Retiring from trading

It totally depends what you want. Or to say it more directly, yours is a stupid question since no one can tell you what you want.

That said,

When I was in Tahoe, I spent 1500 a month or 18000 a year.

In hawaii I spend < 300 a mo or < 3600 a year.

RETIRED is such a weird word.
 
I live in Manhattan on the east side and I can say that if I had two kids to take care of , wanted them to go to private school, live in a decent building w/doorman at least 2br, take two vacations pre year, SUV, GAP clothing at best. It would take about 200k a yr. Now this is the bare mininum. And assuming that Im a sole proprietor, I also have to count in health insurance for the family.
 
I mean think about it , a 2br goes from $3500 t $4500 per month.
SUV about 800 per month
Vacation at least $10,000 per.....
Just on my block alone their selling studios 928sq ft for $1000/sq ft...MacLowe has a building on 53rd st, not yet completed , but sold out, the apt their goes for $1500 sq ft average.
 
Quote from AgaHill:

I live in Manhattan on the east side and I can say that if I had two kids to take care of , wanted them to go to private school, live in a decent building w/doorman at least 2br, take two vacations pre year, SUV, GAP clothing at best. It would take about 200k a yr. Now this is the bare mininum. And assuming that Im a sole proprietor, I also have to count in health insurance for the family.
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Yikes. Important question is - how much of that do you really need?
 
"If you are not a homeowner and have to rent a home on the East coast it could easily cost $2000 a month."

That is a quote from monee., which I totally disagree with. I live on the east coast and there are plenty of places where you can rent for around $1000 per month.

That being said, however, I would not consider retiring without owning my own home. I recently paid mine off and it has given me more financial freedom than I have ever had. I just could not see going into retirement with a rental payment or mortgage hanging over me. Having that out of the way would decrease your income need substantially. If you did that, 1MM should give you enough income if invested right to live comfortably and not touch the principle.
 
2mm seems to sound about right, especially if you plan on retiring relatively young. Historical rates on bonds are slowly but continually falling with all the liquidity crowding out yields; consider yourselves lucky if you can lock in anywhere near 5% on your passive nest egg. jmo
 
"If you are not a homeowner and have to rent a home on the East coast it could easily cost $2000 a month."

That is a quote from monee., which I totally disagree with. I live on the east coast and there are plenty of places where you can rent for around $1000 per month.


If you live on the east coast and pay only $1000 then you do not live in MY city but I do believe you can find rent for $1000 in PA , MD for example. Unfortunately $1000 where I live can only get you 220 sq/ft of living space. With that said you would have to make a sleeping schedule for you and the roaches.
 
Quote from AgaHill:

"If you are not a homeowner and have to rent a home on the East coast it could easily cost $2000 a month."

That is a quote from monee., which I totally disagree with. I live on the east coast and there are plenty of places where you can rent for around $1000 per month.


If you live on the east coast and pay only $1000 then you do not live in MY city but I do believe you can find rent for $1000 in PA , MD for example. Unfortunately $1000 where I live can only get you 220 sq/ft of living space. With that said you would have to make a sleeping schedule for you and the roaches.
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Maybe you should re-think where you live. hmmm
 
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