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

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    Last post ago over 5 years by chillymellow
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        Lipstick

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        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
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        chillymellow

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          Mighty! Member
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        5 million is probably about right.  And that's stupid crazy to expect everyone to have saved. 
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        Lipstick

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        It is crazy and scary. Makes you wonder if we will all have to work til we drop dead!

        Lips
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        genenco

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          Mighty! Member
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        Well Lips I did a bit of calculation.

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

        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!

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

        Personally, I think (If properly planned) that I'd have no probs at $12 a day.
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        Lipstick

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        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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        bingocrazy48

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        Well,'m screwed That's just nuts and to just  live in some reasonable comfort...unreal :'(
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        blueday

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          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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          wnanhee

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          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.
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          gabby

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          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.
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          chillymellow

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          Amen to that.  It can go really quickly.

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