CoconutLove@lemmy.today to Ask Lemmy@lemmy.world · 7 days agoWhat minimum amount of money in your bank account would make you feel comfortable never working again?message-squaremessage-square132linkfedilinkarrow-up1110arrow-down12
arrow-up1108arrow-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 · 7 days agomessage-square132linkfedilink
minus-squaremesa@piefed.sociallinkfedilinkEnglisharrow-up1·7 days ago1 mil at 6 percent is 60k very doable.
minus-squareAva@piefed.blahaj.zonelinkfedilinkEnglisharrow-up4·7 days agoGeneral rule of thumb based on historical studies is that you can safely withdraw more like 3-4% to have a safe portfolio. Though, you can cheat this if you’re able to find more work or drastically reduce spending during recessions.
minus-squaremesa@piefed.sociallinkfedilinkEnglisharrow-up1·7 days agoVery true. I figure at that point costs would get reduced significantly as debt will be paid off.
1 mil at 6 percent is 60k very doable.
General rule of thumb based on historical studies is that you can safely withdraw more like 3-4% to have a safe portfolio. Though, you can cheat this if you’re able to find more work or drastically reduce spending during recessions.
Very true. I figure at that point costs would get reduced significantly as debt will be paid off.