$1 million to retire on

[disneysteve]

I am wondering, what is more impt?

Time or quality of retirement?

Time= Say you hit a mil and retire, living off 60k/year till you die

Quality= Say you hit 3 mil, living off 200k/year

I think that question needs more context and details. How much do you earn/spend now? What changes do you anticipate to your lifestyle when you retire? How old are you?

Obviously, I'd rather have 200K than 60K but not if it means working until I'm 70 to get it. If you're talking about the difference between retiring at 52 or 62, then I'd probably stick with it for the higher payout.

I would love to go on a 4 months world cruise today

You and me both. I've had my eye on that cruise for a few years. I doubt that we will ever be able to actually afford it, but that's my dream trip.

[feh]

Would winning $1m make you want to retire?

Clearly it depends on your current situation.

For me, if I suddenly had an additional $1 million - yes, I would quit outright instead of working part time.

[Singuy]

I think that question needs more context and details. How much do you earn/spend now? What changes do you anticipate to your lifestyle when you retire? How old are you?

Obviously, I'd rather have 200K than 60K but not if it means working until I'm 70 to get it. If you're talking about the difference between retiring at 52 or 62, then I'd probably stick with it for the higher payout.

You know I got crucified on money mustache's forum wondering why MM himself retired at 32 with only 300k. He was making over 100k back then so I wondered why he didn't wait perhaps 10 more years and make a bigger passive income. Everyone was telling me TIME is way more impt than stuff..so everyone should simplify their lifestyle and retire ASAP.

[disneysteve]

You know I got crucified on money mustache's forum wondering why MM himself retired at 32 with only 300k. He was making over 100k back then so I wondered why he didn't wait perhaps 10 more years and make a bigger passive income. Everyone was telling me TIME is way more impt than stuff..so everyone should simplify their lifestyle and retire ASAP.

I don't want a ton of time with no money to enjoy it. That would not be a pleasant retirement in my mind. When I retire, I want to be able to do things, go places, have experiences, and those things all cost money (well some don't but most do).

If you want to simplify and spend retirement hiking in the woods or sitting on a rocking chair or binge-watching shows on Netflix, getting out early with very little money might work just fine. If, however, you want to travel the world, go to shows, and eat at nice restaurants, you're going to need a bigger nest egg.

[scfr]

You know I got crucified on money mustache's forum wondering why MM himself retired at 32 with only 300k. He was making over 100k back then so I wondered why he didn't wait perhaps 10 more years and make a bigger passive income. Everyone was telling me TIME is way more impt than stuff..so everyone should simplify their lifestyle and retire ASAP.

I would have supported you! And while I've only visited MMM a few times I personally wouldn't classify him as retired because he still maintains his site and I'm sure there's a fair amount of time and effort involved in that . . . and didn't I hear that his wife works and provides medical benefits?

As someone in her 50's who many might say could retire now if they just looked at my numbers on paper, I'd say that the numbers only tell part of the story. And they can't predict the future. Life happens. Financial responsibilities that you can't imagine in your 30's might happen in the future. I'd rather be over-prepared than under.

[disneysteve]

I personally wouldn't classify him as retired because he still maintains his site and I'm sure there's a fair amount of time and effort involved in that . . . and didn't I hear that his wife works and provides medical benefits?

We have often discussed what "retired" means and I think we've mostly agreed that it doesn't mean what it used to - the total cessation of work for pay. Especially thanks to the internet, it is very possible to do something that continues to generate some income while not going to a traditional 9-5 job anymore. So if all he does is maintain a website, most people would probably still classify him as retired unless he spends a significant amount of time managing the online stuff.

As for his wife, whether or not she works has nothing to do with whether or not he is retired.

[Captain Save]

I don't think anyone wants to be fully "retired" .. it's not a fruitful way to leave.. you want to be independent, have a peace of mind, and do what you do when you want to do it.. that does not mean you should stop making money

[97guns]

contrary to popular belief working is not the only way to make money.... get enough money and it works for you and you not work for it

[corn18]

Contrary to popular belief, everyone doesn't work just for the money.

[greenskeeper]

contrary to popular belief working is not the only way to make money.... get enough money and it works for you and you not work for it

completely agree.....500k and I'm "out" !

[disneysteve]

contrary to popular belief working is not the only way to make money

Obviously. Otherwise nobody would ever be able to retire. You need to have a steady income in retirement whether it comes from a pension, a 401k, Roth IRA, annuity, rental income, investment income, etc.

[disneysteve]

I don't think anyone wants to be fully "retired"

It depends what you mean by retired, a question we've discussed numerous times.

I know plenty of people who no longer work for pay, but that doesn't mean they are sitting around on a rocking chair all day. My uncle, who is 91, just got back from a Caribbean cruise to celebrate his wife's birthday. They cruise every year for that occasion. My mom, who is 86, lives in a senior apartment building and is active on the social committee that plans and runs various events for the residents. She also helps out in the kitchen regularly. My cousin, who is 61, lives in a 55-and-over community in Florida and belongs to several clubs there. He also has 2 antique cars and is very active in the local car clubs, cruise nights, and shows. None of them earn any money but they are all very active and enjoying life.

[clatoden99]

For me it would not matter. I’ve already planning on working until I can no longer work. Frankly, I enjoy what I do. My mind needs the stimulation that work provides. Essentially, I could retire now. I simply do not wish to.

[cornfieldj]

You know I got crucified on money mustache's forum wondering why MM himself retired at 32 with only 300k. He was making over 100k back then so I wondered why he didn't wait perhaps 10 more years and make a bigger passive income. Everyone was telling me TIME is way more impt than stuff..so everyone should simplify their lifestyle and retire ASAP.

Life isn't that one-size-fits-all. I live in NYC, and I work every day, and sometimes I do media interviews. So even though i am not Megan Kelly and never will be, I have to do a certain amount of spending to look a certain way. (Though I am getting much better at the home blow-out.)

I shop at thrift stores, I hit the sale rack, I don't shop constantly... but I can't spend NOTHING on appearance. Telling everyone to simplify their lifestyle is like saying everyone should have kids. And frankly telling everyone to retire ASAP is unrealistic.

[disneysteve]

Telling everyone to simplify their lifestyle

I do think there is value, however, in encouraging everyone to take a good hard look at their lifestyle and see if it aligns with their priorities and goals.