Current Events > $1M in cash is more than enough to survive from 30 till 100.

(+) Yeah! (+)

Buy a cheap house in the suburbs, max out your IRA every year, and keep your expenses to a minimum. Social security kicks in at 65 as well as your IRA and you're probably already at your half million mark.

But knowing the general population, they'd go broke and be in debt within the first year.
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your social security will be pitiful if you dont work and/or if you make that little
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>$1 million is enough
>Brings up other sources of income like social security

Uhh
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gunplagirl posted...

>$1 million is enough
>Brings up other sources of income like social security

Uhh

If you suddenly have a million in cash, and don't at least invest some in an annuity or something, chances are good you'll be broke sooner than someone who's already in poverty.

gunplagirl posted...

>$1 million is enough
>Brings up other sources of income like social security

Uhh

That $1M is taxed.
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No thanks I dont want to live in the boonies.

Id spread a mil so far. I live off under a G a month in a house I live in by myself. And I don't have a want for things rich people got. I could see myself blowing it on helping out family members tho. But then Im just back here and Im cool with that
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No it isn't.
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Lost_All_Senses posted...

Id spread a mil so far. I live off under a G a month in a house I live in by myself. And I don't have a want for things rich people got. I could see myself blowing it on helping out family members tho. But then Im just back here and Im cool with that

You'll be less cool with it when you have an unplanned emergency or medical expenses.

darkmaian23 posted...

Lost_All_Senses posted...

Id spread a mil so far. I live off under a G a month in a house I live in by myself. And I don't have a want for things rich people got. I could see myself blowing it on helping out family members tho. But then Im just back here and Im cool with that

You'll be less cool with it when you have an unplanned emergency or medical expenses.

I have health insurance from a pre-existing condition.
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1 mil can last a while but not that long, just nope.
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MC_BatCommander posted...

No it isn't.

Only like 14 grand a year, that's significantly less than I currently make.

I can live off less than $10K a year.
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MC_BatCommander posted...

No it isn't.

Only like 14 grand a year, that's significantly less than I currently make.

people around the world can make like $20/day and survive

its all about your cost of living

Ew, who would want to live to 100 anyway? Not me. I think I'd like to live until at least 65-70.
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Questionmarktarius posted...

gunplagirl posted...

>$1 million is enough
>Brings up other sources of income like social security

Uhh

If you suddenly have a million in cash, and don't at least invest some in an annuity or something, chances are good you'll be broke sooner than someone who's already in poverty.

While true, the title is purely about living off of 1 mil, nothing else.

FFVII_REMAKE posted...

gunplagirl posted...

>$1 million is enough
>Brings up other sources of income like social security

Uhh

That $1M is taxed.

And that's not in the OP because?
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Move to a third world country, and it will last till your great grand children.

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JustMyOpinion posted...

No it's not.

It is if you invest it and can live off 30K a year. That's 3% which should be a safe withdrawal rate for over 30 years.
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if I got a million dollars now, I'd stick it in a vanguard ETF or some other index tracker and forget about it for about 3 decades.

Then I can retire and live the last half of my life lavishly on that bank.

Means I don't need to worry about retirement or anything, that's a huge burden off my shoulders.

Hell, after about two decades at 8% annually, it'll be worth ~4.7 million, with an annual return of $370k/year. Stick most of that back in to keep up with inflation, live off the returns. Perpetual work-free living. Sure a lot of that will be eaten up by tax, but I don't need much to live extremely comfortably.
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Nanaimo-Bar posted...

if I got a million dollars now, I'd stick it in a vanguard ETF or some other index tracker and forget about it for about 3 decades.

Then I can retire and live the last half of my life lavishly on that bank.

Means I don't need to worry about retirement or anything, that's a huge burden off my shoulders.

Hell, after about two decades at 8% annually, it'll be worth ~4.7 million, with an annual return of $370k/year. Stick most of that back in to keep up with inflation, live off the returns. Perpetual work-free living. Sure a lot of that will be eaten up by tax, but I don't need much to live extremely comfortably.

You're assuming the market doesn't tank.
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Nanaimo-Bar posted...

if I got a million dollars now, I'd stick it in a vanguard ETF or some other index tracker and forget about it for about 3 decades.

Then I can retire and live the last half of my life lavishly on that bank.

Means I don't need to worry about retirement or anything, that's a huge burden off my shoulders.

Hell, after about two decades at 8% annually, it'll be worth ~4.7 million, with an annual return of $370k/year. Stick most of that back in to keep up with inflation, live off the returns. Perpetual work-free living. Sure a lot of that will be eaten up by tax, but I don't need much to live extremely comfortably.

That's what my chemistry teacher thought and then the dot com burst happened
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FFVII_REMAKE posted...

MC_BatCommander posted...

No it isn't.

Only like 14 grand a year, that's significantly less than I currently make.

I can live off less than $10K a year.

Prove it
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FFVII_REMAKE posted...

Nanaimo-Bar posted...

if I got a million dollars now, I'd stick it in a vanguard ETF or some other index tracker and forget about it for about 3 decades.

Then I can retire and live the last half of my life lavishly on that bank.

Means I don't need to worry about retirement or anything, that's a huge burden off my shoulders.

Hell, after about two decades at 8% annually, it'll be worth ~4.7 million, with an annual return of $370k/year. Stick most of that back in to keep up with inflation, live off the returns. Perpetual work-free living. Sure a lot of that will be eaten up by tax, but I don't need much to live extremely comfortably.

You're assuming the market doesn't tank.

He's holding it for 3 decades so that is only a risk at the end of his time frame.
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SK8T3R215 posted...

FFVII_REMAKE posted...

Nanaimo-Bar posted...

if I got a million dollars now, I'd stick it in a vanguard ETF or some other index tracker and forget about it for about 3 decades.

Then I can retire and live the last half of my life lavishly on that bank.

Means I don't need to worry about retirement or anything, that's a huge burden off my shoulders.

Hell, after about two decades at 8% annually, it'll be worth ~4.7 million, with an annual return of $370k/year. Stick most of that back in to keep up with inflation, live off the returns. Perpetual work-free living. Sure a lot of that will be eaten up by tax, but I don't need much to live extremely comfortably.

You're assuming the market doesn't tank.

He's holding it for 3 decades so that is only a risk at the end of his time frame.

Yeah, and around then there's things he can do to prepare for retirement. A bond tent is a popular strategy. Put a certain amount of your investments into bonds that you draw from the first part of your retirement, so that you can let your stocks continue to grow. If the markets are bad oh well. You're not losing a bunch of cash since you're pulling from your funds. Your stocks will eventually go back up too.
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