Home › Forums › Financial Markets/Economics › Question about net worth, please advise.
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exsdgal.
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July 20, 2011 at 3:57 PM #712367July 20, 2011 at 4:07 PM #711171
an
ParticipantIt also depend on when you plan to retire as well. That makes a big difference. I’m planning to retire in Del Mar/Solana Beach area as well. I think that when I get to $2M cash, I would have enough to retire. With $2M, if I get 5% return on my money, that would mean yearly income of $100k. That would be more than enough for me to live on. Without car or house payment, $100k is way more than enough to retire on for me. You can look at your current expenses and remove housing & car and see how much you’re really spending. That will give you a good idea of how much you need to retire.
July 20, 2011 at 4:07 PM #711268ParticipantIt also depend on when you plan to retire as well. That makes a big difference. I’m planning to retire in Del Mar/Solana Beach area as well. I think that when I get to $2M cash, I would have enough to retire. With $2M, if I get 5% return on my money, that would mean yearly income of $100k. That would be more than enough for me to live on. Without car or house payment, $100k is way more than enough to retire on for me. You can look at your current expenses and remove housing & car and see how much you’re really spending. That will give you a good idea of how much you need to retire.
July 20, 2011 at 4:07 PM #711864ParticipantIt also depend on when you plan to retire as well. That makes a big difference. I’m planning to retire in Del Mar/Solana Beach area as well. I think that when I get to $2M cash, I would have enough to retire. With $2M, if I get 5% return on my money, that would mean yearly income of $100k. That would be more than enough for me to live on. Without car or house payment, $100k is way more than enough to retire on for me. You can look at your current expenses and remove housing & car and see how much you’re really spending. That will give you a good idea of how much you need to retire.
July 20, 2011 at 4:07 PM #712017ParticipantIt also depend on when you plan to retire as well. That makes a big difference. I’m planning to retire in Del Mar/Solana Beach area as well. I think that when I get to $2M cash, I would have enough to retire. With $2M, if I get 5% return on my money, that would mean yearly income of $100k. That would be more than enough for me to live on. Without car or house payment, $100k is way more than enough to retire on for me. You can look at your current expenses and remove housing & car and see how much you’re really spending. That will give you a good idea of how much you need to retire.
July 20, 2011 at 4:07 PM #712377ParticipantIt also depend on when you plan to retire as well. That makes a big difference. I’m planning to retire in Del Mar/Solana Beach area as well. I think that when I get to $2M cash, I would have enough to retire. With $2M, if I get 5% return on my money, that would mean yearly income of $100k. That would be more than enough for me to live on. Without car or house payment, $100k is way more than enough to retire on for me. You can look at your current expenses and remove housing & car and see how much you’re really spending. That will give you a good idea of how much you need to retire.
July 20, 2011 at 4:29 PM #711181UCGal
ParticipantAN…
Do you plan to drive when you retire?I assume you’d use your current equity to pay for a place in Del Mar or Solana Beach.
Cars wear out…even when lightly used. You still need to budget for gas, insurance, tires, etc… if you own a car.
Brian…
We’re looking at Italy as an option… but the less likely one. Might do 6 months here, 6 months there… but we’d have to factor travel and rentals into our budget. Wouldn’t want to buy there since we’d want to try different places…July 20, 2011 at 4:29 PM #711278ParticipantAN…
Do you plan to drive when you retire?I assume you’d use your current equity to pay for a place in Del Mar or Solana Beach.
Cars wear out…even when lightly used. You still need to budget for gas, insurance, tires, etc… if you own a car.
Brian…
We’re looking at Italy as an option… but the less likely one. Might do 6 months here, 6 months there… but we’d have to factor travel and rentals into our budget. Wouldn’t want to buy there since we’d want to try different places…July 20, 2011 at 4:29 PM #711874ParticipantAN…
Do you plan to drive when you retire?I assume you’d use your current equity to pay for a place in Del Mar or Solana Beach.
Cars wear out…even when lightly used. You still need to budget for gas, insurance, tires, etc… if you own a car.
Brian…
We’re looking at Italy as an option… but the less likely one. Might do 6 months here, 6 months there… but we’d have to factor travel and rentals into our budget. Wouldn’t want to buy there since we’d want to try different places…July 20, 2011 at 4:29 PM #712027ParticipantAN…
Do you plan to drive when you retire?I assume you’d use your current equity to pay for a place in Del Mar or Solana Beach.
Cars wear out…even when lightly used. You still need to budget for gas, insurance, tires, etc… if you own a car.
Brian…
We’re looking at Italy as an option… but the less likely one. Might do 6 months here, 6 months there… but we’d have to factor travel and rentals into our budget. Wouldn’t want to buy there since we’d want to try different places…July 20, 2011 at 4:29 PM #712387ParticipantAN…
Do you plan to drive when you retire?I assume you’d use your current equity to pay for a place in Del Mar or Solana Beach.
Cars wear out…even when lightly used. You still need to budget for gas, insurance, tires, etc… if you own a car.
Brian…
We’re looking at Italy as an option… but the less likely one. Might do 6 months here, 6 months there… but we’d have to factor travel and rentals into our budget. Wouldn’t want to buy there since we’d want to try different places…July 20, 2011 at 4:34 PM #711186davelj
Participant[quote=CONCHO]What is this “retirement” you speak of? That word sounds very 20th century.[/quote]
Hahaha… that’s what I was thinking. I think folks should plan on working at least until 70, and until 75, if possible. The best retirement plan is to find something that (a) you actually like doing, and (b) you can do well into old age. The longer you can stave off having to live off of your nest egg, whatever the size, the better.
July 20, 2011 at 4:34 PM #711283Participant[quote=CONCHO]What is this “retirement” you speak of? That word sounds very 20th century.[/quote]
Hahaha… that’s what I was thinking. I think folks should plan on working at least until 70, and until 75, if possible. The best retirement plan is to find something that (a) you actually like doing, and (b) you can do well into old age. The longer you can stave off having to live off of your nest egg, whatever the size, the better.
July 20, 2011 at 4:34 PM #711879Participant[quote=CONCHO]What is this “retirement” you speak of? That word sounds very 20th century.[/quote]
Hahaha… that’s what I was thinking. I think folks should plan on working at least until 70, and until 75, if possible. The best retirement plan is to find something that (a) you actually like doing, and (b) you can do well into old age. The longer you can stave off having to live off of your nest egg, whatever the size, the better.
July 20, 2011 at 4:34 PM #712032Participant[quote=CONCHO]What is this “retirement” you speak of? That word sounds very 20th century.[/quote]
Hahaha… that’s what I was thinking. I think folks should plan on working at least until 70, and until 75, if possible. The best retirement plan is to find something that (a) you actually like doing, and (b) you can do well into old age. The longer you can stave off having to live off of your nest egg, whatever the size, the better.
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