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Dudestir | Can you retire with a net worth of $5 million? |
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popeleo5th
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I can |
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Lala
 |
You probably can, but it really depends on your cost of living. If you need $200K a year to maintain your current life style, $5 million may be enough. But if you need much higher than that, you need to figure out how you can get that extra money from $5 million through investing or some other way. |
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Arbitrage
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It depends on how liquid the 5 is, but yes, it's pretty easy. With minimal effort, you can earn about 4-5% in fixed income investments. This works out to be around 200-250k, pre-tax. Most people can live just fine with 250k, pre-tax income. |
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Victor
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No. |
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scottFL007
 |
$5 million should be more than enough, but truly it does depend on a few factors.
1) How do you plan to invest this $5 million? If you invest it in a high-risk account, you obviously will have uncertainty about the outcome. On the other hand, if you invest it TOO conservatively, you may not be able to earn enough on it to cover your living expenses, depending upon inflation. The rate of return is important.
2) What will it cost for you to live?
3) What will be the rate of inflation? If purchasing power depreciates too quickly, all bets are off. $5 million in a stable currency should last a long time, but if your money were in Zimbabwe dollars last year, or Bolivian pesos in the 70's, or German marks in the interwar period, your money would be close to worthless by now.
4) Health issues. Could you cover all medical costs with insurance?
All that said, I'd be surprised if people couldn't live out on $5 million. Then again, lottery winners, sports stars, and musicians seem to be able to go through $5 million pretty darn quickly, so I guess it all depends, huh? :) |
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sean y
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Yes of course! 1 mil for home, 4mil for safe investment. and you are good to go until ,eh, you die. |
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NotoFroto
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sure... you can retire with a net worth of $0 too |
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