Post your age and how much it would take in savings for you to retire today

a 300$ mcdonalds gift card and I should be okay to take off work for a while.

 

When I bought the home I live in now I was living paycheck to paycheck. Today I'm maxing out my 401(k) every year, maxing out a SEP, saving chunks in a 1% savings account and putting money in a Vanguard brokerage account. I had considered selling this house and moving into one that fit our new financial reality a few years ago and then decided against it. There's nothing wrong with this house. It will be paid off in 7 years and by not "moving on up" I'm able to both live a very comfortable lifestyle AND supercharge for retirement.

 

My wife apparently wants to have 60-70 kids so...... $500 million? I'm 29.

 

Honestly just a couple mil, if you don't have to ball it out just 6% on your money is 10k a month. Utilizing credit card points and contacts you can travel the world and always enjoy yourself

 

I'm in my early 20s. I don't have much student debt but will take on debt for MBA/graduate school. I have no assets, just an old car, and will need time to obtain enough money to get a house and nicer car. I am working in finance and don't foresee too many problems personally with growing a portfolio at a 3% - 5% rate a year. I would guess a few million growing at a decent rate would be enough to retire after paying off debt and getting some assets.

 

know thought I fixed it one time. I did not use my true age back then because I thought all the young posters would give me a hard time about my age. Nowadays I don't give a damn!

 

Not enough I speak from experience. You are going to have a lot of college, insurance bills . and even if you have good health insurance you still pay out the wazoo. I know I had good insurance and still spent 247,000 on heart surgeries and cancer. Do not underinsured your family. And then more kids = more grandchildren, Get ready to suck it up.

 

Doesn't matter. Because I'm never going to stop earning and working. Even after I "retire".

 

Yep. The older I get, the less I care.

 

Is she a sow, a cow, a dam or a nanny?

You'd want to keep as many of the female babies - the good looking ones - as you have room and food ($) for. Once they become breeding age, someone else will have to do that work while you watch. Unfortunately you'll have to castrate and either sell or butcher all the male offspring.

I hope this helps.

 

Im retired already at 30. Self made millionaire.

 

This question is hard to answer. I'm 27, wife is 24, no kids yet. We have been traveling a lot, and we love traveling. I am not sure if we'll ever be the stay at home every weekend, know the entire town type of people. If we were, I'd say 1.5-2 mil could get it done living in Texas.

 

No doubt about this, but I think you have to keep everything in perspective. Worst thing you can do it go on Facebook and see all your "friends" taking these lavish vacations, etc. and then start thinking you have to do it too or you're not a good spouse/parent. You have no idea what's going on behind the scenes with these "perfect" families. Most are probably up to their eyeballs in debt because they're trying to keep up with the Jones's and portray a certain image on Facebook............

I was raised by a single mother of 3 in a 1200 sq foot house, so I never got many lavish vacations or a brand new car on my 16th birthday, etc. and despite all that, I had an awesome childhood. My kids are already way ahead of the game from where I was when I was 5, I can tell you that. But we have no desire at all to keep up with the Jones's. We're just as happy spending a week in Galveston as a family as we would be spending a week in the south of France.

 

Maybe I'm feeling my age, but you don't know if this will be possible. Economy could change in ways to make it hard for you to make a living. Your brain can be impaired in ways that making working not feasible. Lots of things can happen to render the presumption of work moot.

 

Very true. I intend to avoid retirement for as long as my body will physically allow for me to work.

 

Very impressive!

I am happy for you!

 

30 YO, probably take at least a million or two to sustain us for the long haul.

I'd settle for a small lottery jackpot though haha

 

For some of the younger members some food for thought on saving money and interest.

 

True, but this can happen at anytime. Today, tomorrow, next week, next year... Its a worst case scenario that will always be there.

I'm not saying to not save or prepare to take care of your family should something like that happen, but for me at least, an arbitrary number that most people will likely never attain is on the list of things that I'd rather not stress about. I'd rather focus that energy towards creating as many incomes as possible and growing them.

That magic number just feels like a trap, keeping me away from taking risks and breaking out of the mold. Just my thoughts though.