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okokok
Joined: 27 Aug 2006
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 Posted: Fri Jan 30, 2009 6:50 pm Post subject: retirement |
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How much dough are you planning to retire with? When are you hoping to retire? Where are you hoping to retire?
Myself, I'm not sure.....that's why I'm asking. I guess it'll be somewhere between the 1-2 million range, but it all depends on my future level of ambition. As for when and where... I have no idea. |
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michaelambling
Joined: 31 Dec 2008
Location: Paradise
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| Posted: Fri Jan 30, 2009 7:11 pm Post subject: Re: retirement |
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| okokok wrote: |
How much dough are you planning to retire with? When are you hoping to retire? Where are you hoping to retire?
Myself, I'm not sure.....that's why I'm asking. I guess it'll be somewhere between the 1-2 million range, but it all depends on my future level of ambition. As for when and where... I have no idea. |
I think 1 million in today's dollars should be enough, and it's a reasonable goal if one's in one's twenties. |
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GwangjuParents
Joined: 31 Oct 2008
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| Posted: Fri Jan 30, 2009 7:49 pm Post subject: |
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I just ran my numbers through the CNN Money Retirement calculator.
In today's dollars I need 1.7 Million to retire at age 65.
Given that the savings rate in Canada and the US is ZERO for a lot of people, I think when the baby boomers really hit retirement en mass that there are going to be some very significant problems in the west... |
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VanIslander
Joined: 18 Aug 2003
Location: Geoje, Hadong, Tongyeong,... now in a small coastal island town outside Gyeongsangnamdo!
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| Posted: Fri Jan 30, 2009 8:01 pm Post subject: |
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I grew up around a lot of old people and it became very obvious to me at an early age that once basic HOUSING and extended HEALTHCARE is taken care of, old people don't need nor care for money!!!
We are deluded by advertising campaigns to invest in RRSPs and banking schemes, to sacrifice for decades, for a glorified early retirement period of a decade or two at most, between 55 and 60 to 70 or 75, when travel and gardening are still possible. |
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fadedgirl
Joined: 26 Nov 2006
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| Posted: Fri Jan 30, 2009 11:23 pm Post subject: |
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I plan on retiring with $5 trillion...
slowly on my way give or take a yacht or two.  |
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Jati
Joined: 13 Dec 2008
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| Posted: Sat Jan 31, 2009 2:34 am Post subject: |
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| fadedgirl wrote: |
I plan on retiring with $5 trillion...
slowly on my way give or take a yacht or two. |
Yes, and by that time a yacht will cost around $40 trillion!!
Reminds me of the joke about Rip van Winkle. Seems that after sleeping for 50 years, he awoke from his slumber and went to call his bank. Surely, he thought, his savings account had grown to a massive number in the interim.
Hearing that he had $12 million in his account, he was overjoyed, until the long-distance operator said, "For another three minutes, please deposit two million dollars."
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Rusty Shackleford
Joined: 08 May 2008
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| Posted: Sat Jan 31, 2009 7:37 am Post subject: |
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My plan is to own a house and also to have 12 term deposits of around 100K each. So each one will mature in a different month yielding whatever the prevailing interest rate is. I will leave 10% for inflation then role it over again for next year. Should be able to live very comfortably like that. Only about 1% of the way there so far, though  |
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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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| Posted: Sat Jan 31, 2009 8:15 am Post subject: |
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| VanIslander wrote: |
I grew up around a lot of old people and it became very obvious to me at an early age that once basic HOUSING and extended HEALTHCARE is taken care of, old people don't need nor care for money!!!
We are deluded by advertising campaigns to invest in RRSPs and banking schemes, to sacrifice for decades, for a glorified early retirement period of a decade or two at most, between 55 and 60 to 70 or 75, when travel and gardening are still possible. |
I think you hit the nail on the head. Whenever I hear, "you'll need x million dollars to retire and maintain your income" it sounds looney to me.
If I have a house paid for, some solid investment income coming in, I'm not worried. I'll be better off than most. |
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Zulethe
Joined: 04 Jul 2008
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| Posted: Sat Jan 31, 2009 12:14 pm Post subject: |
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| Retirement is death. Enjoy all of your useless paper in your coffin. |
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Jati
Joined: 13 Dec 2008
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| Posted: Sat Jan 31, 2009 5:02 pm Post subject: |
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| Zulethe wrote: |
| Retirement is death. Enjoy all of your useless paper in your coffin. |
What paper? My investments are electrons stored in silicon chips. And a house, made of brick (not like those foolish piggies), so when the wolf comes along he won't be able to blow my house down! |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Sun Feb 01, 2009 12:12 am Post subject: |
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there is a difference between retiring young and then splurging money..
compared to retiring by the beach and joining the local golf club and library!
if you retire with 1 million dollars in cash and your house is paid for you are sitting sweet!!!...
In a high interest savings account you will yield about 7-9% interest which is around 70-90K a year!! deduct tax from that not sure how much tax but couldnt be to much.. anyway lets say you clear 60K..
thats 5K a month!!! plus a million dollars in cash!!!
if you got 2 million in cash saved which I want..
then you are clearing 10K a month sitting on 2 million in cash!
you are loaded!! and living the good life... |
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