Could you retire on $1 Million?
emmanuel Onuoha
78 replies
Replies
Stefan Pettersson@stpe
Hue Log
There is the 4% rule, popular in the FIRE movement (Financially Independent, Retire Early). It is a rule of thumb of how much you can withdraw from your portfolio per year, taking into account future returns and a 30-year retirement horizon.
So, roughly, will you get by with $40,000/year? If so... maybe you could?
Even within the same country, if you live in a big city versus countryside the cost of living is vastly different. So your milage may vary.
Share
Heights Platform
No. Definitely not with a family in the US.
I tried "retiring" for a year about 6 years ago, and living off the income of my digital products. I realized it is more exciting to be building.
@bryanmcanulty definitely more exciting to be building for sure.
Sticky - Your notes in the browser
Launching soon!
No, Mumbai, India is very expensive. $1 million will only get me a 3-4BHK house
@tanaylakhani What area in India can I live in India with that money?
Sticky - Your notes in the browser
Launching soon!
@emmanuelonuoha That's a pretty long list. Except Mumbai, Pune, Bangalore - anywhere in India :)
If the 1 million dollars is in India. Yes with this amount you can retire here and live a comfortable life
@jagtarsingh2 was telling someone else the same thing.
Not living in Singapore! No!
@maxwellcdavis haha I believe
@maxwellcdavis is it that expensive?
@emmanuelonuoha Usually in the top 3 of most expensive cities 😀
I won't. While monetary benefits are just one way of seeing work, I just love working. And I don't think I'll be happy without doing what I love. So retirement isn't my cup of coffee. :)
@senthil99nathan interesting take
UX Playbook
I thought I could but $1M is too little now, giving all the inflation is happening everywhere 😅
UX Playbook
@emmanuelonuoha You are right!
Could I ask a small favour?
My product, the Junior Design Bundle, is officially launched! Your support would mean the world to me! 🙏🥺 Thanks in advance!
@semigrownkid 😁 it’s still a lot of money in a couple of countries
@semigrownkid no worries Christopher I’ll upvote 🤝
UX Playbook
@emmanuelonuoha Thanks a lot Emmanuel 🙏
SayData
Depends on the country that you are living in. In US, maybe No. But in India, definitely yes.
@abhinay_kumar8 definitely not in the US
SayData
@emmanuelonuoha we have launched our product today and would appreciate you trying it out and sharing your reviews if not done already. We are currently #1 on product page (SayData)
@abhinay_kumar8 already done
You can if you know how to make that money grow.
@uma_venugopal yeah but you don’t have to work again.
@emmanuelonuoha not exactly. If you know how to build a custom financial pipeline to put the money into it and make it grow, you can continue to work but the definition of that work will change. Maybe before you were working for a paycheck but now you have the financial freedom and you can work on projects close to your heart without the end result being monetary.
@uma_venugopal this makes sense. And I agree with you now
No, it's boring not to work.
@anna_shults a lot of people feel that way
NO.
Also, whether $1 million is enough for retirement depends on factors like your lifestyle, expenses, investment strategy, and inflation.
@sakshi_gahlawat Totally agree with your comment.
$1M is where you can start scaling, but not to retire!
FlashApply
Launching soon!
Absolutely. Giving it's $1m without tax, that's lot.
@theterminalguy that’s what I am saying. It’s a whole lot
Privy Reviews
Nope, I've got two kids to put through university and help buy their first home *nervous laugh*
@privy_reviews it’ll all pan out. Wishing you all the best
FAM - Social Finance
I would say yes as long as I made the right moves with it!
Not sure. Depending upon your life style you might or might not. But If you can make some really awesome investments you might. But its a bit of luck TBH
@adityarai depending on the country too
Kyligence Copilot
Of course not.. Only if I can buy an AI to make money for me with $1 million.
@lidongsjtu easily doable
Launching soon!
Are we talking about 1m liquid with no other assets (liquid or otherwise).
Presume no other assets are in play and we've got a way to make 4-8% a year (market is stable and you're diversified enough)
Take home pre tax: 40-80k
After Tax/ take home (Vancouver BC) 30k - 58k
No kids / partner / dependants in this scenario
Rent (average): 2300/month = $27600
Food: 500/month = 6k
= $33600 already
In a bad market year you'll be dipping into that principle / making next year a little harder. I guess it depends on your run rate and how long you anticipate living but I don't see it as a sustainable retirement plan if you're retiring early.
When living rural and on low cost, than yes.
@lukas_nedo I agree too
No you can’t. Making your money grow isn’t retiring you still have to put effort to invest it
@emmanuelonuoha in todays economy a $1 million isn’t going to put you in a position of never needing to work again unfortunately
@apostolos_toptsis well you just don’t have to work again
@apostolos_toptsis I agree with that depending on the nation you are in