Quote:
Originally Posted by Tandum
What sort of funds does one need to retire?
I've been told that $800K is plenty for retirement at 55.
Using my simple maths, That much cash would only last about 15 years at 50K/year. Am I missing something?
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$800k is a good ball park for $45k a year. As Andrew said if you have the capital invested you can make it last a little longer. The problem is that self funded or not you'll probably will have to wait until you're 67 or older before you can access that money. Back home they pushed it to 72 which is a freakin' joke. If you retire at 55 I'm not sure how it works but I'd say you'd be slashed by taxes assuming you work out how to get the money. There are some exceptions to cash in earlier some as extreme hardship or terminal disease, etc... But $800k sounds confy. For now... by then who knows.