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NONAME | How much money do I need to retire at the age of 23 and have a positve cashflow of $500 per week? |
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 |
 
redwine
 |
how long you going to live, and what bank are you going to rob? |
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lunatic
|
Obviously, it depends on how long you plan on living and how much inflation affects the principal.
If you plan on living 23 years and one week, you need $500. |
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A.Mercer
|
Ok, that translates to $26,000 a year. Not much, but if that is what you want then oh well.
If you are getting a 5% return on your investment, then you will need $520,000 invested.
Of course, that leaves you with very little money to re-invest. Inflation over time will eat up what you are making. Also, don't forget the taxes coming out of your returns. You would probably need to have $1,000,000 invested for it to last you your lifetime. Even then, you will probably not be living as well as you would like to. |
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hargusbr
|
5 million in the bank. |
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Nicole D
|
Well it really depends on how long you live, lets say you live till 80. You would multiple that by 52(# of weeks in a year) and then multiple that number by $500. That gives you 2,080,000.00 |
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gggjoob
|
this is funny.
How long do you plan to live?
letsee at 5% annual interest on $1,000,000 you'd get $50,000/yr (you'd have to pay taxes on that) - that's a little less than $1,000/wk. |
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Marc X
 |
Lessee, $500 a week isn't going to get you diddly so you won't be retiring. But let's take your question anyway. Average life expectancy is 77.8 years, so you need 2,850 weeks worth of $500, or $1.425 million. Somehow, I don't think you're going to get all that in the 5 years between 18 & 23.
Now, if you had half a mil, say $520K to drop in a bank account, you might be able to get a 5% return each year that averages out to $500 a week, but that's BEFORE taxes. Again, I don't think you're gonna put that all together in 5 years.
To make it worse, you haven't considered that you'll probably get sick or need surgery sometime between 23 & 70 before you qualify for Medicare, if it's still around by that time.
On the other hand, the positive news is that, IF Social Security is still around by that time, you can breathe easier at age 70 since that helps relieve the strain on your cash flow.
To sum it all up, you need $1. Yep, one single U.S. American buck to retire at age 23. And pray like héll that you win that lottery! |
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Dad
 |
lets see
500 a week is 26K a year
that is after tax
so 50K before tax and all the little hassle bills and medical insuracne
a CD is paying 5% per year currently so you would need 20 times that
Thars lucky - are you a millionaire? Thats what you need to-day = 1,000,000$
if you have more please send the rest to me, i am stil getting there....
and oh - you have tio sweat it for a year as you'd get paid annually probably but any bank would sub you on that |
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Ija
 |
You would need 26,000 for just one year. 110,000 for about 5 years. 520,000 for 20 years. 1,040,000 for about 40 years. 1,56 0,000 to make it until you were 83 years old. |
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Jacks036
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From your question I would gather that you will need at least $500.00 weekly, clear money. |
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Lady Louisa
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a gazillion dollars |
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