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.

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" :D

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 :)

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

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

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

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.

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?

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?

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.

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

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.

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.

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.

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?

$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.

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

New construction sells for 120 to 130 per sf.

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.

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.

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

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


http://forums.pelicanparts.com/uploa...1578807450.jpg


Lawton, Ok $299,900 2,600 sf


http://forums.pelicanparts.com/uploa...1578807587.jpg

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.