How Much Would it Take to Retire at 37?

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Here’s a serious response. Grow the fuck up. Your 37 and your going to see a lot more changes by the time you retire. If you want total stability, go work at the post office.
 












anonymous said:
Tired of all the changes. Serious responses only.
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About $200 a month to take care of the trailer you live in. You are an idiot. Why would you ask Shire employees on CP how much you need to retire??? You must be related to mark russ and or kevin cowles. Try asking a financial planner or better yet just Google it. Who hired somebody with your IQ?
 






























Hi,

Serious answer:

Retiring at 37 is possible or perhaps the better term is financial independence that will allow you to do other things which may or may not include paid work in the future. There are a number of good websites/blogs that discuss this issue and provide both guidance and good questions (financial, family, housing, etc) to ask and adddress if you are considering it. A term in the community who are trying to do just what you are asking is “FIREd”, I.e. financial independence and early retirement. Just google that term along with the term early retirement. You may wish to look at Mr. money mustache’s website (he retired at 30), the physicians on fire website, chooseFI podcast, etc. -there is a lot of information.

As for how much you need, it depends on a lot of factors (check out the websites above) but a good rule of thumb is to figure out what your yearly cost of living is and then multiply by 25 or 30. If you live in a place that has a high cost of living and you are short on the amount then perhaps consider a location where housing and property taxes are not as high.

I hope this helps. I know several people who are on path to achieve Financial independence well before normal retirement age with a wide range of current incomes. Several of them likely make less than the average salesperson. If you want to do it and you plan properly you can retire in your 30s and early 40s.
 






Hi,

Serious response: there is lots of info on this subject. Check out any number of websites directed to financial independence and early retirement. There is a growing movement of people who want to do just what you ask. Retire in their 30s or 40s. Google “FIREd” and early retirement and it will pull up lots of blogs/ websites. One famous one is Mr. Money Mustace, who retired at 30.

Be prepared to figure out what your annual expenses are in detail and future big costs like college for kids,etc. Spend some time on the websites-the good ones have questions you need to consider written by people who have already done what you are proposing. Many of the people who retired when they were working had paid jobs that made less than you likely do. So it can be done with planning and saving.

An extremely general ball park number is for how much you need is 25 to 30 times your annual expenses. However, you need to do your own analysis of your individual situation. If you can get your house paid off or are willing to move to a location with moderate housing costs then the annual expenses number goes way down for many.

I hope this helps.
 
























anonymous said:
Hi,

Serious response: there is lots of info on this subject. Check out any number of websites directed to financial independence and early retirement. There is a growing movement of people who want to do just what you ask. Retire in their 30s or 40s. Google “FIREd” and early retirement and it will pull up lots of blogs/ websites. One famous one is Mr. Money Mustace, who retired at 30.

Be prepared to figure out what your annual expenses are in detail and future big costs like college for kids,etc. Spend some time on the websites-the good ones have questions you need to consider written by people who have already done what you are proposing. Many of the people who retired when they were working had paid jobs that made less than you likely do. So it can be done with planning and saving.

An extremely general ball park number is for how much you need is 25 to 30 times your annual expenses. However, you need to do your own analysis of your individual situation. If you can get your house paid off or are willing to move to a location with moderate housing costs then the annual expenses number goes way down for many.

I hope this helps.
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Great info. Thanks!
 






anonymous said:
Hi,

Serious response: there is lots of info on this subject. Check out any number of websites directed to financial independence and early retirement. There is a growing movement of people who want to do just what you ask. Retire in their 30s or 40s. Google “FIREd” and early retirement and it will pull up lots of blogs/ websites. One famous one is Mr. Money Mustace, who retired at 30.

Be prepared to figure out what your annual expenses are in detail and future big costs like college for kids,etc. Spend some time on the websites-the good ones have questions you need to consider written by people who have already done what you are proposing. Many of the people who retired when they were working had paid jobs that made less than you likely do. So it can be done with planning and saving.

An extremely general ball park number is for how much you need is 25 to 30 times your annual expenses. However, you need to do your own analysis of your individual situation. If you can get your house paid off or are willing to move to a location with moderate housing costs then the annual expenses number goes way down for many.

I hope this helps.
Click to expand...

No way
 






There are many things to consider: debt, expenses, vehicle, Healthcare are the big ones. It’s easier if most of your expenses are fixed. You also need to be debt free. Next, You need to think of what you need your net income to be. Taxes will drain a big portion of your income. Also volatility in the market can ruin great plans.. so safer investments that give a return of 6% or less are best. Look at needed annual income as a function of your expected return. Need $150k/year and your annual return is 5%. You need about $3 million... not accounting for taxes
 












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