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Retirement Discussions / Retire Early CampFIRE
|Subject: Re: How low can you go?||Date: 1/20/2000 7:48 AM|
|Author: TheBreeze||Number: 2343 of 861574|
How much higher? I don't think that two people would need twice the amount needed for one--perhaps two can live as cheaply as one and a half. So a married couple might need $600,000, and a couple with children a bit more than that.
Oddly enough, I came to that same amount...$600K. That would let me live well off the interest and not dip much into the principal. The question I wanted to answer was, "What's the minimum I need in retirement assets to 'retire' early?" Assumptions were:
-Full company pension (possible if they offer an early retirement incentive at the right time)
-Partial social security benefits (questionable)
-House paid for (nowhere close yet)
-Kids out of college
I may come to the age of, say 56, and see the possibility to 'retire.' Whether I want to or not will be a big question, but at least I'll have some options if things get real loathsome. I put 'retire' in quotes, because I could see taking a part time job, consulting for a few weeks a year, or maybe teaching. (The local tech schools don't require the licenses that K-12 usually need.)
Bottom line: If I have the money, I'll have choices. Having started investing in my 20's, I'll be there!
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