According to Suzie Ormon, you've got to earn 80K, live like you make 50K, save the difference for 30 years and then you still won't have enough to retire on because you should have started your savings plan 10 years earlier.
At least 4 million after taxes. Assuming you were to retire today, that amount would net you about $80,000 a year (before tax!) from a savings account. Of course, after a few years of retired life, inflation nibbles away at the earning power until $80,000 buys what $10,000 used to buy. Depressing, isn't it?
Identify what you could happily live off on an annual basis and then work out how much you would need to have to generate that sum every year in a 4% interest-bearing account...
How much in Thailand? Got my ticket for Sept. 7th...for a visit and a little business. Never been there before. I keep getting told I can retire nicely there even now at my tender young age. Anyone know? My needs are modest. Good golf, a place to live, food and shelter, and my wife letting me do it. Peace, rs8.5
200k at 6 1/2 % a year is good enough for me. I am cheap drive a beat up old car and live in the getto. All I care about is trading the open and the beach.
I should add if you already own a house (no mortgage to pay) and don't need to feed other people,then how much is enough.
Of course, the big question is how long does a person have left on this earth? If anyone knew this ahead of time then it would make a lot of retirement planning considerably easier. In the year 1900 the average age of an American was approximately 47 years and now it is in the late seventy's. I was listening to someone on tv saying that by the year 2030 people would have an expected age of 250 years! Now I am not totally sure which people he meant would live that long, persons already alive or someone born in that year. Sounds crazy but, with the advances in medicine (like gene therapy) that are on the horizon, it may be possible. Now how would you like to prepare for that retirement! I guess you would have to retire at age 200!