What is your "I Quit!" Number?

[KFC911]

I had always planned to exit the corporate world at 50. I prepared for it, but it came a couple of years earlier than I planned, but I adjusted near the end...

When that day came, I was already used to being "poor"

It's a combination of income vs outgong $, no debt, net worth, and lifestyle imo.

When I run the numbers through a "retirememt calculator".... I can retire in just 73.27 more years

I "retired" by choice (could have stayed on) 12 years ago....

NO REGERTS

[oldE]

Seeing as I was retired 18 years ago and have been working part time since until I need to activate my RRSP, my number is less than the 50k option.
If we weren't caring for five equines and our granddaughter the number would be even smaller.

Best
Les

[Iciclehead]

All depends on asset situation....with paid off houses, paid off cars and no other debt....$75k is a reasonable number.

As you get older, it gets even less unless health care costs come into play (not an issue in most countries outside of USA.

Dennis

[jcommin]

I'm figuring $50K - $60K after taxes. This is what I can afford

[Seahawk]

Originally Posted by Iciclehead

All depends on asset situation....with paid off houses, paid off cars and no other debt....$75k is a reasonable number.

As you get older, it gets even less unless health care costs come into play (not an issue in most countries outside of USA.

I had one of the great conversations I have ever had with my son over the holidays...completely ad hoc and honest.

He lost his left eye between his junior and senior year in college at VMI. He was ROTC and would have commissioned on graduation as an Army Officer had he not lost his eye.

He will finish law school this May and has a job at a firm in Norfolk, Va...the papers have been signed, he is good to go. So we talked about that.

"Nobody knows more about changes of plans than I do..." and he went on to expound his thoughts and feelings. I said very little.

Quite impressive for a young man. He learned the basics of personal finance and has adopted the rules into his life. He has a financial plan, rare these days. Start early and the OPs question gets easier to answer.

Me? I have zero debt. The farm, cars, equipment are all paid for. I have few vices that cost money, plan on staying married and love the ones I am with.

The key is that my wife's health insurance tracks to both of us...should that change, the only variable for us is working the next insurance. Change is real.

[Brando]

125 was my choice. Would cover all current expenses, plus I got a kiddo. Wait is it too late to change my answer to $5m?

[fintstone]

It is difficult to decide...if you have a tolerable/interesting job that pays pretty well. While I could and have lived on virtually nothing, it is awfully nice to finally have plenty of money to buy or do anything I/we want. I am pretty sure that I will have as much in retirement as I make now...but every year I make/invest more...so keeping working makes both numbers go up. It seems that you can always add a cool car, a garage, vacation or two if you have extra money and one usually retires in their peak earning years. It is hard to justify retiring when/if you are making $250K per year if you worked so many years making less than $20K. Too bad I couldn't have more time off when I was younger and more active. I am not really sure what one would do if they didn't spend 12 hrs or more each day at working (commute/work/commute). Doesn't going fishing or washing the cars get old pretty quick?

[stevej37]

Estimate the amount that you spend now..on everything, including daily entertainment expenses.
Add at least another 25% to that.
That's a close answer.

[pwd72s]

Originally Posted by LWJ

The way I see it is live large, work large. Live small, retire early.

It's better to be a millionaire than try to live like one.

[wdfifteen]

Originally Posted by Seahawk

He lost his left eye between his junior and senior year in college at VMI. He was ROTC and would have commissioned on graduation as an Army Officer had he not lost his eye.

He will finish law school this May and has a job at a firm in Norfolk, Va...the papers have been signed, he is good to go.

Totally off topic and I haven't even read the rest of your post, but this came up in one of your posts in the past and I didn't say anything. Now I want to.
Why does the US military pass on someone who is smart, motivated, patriotic, and capable except for a small physical issue? I think, from what you have said, your son would be an outstanding Army officer. But the Army passed on him. In the 21st Century military it seems like such a waste.

OK, end of rant. I'll read the rest of your post now.

[VincentVega]

Good for you Seahawk, seems like a solid man. Well done.

I think about 'the #' too much. I'm happy for the most part with work and so on but it takes up so much time! I could move somewhere cheap and retire I guess but thats not for me, at least not yet. I'm not interested in giving up the hobbies so I'm still working.

[drcoastline]

For me I don't know there is a number to high or small. I enjoy working. I am fortunate that I don't need to go to a 9-5 job Monday to Friday and so long as I have a computer and a phone I can work from anywhere. But even if I hit the Power ball for $100Mil I wouldn't stop.

[gprsh924]

I’ll assume no mortgages, today I think $250k could do it. Property taxes, club dues/HOA will probably eat $40-50k per year. Travel, entertainment, enjoying life will take the rest. Just need to get to get to the right point to not touch principal and we are set.

$2500 for taxes in another post...where?

[ckelly78z]

$75,000 a year would cover my expenses, and entertainment. I will probably always have a side hustle that makes me a few bucks under the table (not reported), and can't imagine just sitting around.

[Sooner or later]

Originally Posted by gprsh924

I’ll assume no mortgages, today I think $250k could do it. Property taxes, club dues/HOA will probably eat $40-50k per year. Travel, entertainment, enjoying life will take the rest. Just need to get to get to the right point to not touch principal and we are set.

$2500 for taxes in another post...where?

Property taxes Lawton, Oklahoma. .86% 2600 sq ft.

New construction sells for 120 to 130 per sf.

[gprsh924]

Different strokes. 3000sq ft above grade here. $18k for taxes. Chicago burbs (and actually our tax rates are lower than most other in the area, though our property values are higher).

New construction is more like $350-$400 per foot.

[rockfan4]

That's my biggest concern for retirement savings/expenses - taxes, especially property taxes. Well, that and getting into a situation where I or my wife end up in a nursing home.

[VincentVega]

Originally Posted by drcoastline

For me I don't know there is a number to high or small. I enjoy working. I am fortunate that I don't need to go to a 9-5 job Monday to Friday and so long as I have a computer and a phone I can work from anywhere. But even if I hit the Power ball for $100Mil I wouldn't stop.

Well done. I imagine sailing down the bay on a call working a lot!

[Sooner or later]

Originally Posted by gprsh924

Different strokes. 3000sq ft above grade here. $18k for taxes. Chicago burbs (and actually our tax rates are lower than most other in the area, though our property values are higher).

New construction is more like $350-$400 per foot.

Housing difference.
Hinsdale, IL, $298,000 with 1108 sq ft





Lawton, Ok $299,900 2,600 sf

[gprsh924]

That’s the funny thing, if you go 20 miles west of me, you get to a roughly equivalent price per SF but you are still at $10k in taxes.