Current Events > If you suddenly gained +1 million USD (tax free), could you retire right now?

(+) Yeah! (+)

And at least maintain your current quality of living?

I could pay off the mortgage, make my wife work, I do stay-at-home Dad stuff.

Of course that entails a s***-ton more cleaning than I thought possible (I have to clean the bathtub AGAIN???).

So probably not.

Nowhere near enough to retire in todays economy.

I could, assuming my wife continued to work.

If my mortgage was paid off, maybe. With the proper investments I could live off of the interest on the 1mil as long as I dont have to worry about rent/mortgage.

With my mortgage, hell no. I could pay it off and still have a nice chunk of change left over but not enough to live off of for the rest of my life

I think so yeah, assuming I could put part of that in stable investments. On top of that, I live a pretty frugal life anyway and have no intention of ever having children. Seems doable.

Yes. Id pay off the house and use the rest exclusively for utilities property taxes etc

Hell no

Yes.

nah

Quite comfortably, assuming I don't get that money and discover I'm only frugal because I have to be.

I could probably get away with working part time 16-20 hrs a week, especially if my wife did the same or continued working normally.

Relient_K posted...

I could probably get away with working part time 16-20 hrs a week, especially if my wife did the same or continued working normally.

Yeah, I'd probably do this. Retire. Take a lump sum of it to pay off the balance of my mortgage, invest the rest in something that will yield me a safe, steady, return, and then get some sort of "not really working" part time job, like taking tickets at the local Indy Baseball team, and just continue to umpire softball for pocket cash, like I do now.

A million would suit my lifestyle perfectly and leave me with a huge amount left after I die, so absolutely.

That wouldnt last ten years

Assuming inflation didn't drain it, maybe.

If you do the 4% plan, where you put it in the spy and take out 4% a year, you could theoretically take out 40k a year forever.
So no, wouldn't allow me to fully retire right now.

No.

Maybe after paying off the rest of my mortgage, investing the rest and never upgrading my living standard. Vacationing only a few times a year and to only cheaper countrys like Mexico, Columbia or Thailand.

Yeah probably. I don't need much, and if I moved half of that to investments or savings it'd probably pay for itself before long.

Would I retire? No. I need to be doing something

No, but I could either buy a house and afford to work only part time for the rest of my life, or I could temporarily retire for a good 10 to 15 years. (Or a combination thereof.)

Actually, maybe I could retire if I invested it wisely...

Yes. I could buy a house and focus up on a side hustle that's not really a job but could potentially lead to a bit of extra income, like writing or streaming.

Tax free, sure. Long as wife still works lol
Payoff house with half of it.
500k left in bank or invest and live off interest or whatever.

Or take enough money for mortgage payments and budget for year and leave the rest to live off bigger interest and savings. Idk how that works.

100%. would take 20-30% of it and buy some land and build a house and live off grid with as little bills as possible and invest the other half for insurance just in case.

Not my current standard of living, but my standard of living now is quite profligate compared to my college days. I could maintain a reasonably standard of living, though as a US citizen the biggest obstacle would be budgeting for health insurance without an employer subsidy and being far too young for Medicare.

Yes, but Im not that far from retirement anyway. This would just be a cherry on top. You could safely and conservatively earn like 5% a year off of that and it would be an extra $50,000 a year just in interest alone.

I only spend about $18,000 a year currently for ALL of my costs. I mean everything. All my household bills, insurance, property taxes, gas, food, EVERYTHING.

My retirement is already built up quite good. Im just stockpiling even more money and investments now and basically working for the excellent free health insurance I get.

I could very easily and comfortably retire with a million.

Nope. I would pay off my house and debts, invest whatever is left and still keep my 9-5. Would have a LOT more disposable income though.

yes

cause I'd probably die before I could spend it all

Probably. I can live frugally off of 5% earnings and even re-invest a portion of that. It's enough to pay my bills, groceries, and I wouldn't have a commute. Of course, it would mean probably delaying a family indefinitely and no traveling abroad. I would probably still look at ways to generate income without a job until I was successful at it.

Yeah, I'd pay off my car and just keep living the same way I am up until 62 and then retire with that <copium>and a pension if it still exists </copium>

Edit: Didn't read the topic title fully but yolo

Need at least triple

Very easily could retire with that yes.

If I don't move somewhere else, yeah. It'd mean living with mom until she dies and I inherit her house. Which I'm leaning towards doing anyway since everywhere else is getting so expensive.

Already did it.