CoconutLove@lemmy.today to Ask Lemmy@lemmy.world · 2 days agoWhat minimum amount of money in your bank account would make you feel comfortable never working again?message-squaremessage-square106fedilinkarrow-up192arrow-down12
arrow-up190arrow-down1message-squareWhat minimum amount of money in your bank account would make you feel comfortable never working again?CoconutLove@lemmy.today to Ask Lemmy@lemmy.world · 2 days agomessage-square106fedilink
minus-squarekhannie@lemmy.worldlinkfedilinkEnglisharrow-up16·edit-22 days agoDon’t forget inflation. That 30K isn’t going to buy you much in twenty years. The general rule is that you need to cover inflation plus what you want to withdraw. That way your income goes up as inflation does.
minus-squareadarza@lemmy.calinkfedilinkEnglisharrow-up7·edit-22 days agoput the money in a standard index fund. take $25k per million out first year. increase that dollar amount by 2.5 percent annually to account for inflation. should last indefinitely unless some moron in a white house blows up the country.
minus-squareScott 🇨🇦🏴☠️ @lemmy.calinkfedilinkarrow-up6·2 days agoI’m retiring soon. That should add enough to cover inflation.
Don’t forget inflation. That 30K isn’t going to buy you much in twenty years.
The general rule is that you need to cover inflation plus what you want to withdraw. That way your income goes up as inflation does.
put the money in a standard index fund. take $25k per million out first year. increase that dollar amount by 2.5 percent annually to account for inflation. should last indefinitely unless some moron in a white house blows up the country.
I’m retiring soon. That should add enough to cover inflation.
Wildly jealous. Enjoy!