How would you spend $$$$$$ ?
Let's say today you're 55+ year old and you want to retire and you have saved up $700k in your bank account. Assume that no longer you are employable due to your age and/or skillsets. Now you need to plan for the rest of your life how would you go about planning your finances for the next 25 years. You can live anywhere in the world and you can do anything as long as it's legal with the $700k that you have saved up. Plan realistically and based on today's cost of living in the region that you will consider to live in. Please share your plan with others.
Luckily 55 year olds can still work.
Buy a building in a low cost corner of the world to rent out and live in passive income. Problem solved.
Can you show some near realistic calculation in a city of choice and at a hypothetical building...?
Not really, I’m not in that situation. Why would I do your homework?
I think this is very less amount to get retired with. Atleast you'll need few Millions in your pocket to live comfortably. Assuming that will be your last 25 years to live and you've worked really hard to reach to that point!
But that's the amount that you have. Challenge is to work it out given the amount
Move to Thailand
Eastern Europe. Low cost of living. Cheap travel to anywhere in Europe. And last but not least the most beautiful women in the world.
As a broke 55yo, women will be the least of your concerns
700k != broke in Eastern Europe. Far from it since most people will not earn that in their lifetime.
https://nomadlist.com/fire Take your pick
700k?! Bro at 55+ you best still be working if all you’ve got is 700k. 😂
700k is 4x the average American retirement savings at 65. Still not great, but no need for the laughing tears emoji.
FAANG bubble bros are the worst
$700k is a huge sum of money, for majority of people living on Earth. You can live lavishly for rest of your life in India. $700k = 5 crore (50 million) rupees. If you just put these in fixed deposit, you can expect at least 0.5% return per month, that is 2.5 lac (quarter million) rupees per month. You would easily be in top 0.01% wealthy people, and can afford living in a huge house with multiple servants. For reference, my parents live in India for less than 1/10th of that monthly expense (including routine medical expenses) and they have a servant who cleans the house and do their dishes every day.
Seriously? Would this be in a reasonably urban city/town, too?
Off course, any big city, even the most posh localities
Homeless
Yeah if you don’t invest the money hahaha