How Much Money Would It Take......

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    Last post ago about 6 years by chillymellow
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      • Putting on lipstick emoticon 1
        • Started by
          admin
          12476
        • last active 8 hrs ago
        Hiya LCB'ers,

        How much money do you think it would take to live comfortable for the rest of your life and not ever have to work again?

        Some of the statistics are staggering. For example if you are 15 years away from retirement and with a life expectancy after retirement of 25 years, you better have saved $359489.00 saved right now today!

        It is a amazing to think that if a 30 year old person won a lottery for one million dollars they could not survive on it for the rest of their lives without working.

        How much do you feel you would have to save to never have to work again?

        I would say 5 million! But then you have to worry about Uncle Sam eating it up and invest it wisely.

        Lips
      • Index
        • Replied by
          Mighty! Member
          3579
        • last active 7 days ago
        5 million is probably about right.  And that's stupid crazy to expect everyone to have saved. 
      • Putting on lipstick emoticon 1
        • Replied by
          admin
          12476
        • last active 8 hrs ago
        It is crazy and scary. Makes you wonder if we will all have to work til we drop dead!

        Lips
      • Avatar 10150
        • Replied by
          Mighty! Member
          3007
        • last active 6 months ago
        Well Lips I did a bit of calculation. surprise

        $359,489.00 divided by 15 and then 365 comes to about $65 a day spending. money

        Now I don't know about you, but I don't even see myself spending that much per day unless I was either driving alot or had high rent. And my paychecks better be 3X that amount too! laugh_out_loud

        BTW That's about $1,950 a month in expenses alone. Some people don't even make that. embarrassed

        Personally, I think (If properly planned) that I'd have no probs at $12 a day.
      • Putting on lipstick emoticon 1
        • Replied by
          admin
          12476
        • last active 8 hrs ago
        Gene that total i gave was how much you would have to have right now not including what you need to save for the next 15 years!
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        • Replied by
          Mighty! Member
          2669
        • last active 6 days ago
        Well,'m screwed exclamation laugh_out_loud wink That's just nuts and to just live in some reasonable comfort...unreal exclamation :'(
      • Index
        • Replied by
          admin
          19882
        • last active 19 min ago
        I've actually worked this out before and I would need about £1.5 million to live very comfortably.  This figure includes a very nice home, nice cars, a good holiday but does not include the interest earned on the money in the bank,.

        blue
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        • Replied by
          Superstar Member
          5146
        • last active about 1 month ago
        Like blue, I've figured it out how much I and my family need to survive for next twenty years or so and the result(calculation) came out to be around 3.9 million but that could be changed and varied by my children especially my monkey since he is only three now...
        Then again, I will probably able to survive with half of that amount to if I try harder and live like my grandmother used live...growing everything on your own for instance. wink
      • Avatar 26589
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          Mighty! Member
          3297
        • last active 28 days ago
        genenco wrote:

        BTW That's about $1,950 a month in expenses alone.


        That can't be a correct calculation.  My mortgage is more than that a month and the savings amount Lips provided would cover much more than that.

        I'm a stickler for having enough savings to be without a job (husband and me) for months... but and a big ole' but.... some things can happen that could drain anyone's savings in a second.
      • Index
        • Replied by
          Mighty! Member
          3579
        • last active 7 days ago
        Amen to that.  It can go really quickly.

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