDestroyer
3 weeks ago#68
@Pulp posted...
TheMKDestroyer posted...
I'm no expert here but if you could someone manage on 2,000 a month then you can make a million dollars last 41 years and by the time you're 90 you probably won't care if you're broke and be put in a retirement home anyways.


Lol...you think retirement homes are free or even cheap? Expensive as f***.


Expensive if you still have a lot of money. I doubt they're gonna turn a 90 year old away if he doesn't have any money.

User Info: Pulp

Pulp
3 weeks ago#69
TheMKDestroyer posted...


Expensive if you still have a lot of money. I doubt they're gonna turn a 90 year old away if he doesn't have any money.


Retirement homes are a business - not a charity. Actually one of.the best businesses to get into, as we have a rapidly aging population.
INTEL 533MHZ PIII 512k/133, ALL-IN-Wonder 128 Pro AGP, 128MB SDRAM, Sound Blaster 32AWE, 47GB Elite SCSI, Win98

User Info: Nemerlight

Nemerlight
3 weeks ago#70
I guess it depends where you live too. Im sure there are places on this planet where 1 million bucks is enough to last you 50 years.
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