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Survey - if someone handed you a check today...

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NewYorkBuck

NewYorkBuck

Do not read this title
How large would it have to be for you to retire from your current job?

I have had a number in my head for sometime, and I call it my "fuck you" number. Meaning that when I finally arrive there, if anyone gives me shit at work, I can just say "fuck you" and walk out....
 
My number is 6 million... "in the bank"

Edit: Actually it would only take about a check for 75K-100K to walk from my current job... but that's not the "Fuck You Number" that's the, "safety net, do something else for a while number" (That's also an 'addtional' amount)
 
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NYB,

Retire from work or just from the current job? Those numbers, I would imagine, are a lot different. I'd walk on this one for half a year's pay, make a call to a recruiter on the way out of the door and be working somewhere else a couple of weeks later. Overall retirement would have to be enough to start and get a solid income producing business off the ground with only 20 to 30% of the original amount.
 
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$2 mil (net) would do it for me... the income derived from this fund would pay most of the annual expenses.. assuming I'd only be visiting, not living in Manhattan... you're younger, you might need $3MM, plus I suspect you have more expensive tastes you've acquired...
 
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Ahh yes- NJ... My birthday Brother... I forgot... :wink2:

Anyway... I know you were talking to NYB.... but my number does have to do with my age and lifestyle.... also... For me... it happens to be 2x what I think I would need to cover my expenses... and that number is a bit inflated... as I don't have children.. but anticipate they are pricey... etc.

My point is, that even if I had my expenses covered, I'd probably still work to be able to buy luxury items... and by that I mean vacation property,etc....
 
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Good call - actually - I was thinking of that distinction myself as I posted. I selfishly deleted the dichotomy because for me there would be no difference. But for those which there is a difference, you can post both numbers. The first to leave your present job, and the second to never work again.

For me, both numbers are the same and remarkably close to aka's. Mine is $7.0 million of liquid assets. (Eg - home equity, 401k, etc does not count). Way I figure it, say conservatively I put the whole shooting match into triple tax exempt GO bonds at say 5%. That gives me $350,000 of completely tax free income per year, or about a $575,000 salary equivalent. That is more than enough for this boy to live on. Even if you factor in 2% for inflation (so you dont devalue the principle), the numbers are still $210,000 and $350,000, respectively. Still enough....
 
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NewYorkBuck said:
Good call - actually - I was thinking of that distinction myself as I posted. I selfishly deleted the dichotomy because for me there would be no difference. But for those which there is a difference, you can post both numbers. The first to leave your present job, and the second to never work again.

For me, both numbers are the same and remarkably close to aka's. Mine is $7.0 million of liquid assets. (Eg - home equity, 401k, etc does not count). Way I figure it, say conservatively I put the whole shooting match into triple tax exempt GO bonds at say 5%. That gives me $350,000 of completely tax free income per year, or about a $575,000 salary equivalent. That is more than enough for this boy to live on. Even if you factor in 2% for inflation (so you dont devalue the principle), the numbers are still $210,000 and $350,000, respectively. Still enough....
Click to expand...

So would that include living in NYC? 350K a year would get you a hell of a lot more in Ohio. My Aunt and Uncle are going to move to Cabo when they retire to live in luxury and cut down the tax expenses.
 
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Way I figure it, say conservatively I put the whole shooting match into triple tax exempt GO bonds at say 5%. That gives me $350,000 of completely tax free income per year, or about a $575,000 salary equivalent. That is more than enough for this boy to live on.
Click to expand...

I was thinking more like splitting it up... and looking at it like this.

I was thinking 4%, (worst case scenario)... which would give me $240,000.. which divides to 120K living expenses and 120K for toys and whatnot.... Would I like a half mil vacaion home? Sure... but I wouldn't feel like I had to work if I could afford it in 4 years anyway....
 
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So would that include living in NYC? 350K a year would get you a hell of a lot more in Ohio. My Aunt and Uncle are going to move to Cabo when they retire to live in luxury and cut down the tax expenses.
Click to expand...
ex - Def would not stay in NYC! Dont get me wrong, I like it here, but Ive been here for over 7 years now - wouldnt mind the quiet life for a change. Not only that, real estate is wildly overpriced here. Truly, the only reason Im here right now is commute time to the job. However, if I were to stay in NYC, I figure youd have to double those numbers.

As far as where to go - I have given it some thought. Places Ive considered include Charleston, San Diego, New Orleans, and some perhaps less glamours places like rural Pa and Columbus. (Yes, one of the "fuck you" jobs that I have considered is teaching at OSU or taking some financial role with the college. I have experience in tax exempt securities so it could be a fit).

In any event, given that I have calculated said day to be somewhere between 7 and 15 years away for me, depending upon assumptions, (well timed promotions, favorable market, some nice bonuses, company stock performs well, etc), and a lot can change in that time, including the FU number itself! So as it stands, for me where and when is still up in the air.
 
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I was thinking the same way NYBuck was- retiring for good with enough to earn an annual salary on interest. I was thinking about $5 mil.

To just leave this job and find another, I could walk for as little as $50K.
 
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Day dreaming at work NYB... :tongue2: ...

The use of "FU" would never happen for me... let's just say I work in/with family and wouldn't tell any of them that (for real, maybe jokingly).

Inflation is very low right now... for those of you that want to live off the interest, that will work if you are old... if you are young, inflation will catch up with you and begin to errode your principal...

My number to walk from this job... tough question. I enjoy what I do, I don't mind where I am, I like who I work with... I could however do it elsewhere. I guess I'd walk out the door for a half million in my account (after taxes, etc.). As for the stoppage of work all together... I'm young, and would need a lot of $$$ to support myself, the old lady, and the future rug rats (when that time comes). I would also need to figure in a "boredom premium." I don't think I'd enjoy full retirement right now. I need action in my life, and would def. get bored if I couldn't go to work... Need more thought to answer the question...
 
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