What is your "I Quit!" Number?
 

Meaning, at what annual income do you chuck it all?

Assume no other income, you have to buy health insurance and no home equity for simplicity.

I'm hoping to live small (and zero debt) on Medicare and $50-60K at about age 65.

Question makes no sense. Why would an annual income decide if you work or not? I guess if it got small enough that it made no sense, perhaps?

Seems net worth would be a more logical question.

I assume he’s talking about retirement. At what income level from 401k, etc. would you stop working?

Correct. Sorry. I was more concerned with not goofing the poll up!

Yes. What amount free cash annually makes you retire. I had a discussion and would like some data points.

Thanks!

"What amount free cash annually makes you retire."

$75,000 would do it for me. Life is short!

My projections had indicated that my basic retired living expenses would be approx. $35K per year. I figured since men in my family don't make it much past 82 that $700 K would cover it.

Depends on where you live. A Cali resident will need a lot more then I would need in Okla.

I could draw about 100k but I am not near that on an annual basis. Just my SS is enough to cover my normal lifestyle. Just off the top of my head...

2500 property tax
2500 home insurance
5000 healthcare expense
2000 auto
2500 utilities
2500 phone/tv/internet
5000 food
22,000 total on the basics

Still leaves me 10,000 from SS for vacations and entertainment.

To live the way I want? - 20 mil!

That means I can travel, enjoy some toys and leave something behind for my kids.

75k a year would pay the bills and put food on the table with some left over.

I hate the idea of retiring on less money than I'm earning now.

I never gave it THAT much thought....I just had all the corporate bs I could tolerate....so "I quit" :D

In reality....my IT dept was outsourced to a POS outfit of amateurs that I would have NEVER worked for back in '08....enough was/is enough for me.

Pretty much what I did in '03. I had "had it up to HERE!"

I cannot imagine living on a coast now. Taxes alone cost me over $40k, and I live on the Ohio side of Kentucky's river.

I'm not decided but I'm open to you coming over and making me an offer.

In the last 10 years my basic cost of living has gone up way too much. For example: was making $600 monthly house payment including taxes and insurance. Taxes and insurance has gone up $400 a month. The loan payment part is the same. The cost of food has gone up even more.

Just can't reliably predict the future cost of living well enough to set an accurate retirement income.

Im 67. I have not had a full time job since around 08. Never made a lot of $. I quit my part time job in 18. I can live on nearly nothing. No loans. Small house requires minimal upkeep, taxes are cheap. I have a Cayman and a 25 year old truck. Life is simple but good. Only question is, will I outlive my IRA ?

I never thought about it. My wife still works, and we have no bills except for basic expenses - food, transportation, entertainment, taxes, etc. I took a reduced retirement that gives my wife what retirement I get for the rest of her life (25 yrs. younger than me). Along with her retirement and no mortgages and similar expenses, my IRA (which I take a minimum distribution from monthly), my retirement, and her Roth IRA, she will be much better off than I ever thought of being. Not rich, but I haven't added it up to see.

Retirement estimators suggest you need 75% of your best earnings... seems kinda high.

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

When my lifestyle matched my income is when I quit. I have always concerned myself with the outgo vs the income. I think people who are overly concerned with their bottom line miss the circle that surrounds them.