if you plan on living until 85 no. But even taking a few years off work will make you lose your updated knowledge in whatever high paying industry you are in.
85-45=40
1000000/40= 25000 yearly. If you are living alone or have a wife working a good job thats fine, but I doubt someone who wants to retire at 45 will manage their money well.
Invest in a business if you don't like work.
According to your future plans and expectations this amount is not enough for you. A perfect investment portfolio is a myth. There can be no perfect portfolio because each financial asset responds individually yet distinctively for any given stimuli in the market. For your dreams there are two specific queries that need attention - "How much should I save?" and "What should I invest in?" Hope that will help you.
Hello
It really is depandant on your retirement goals of what you expect to do in retirement.
Assuming you have a healthy income and are maxing out your 401k plan, setting up a possible IRA to contribute and reduce your taxable income, and maintain low debt you should do well.
There are many questions you should consider. When I work with my clients it's a process of understanding the following
Current and projected income
Liabilities
Liquidity (savings)
Time horizon before accessing retirement accounts for income
Designing an assert allocation that fits your tolerance for risk and based off that we can understand average rates of return
Lastly, you should consider getting a fee based financial advisor or online firm that takes smaller accounts where their fees are low to give you guidance and have semi annual reviews to keep you on track
Answer the question first of
" what is it in retirement I want to do?
Not a chance. One million isn't even good enough if you are ready for social security, which you are not. Every expert says that even a 67 year old should only take 4% of the principle out per year.
How will you pay for health insurance? When you are 50-60, it will be $500 a month and that is in today's dollars and for a so-so level of coverage.
I would rather work and have a decent lifestyle so I can enjoy life than to pinch pennies and sit at home so that I can "retire" at 45.
Probably not. If you want to spend "$50,000 a year" in REAL terms, you've got to include a safety margin for inflation.
1 million is barely enough to retire at age 65, much less 45. $1M/20 is $50K a year, and inflation will eat that up over time.
1 million? Let me retire with you
No, that's not enough.
Why don't you tell me what you are doing to build up that 1 million dollars first?
The short answer to your question is YES, it is possible to retire comfortably at 1 million dollars. For me.
Now for YOU is a totally different question.
If you take the time and effort to study and learn about the stock market, which means getting both gains and losses along the way, after many years of experience you would be able to get annual returns that many people would find hard to believe. In that case the answer would be YES for you.
Otherwise, if you just do the stuff the other people have suggested - then NO.
I will have $1 million by the time I'm 45 (currently 31). I went through my expenses and figured that spending $50,000/year would be very comfortable. How can I make $50,000/year while being safe?
Also, inflation would kill my retirement. I plan on living until maybe 85. How can I maintain the same standard of living forever?
