What Amount Do You Need To Retire?

I have had a lot of people I know tell me if they won $1,000,000 they would quit their job and retire. Would this be enough money for you to retire on?

Personally I believe that to quit your job and retire you need $5,000,000 minimum. This is to live a comfortable life style, with health care, food, clothing, housing and money to travel and enjoy life.

If you want to buy a small house and go nowhere and do nothing then maybe $1,000,000 would be enough for you, but many people do not understand all that is involved in life without a job and how long you will live. There is also the cost of inflation and other unexpected expenses.

To live life and enjoy it in style you need about $5,000,000, maybe even $6,000,000 these days and in a few years maybe even more. The point is that most people don’t think about what $1,000,000 is and how far that will go or not go.

People in general are living much longer then they use to so health care is the one big factor that people need to consider and in most cases if you are paying your own insurance then that $1,000,000 will be needed for your care as you age. That means you need another $1,000,000 to have fun with, but what about unexpected events?

I cannot speak for everyone, but a few people that I have explained this to agree that the minimum needed these days to retire and enjoy it is $5,000,000.

I would love to build a nice house for the summer and have another one someplace warm for the winter, Hawaii maybe; I’d also like to travel and have nice things and not worry about having enough money. So as I calculate these factors I may need $10,000,000 to retire in the style I wish.

What do you feel you need to retire in style? Do you want more or less?

I have calculated that $1,000,000 would let me quit and build a business, $5,000,000 would give me my comfort zone, and $10,000,000 would be the amount that would make me feel “safe”, but I’m shooting for far more than that.

Personally I’m shooting for 1 Billion Dollars. That’s a big goal and a huge dream but I will make it for that simple fact that I want to prove to myself and others I can. With that much money I’d buy an island and a my own cruise ship and enjoy freedom that not many people can enjoy and have the power to make sure I keep it.

What are your money goals? How much do you need to quit your job? How much do you need to feel comfortable? How much to feel “safe”. And what is your ultimate goal?

James Darren Davis