Current Events > Could YOU retire with $1 million?

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YoshitoKikuchi
08/06/19 10:58:42 AM
#1:


Let's say right now, you have exactly $1 million in your bank account and no debt. Could YOU make it last for the next 50-70 years without investing or earning any further income?
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AlephZero
08/06/19 10:59:18 AM
#2:


YoshitoKikuchi posted...
without investing or earning any further income?

no
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Holy_Pumpkin
08/06/19 11:00:15 AM
#3:


I'd like to think so. It'd require a lot of planning so I could then determine what exactly what "living within my means" would entail. I also do not currently have any children but I'd love to start a family at some point. I think I'd need to do a lot of research to properly answer this question.
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knutjob
08/06/19 11:00:16 AM
#4:


No
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SimpleMan
08/06/19 11:01:45 AM
#5:


Nope. Maybe if I was careful, and lived somewhere other than California.
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Caution998
08/06/19 11:03:39 AM
#6:


Probably not, but I'd pay off the remainder of my home, and still have $890,000 to sit on.

I'd need a part-time job and I would happily do that knowing I have emergency funds. Either that, or I take a few years off and then come back to what I'm doing now, Lol.

I'd take a 3 year vacation! :)
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Shablagoo
08/06/19 11:05:09 AM
#7:


Yeah because Id probably be dead within 3 years from partying if I had that kind of money.
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clearaflagrantj
08/06/19 11:07:49 AM
#8:


Absolutely
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MC_BatCommander
08/06/19 11:08:03 AM
#9:


Probably not, assuming 60 years that's only like 16 grand a year.
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gunplagirl
08/06/19 11:08:35 AM
#10:


AlephZero posted...
YoshitoKikuchi posted...
without investing or earning any further income?

no

This, even without inflation it's just not viable unless I had insurance, food, and basic commute expenses taken care of though some additional source.
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Caution998
08/06/19 11:09:20 AM
#11:


MC_BatCommander posted...
Probably not, assuming 60 years that's only like 16 grand a year.


yeah, exactly. Taking a break would make more sense tbh.
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tripleh213
08/06/19 11:09:54 AM
#12:


Maybe
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EndOfDiscOne
08/06/19 11:10:21 AM
#13:


They say to have 25 times your annual expenses in mutual funds/ETFs to live off of the passive income. I would need around $1.2 million.

Edit: Oh it's $1 million cash and you can't invest. Definitely not then.
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DifferentialEquation
08/06/19 11:10:56 AM
#14:


Not my current lifestyle. If I moved to a log cabin in the middle of nowhere I could just live off the land then possibly.
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mooreandrew58
08/06/19 11:11:04 AM
#15:


It would be rough but yeah. Im about to start a job my brother manages to support himself a girl and their child off of and if I live another 50 years working that job I will have earned a little over 1.5 million before taking taxes out. So assuming this million is tax free I could swing it. Just wouldnt be a lavish lifestyle by any means.

Unlike my brother id just be supporting myself. He still manages to buy shit like video gamea and other frivolous things so without a girl and child burdening my finances I think id do a bit better than him. He only struggles if a major expense comes up.
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PIITB415
08/06/19 11:11:45 AM
#16:


LMAO no. The median house cost here is more than that.
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Giant_Aspirin
08/06/19 11:12:42 AM
#17:


YoshitoKikuchi posted...
Could YOU make it last for the next 50-70 years without investing or earning any further income?


nope. but with 5% gains / year i probably could. $50k/year would be more than enough to cover my living expenses. my biggest pain point would be health insurance.
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--Zero-
08/06/19 11:30:04 AM
#18:


For the next 40-60 years? Yeah, but I'd live dirt poor and end up in a shitty nursing home cause I had to live off rice and noodles the rest of my life. My rent alone would take away half of that before I die. Add in utilities, groceries, gas, insurance then yeah id be dirt poor.

Thats not even considering rising inflation over time. 2 million yeah I'd retire comfortably.

Maybe if I was 10 years older then 1 million wouldn't be so bad.

I guess I could buy a small home and learn to fix and build my own shit as a way to live off a million.

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Feline_Heart
08/06/19 11:30:40 AM
#19:


Of course not lol
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mooreandrew58
08/06/19 11:32:00 AM
#20:


--Zero- posted...
For the next 40-60 years? Yeah, but I'd live dirt poor and end up in a shitty nursing home cause I had to live off rice and noodles the rest of my life. My rent alone with take away half of that before I die. Add in utilities, groceries, gas, insurance then yeah id be dirt poor.

Thats not even considering rising inflation over time. 2 million yeah I'd retire comfortably.

Maybe if I was 10 years older then 1 million wouldn't be so bad.


Yeah true on thr inflation. So I ammend my post to say if cost of living somehow managed to stay roughly the same.which aint gonna happen though..
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Cleo_II
08/06/19 11:33:05 AM
#21:


No, my mortgage would eat a good chunk of that.
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YoshitoKikuchi
08/06/19 12:56:07 PM
#22:


bump
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NES4EVER
08/06/19 1:00:50 PM
#23:


If I won a million dollars and couldn't invest it, I wouldn't retire.

If I could invest it, I'd still work but I'd let my wife retire.

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Solid Snake07
08/06/19 1:04:49 PM
#24:


Not without investing it no.

That's 20k a year for 50 years, which is nothing. Never mind after 20 years of inflation chipping away at it.
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emblem boy
08/06/19 1:07:22 PM
#25:


Without investing any further income? As in I can invest the 1 million but nothing more?

Could I? Sure.

But I wouldn't.
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YoshitoKikuchi
08/06/19 2:39:10 PM
#26:


emblem boy posted...
Without investing any further income? As in I can invest the 1 million but nothing more?

Could I? Sure.

But I wouldn't.


You can't invest any of it
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pauIie
08/06/19 2:39:52 PM
#27:


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Behaviorism
08/06/19 2:48:54 PM
#28:


Only on CE can people not retire with a million freaking dollars
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Hanky_Bannister
08/06/19 2:50:38 PM
#29:


i did

i live of interest
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EndOfDiscOne
08/06/19 2:50:47 PM
#30:


Behaviorism posted...
Only on CE can people not retire with a million freaking dollars

A million that you can't invest? Lol I'd like to hear the reasoning behind this.
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John_Galt
08/06/19 2:51:46 PM
#31:


Behaviorism posted...
Only on CE can people not retire with a million freaking dollars

Not all of us live in squalor
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mooreandrew58
08/06/19 2:56:52 PM
#32:


John_Galt posted...
Behaviorism posted...
Only on CE can people not retire with a million freaking dollars

Not all of us live in squalor


Yeah as I pointed out in my initial post the job im about to start after 50 years (assuming i work there that long and get no pay raises) I will have made only a little over 1.5 million not considering taxes. The job pays 32k a year before taxes. Thats liveable but its also not accounting for the fact prices will go up as time goes by.
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MC_BatCommander
08/06/19 4:10:58 PM
#33:


Behaviorism posted...
Only on CE can people not retire with a million freaking dollars


Do the math, you'd be surviving on less than 20 grand a year unless you died young. That's significantly less than my wife and I make now, we'd be seriously downgrading our life and housing where we are would not be affordable.

All things considered, a million bucks doesn't go very far in today's world
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im not 13
08/06/19 4:15:09 PM
#34:


I could survive technically but it won't be comfortable

Buying a house will take more than half. I then have to spend 50 years on 10k a year which isn't a lot of money at all where I live

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apocalyptic_4
08/06/19 4:16:25 PM
#35:


No one can retire now with 1mil they cant invest with.
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EnragedSlith
08/06/19 4:17:53 PM
#36:


Could? Yeah. Would it be comfortable? Absolutely not.
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Iodine
08/06/19 4:38:22 PM
#37:


I don't see how it would be possible unless your rent is 0.
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StickFigures720
08/06/19 4:49:06 PM
#38:


I'm not sure if even a drifter can live off that much money for long.
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apocalyptic_4
08/06/19 4:57:03 PM
#39:


Behaviorism posted...
Only on CE can people not retire with a million freaking dollars


Please enlighten CE on how to stretch 1mil across your lifetime without investing or flipping it

@Behaviorism
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Behaviorism
08/06/19 5:00:01 PM
#40:


apocalyptic_4 posted...
Behaviorism posted...
Only on CE can people not retire with a million freaking dollars


Please enlighten CE on how to stretch 1mil across your lifetime without investing or flipping it

@Behaviorism

TC said retire as in right now. I'm not in my teens. I could be given a million bucks right now and live off it for the rest of my life.
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Giant_Aspirin
08/06/19 5:01:32 PM
#41:


Behaviorism posted...
apocalyptic_4 posted...
Behaviorism posted...
Only on CE can people not retire with a million freaking dollars


Please enlighten CE on how to stretch 1mil across your lifetime without investing or flipping it

@ Behaviorism

TC said retire as in right now. I'm not in my teens. I could be given a million bucks right now and live off it for the rest of my life.


how much longer do you plan on living?
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EndOfDiscOne
08/06/19 5:03:42 PM
#42:


Behaviorism posted...
apocalyptic_4 posted...
Behaviorism posted...
Only on CE can people not retire with a million freaking dollars


Please enlighten CE on how to stretch 1mil across your lifetime without investing or flipping it

@Behaviorism

TC said retire as in right now. I'm not in my teens. I could be given a million bucks right now and live off it for the rest of my life.

Have you done the math? What are your annual expenses? And if you have to start paying health insurance after retiring, factor that in.
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Feline_Heart
08/06/19 5:08:37 PM
#43:


Behaviorism posted...
apocalyptic_4 posted...
Behaviorism posted...
Only on CE can people not retire with a million freaking dollars


Please enlighten CE on how to stretch 1mil across your lifetime without investing or flipping it

@Behaviorism

TC said retire as in right now. I'm not in my teens. I could be given a million bucks right now and live off it for the rest of my life.

Unless you're 50 or 60, no you couldn't.
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berlyman101
08/06/19 5:09:15 PM
#44:


Not without investing it with the lifestyle I want. You could hardly do anything.

Medium tier house and car plus utilities, taxes, and maintenance - likely half of it gone at least over 50+ years.

Cost of living leaves you about ten grand a year for food and necessities. You could be a hermit who lives off TV dinners and beans. Forget it with inflation and medical expenses

This is borderline insulting

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OffTempo
08/06/19 5:18:24 PM
#45:


If I moved from California and invest smartly I suppose I could.
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UnholyMudcrab
08/06/19 5:26:40 PM
#46:


Living for 70 years on a single million is probably only possible if you live in rural Mississippi or something
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Irony
08/06/19 5:27:48 PM
#47:


Easily
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PMarth2002
08/06/19 5:31:13 PM
#48:


Probably not 50-70 years, but I could probably do around 40 years.
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TheOnionKnight
08/06/19 5:31:16 PM
#49:


If inflation didn't exist, then yeah. With inflation, ehhhh maybe, but it'd be tight.
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Austin_Era_II
08/06/19 5:35:14 PM
#50:


Yes. Already did the math this month lol. But I wouldn't wanna flat out not work. Maybe do part time so it helps with some bills.
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