Science Memes

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I got into the wrong career lol (mander.xyz)

submitted 4 days ago by [email protected] to c/[email protected]

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[–] [email protected] 21 points 4 days ago (3 children)

How old are you and where do you live that you think thats enough to retire comfortably?

[–] [email protected] 50 points 4 days ago

We were talking about winning the lotto at work once and I said with a million dollars I would probably quit if I could earn 5% interest on it to get 50k a year. My boss was like, that's not enough you have to think about daycare and mortgage and car payments and everything. I then reminded him that I was currently making 30k a year. He stopped talking very quickly lol.

[–] [email protected] 16 points 4 days ago* (last edited 4 days ago)

They said invested, not 'put in a checking account and drawn down'. Even 5% returns would be 50k annually, which is already more than the median individual income. Actual return on the S&P 500 for the last 25 years has been around 8%.

[–] Kecessa 15 points 4 days ago* (last edited 4 days ago) (1 children)

50k us is about what I make now and I'm in the suburbs.

Invested safely that's what I would make with 1m, with 2m I'm having the time of my life.

I could have lived off that at any age as I'm currently making the most I've ever made by about 6k compared to my previous job...

[–] [email protected] 2 points 3 days ago (1 children)

The thing you may be forgetting to account for is inflation. 50k a year means your drawing the whole profit annually and in 10 or 20 years suddenly 50k is not enough to live on. You need enough in the fund to ensure it’s making more money than you spend so it can grow YoY and make more each year to cover inflation.

Additionally, if you are not working you are paying 100% out of pocket for insurance. One health incident draws your savings below the amount you need to live off of.

Right now they say not to retire at 60 unless you fully own your property and have over a million in your 401k. And that’s accounting for taking a loss to your social security payments past 67 due to early withdrawal and for out of pocket health insurance costs. If you are younger you need even more.

[–] Kecessa 1 points 3 days ago

Insurance is a non issue for me, I used 50k USD as an example because it's pretty close to what I make in CAD.

With 50k I can pay my mortgage and be mortgage free in less than 20 years then I need way less than 50k to live, that's also something people don't take into consideration, once you've paid you're debts and you just have to pay for food and taxes you're left with way more than you're used to. That's not even taking into consideration the fact that you pay less taxes on capital gain in a lot of countries, so 50k in salary =/= 50k in capital gains!

We're in the process of buying a house based on my income alone, we'll probably have refunded the 250k loan in 15 years tops, probably 12, then we start stacking to retire ASAP.