How much net worth before retiring?

Yelp bigfang
Jan 9 26 Comments

How much net worth would you need to retire?

253 VOTES SELECT ONLY ONE ANSWER
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TOP 26 Comments
  • Compass / Eng
    FUPayMe

    Compass Eng

    PRE
    Google
    FUPayMemore
    Id need a minimum of $10m to maintain my current life style at a 4% withdrawal rate.

    Single male, nyc, late 20s
    Jan 9 11
    • Compass / Eng
      FUPayMe

      Compass Eng

      PRE
      Google
      FUPayMemore
      Penthouse in Manhattan: 120k/yr
      401k: 18k/yr
      Roth: 5.5k/yr
      Food: 30k/yr
      Parties / clubs: 30-40k/yr
      Travel / vacation: 50k/yr
      Misc shopping: 20k/yr

      I typically invest another 150k and the rest is taken away in taxes.
      Jan 9
    • Apple iPhone Xs
      How do you get a penthouse for just 10k a month in Manhattan?
      Jan 9
    • Compass / Eng
      FUPayMe

      Compass Eng

      PRE
      Google
      FUPayMemore
      I worked at compass when I found my place so it was a bit easier for me to find but there are tons.

      My place is 3k sqft total with a 1500 sqft terrace, outdoor kitchen and private hot tub.

      You can find quite a few good ones between 7 and 12k.
      Jan 9
    • New / Eng
      remus808

      New Eng

      PRE
      Google, Microsoft
      remus808more
      TC?
      Jan 9
    • Apple CRNY
      My ultra rich friend and his family that stays at Columbus Circle told us his rent cost 100k/month with 5 bedrooms, that made me thought NY is a totally different world..
      Jan 9
    • Compass / Eng
      FUPayMe

      Compass Eng

      PRE
      Google
      FUPayMemore
      Oh yea there are tons that are up there in price and beyond.

      Most rentals aren’t that high end tho. At those prices you typically find buyers or celebs / rich people looking for a very specific accommodation.

      I have a friend who pays around 50k/mo for his place and it’s like 50% bigger than my place with a smaller terrace but every material used is so extra. Imported this, reclaimed that, a door that is technically “art”. Shit like that.

      TC: 500k+
      Jan 9
    • Apple iPhone Xs
      This is good to know. I was not aware you could get penthouses so cheaply. May consider moving there
      Jan 9
    • Bloomberg Ceki18
      @FUPayMe how much experience do you have?
      Jan 9
    • Uber / Eng =v
      So you are not at Compass anymore? Where are you now? A hedge fund?
      Jan 9
    • Compass / Eng
      FUPayMe

      Compass Eng

      PRE
      Google
      FUPayMemore
      ~5yrs professional experience as an engineer.

      I left compass to start a new company, it’s doing well.
      Jan 10
  • Two Sigma / Eng hshdjdjd
    According to blind, you need to apparently be in the top 1% of net worth to retire.
    Jan 9 0
  • Microsoft Dr. Root
    Depends on where you're retiring. In the US (West coast), I'd say, at least 3mil before retiring
    Jan 9 0
  • General Mills / Data BettyCoder
    Why is this same fucking question that has no real answer posted every week.
    Jan 9 0
  • Visa nowolder
    Another big factor people forget when making these calculations are dependents (think children). At your retirement brackets they won’t be getting any aid for the increasing costs of education and overall costs of raising a child at the lifestyle you’re likely to have once you have kids. All of this can put a massive dent into the plans
    Jan 9 1
    • Microsoft demndid
      Thanks for clarifying what a dependant is

      🙄
      Jan 9
  • Google / Eng
    MJfJ44

    Google Eng

    PRE
    Microsoft
    MJfJ44more
    Wealthfront predicted that I need 5.3M.
    Jan 9 0
  • Proofpoint hbza02
    It depends at what age and what your spending needs/wants are. Boring answer I know, but it’s simple math to figure it out.
    Jan 9 0
  • Move JUvY31
    If retire in low cost of living country: 2m. If retire in high cost or living country: 3m. +1m if married and partner earns less.. +1m if have kids. Does this sound reasonable? Plan to retire in late 40s.
    Jan 10 0
  • 1-800 Contacts HQOR61
    My plan is to save enough money that I can live off the interest alone, and have the principal keep growing. That way, I can pass the whole thing on to my descendants when I die.
    Jan 9 2
    • Salesforce lsSn48
      If you use all the interest, capital can’t grow!
      Jan 9
    • Gigamon / Eng
      changemeno

      Gigamon Eng

      BIO
      what's th is
      changemenomore
      You cant do that if you r in US. I mean you need very big saving to achieve that. In country like India its easy.
      Jan 10
  • Microsoft demndid
    tree fiddy
    Jan 9 0
  • GrubHub 456734
    It's a tricky game. Save more than you you plan to spend / life. It's better to outlive your money than you outliving your savings . Max out on 401-k and also rebalance your portfolio as market changes.
    Jan 9 0
  • Glooko / Other drditto
    Whatever amount you plan to set aside now, you cannot predict inflation or cost of living expenses in the future. A comfortable amount to cover monthly housing and living expenses 15 years ago now equates to just about half of what my current rent/mortgage would be.
    Jan 9 0

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