How much money do you need to retire? What recurring income strategies are you using to meet this goal?

[gotonudecom]

The amount of money you need to retire comfortably depends on your desired yearly retirement income and your spending habits.

A common guideline is to replace 70% to 80% of your annual pre-retirement income.
This can be calculated using different approaches, such as the 80% income approach, the 4.5% annual withdrawal rule, or the 25 times rule.

Some experts suggest a range of $1 to $1.5 million as a sufficient retirement savings goal.

However, this may vary depending on your personal circumstances and how your funds grow over time.

Spending habits are the number one calculation for your retirement goals. You need to know what you plan to do once you retire.
Do you want to just get by, or do you want to live a luxurious life?
Do you want to travel? Buy new cars or a home?
Have you thought about the quality of health care you want in your last few years?

You have to decide how much is enough.

I disagree with the 70% to 80% of your annual pre-retirement income. I think it need to be 100% with planned growth.

I had saved several million and then lost it all in 2009 when unexpected, uncovered medical bills came along from 2007-2008.

Most of the people in this forum giving advice are NOT millionaires, will never be millionaires, and have no idea of how to really plan for the future. Much less build not only one but several successful businesses. or even be nice people.

If it were not for my recurring income from real estate, web sites (pre the Google EMD update) and other recurring income streams I have invested in. I would have been bankrupted and lost everything, several times.

I did not 'completely' retire in 2003. Several of my clients would not allow me to completely retire as they kept contacting me for consults and forcing me to provide services and take their money. Why? Because I have been self-employed since I was 13. Unless you count mowing lawns. Then I started at 11. I became a business consultant specializing in the Internet in 1995. I had been online since 1993. Go AOL! LOL!

After the Google EMD update in 2012 and the cancelation of the Google Domain program, my recuring income plummeted.

Many of you have seen my sites, they are not pretty, and the content is not great. Thus, this update hit me hard. No traffic, no clicks.

My hundreds of EMD domains became worthless.
Well not worthless, but now I need to actually create good content on them.
Content creation is not my bailiwick. In fact, my contracts state that the client is responsible for all content and that any content created by me is placeholder content and for examples only.

The real estate issues from that time also hurt my income for a few years. Luckily, I bought early and had enough to keep it going. Now, once again my real estate investments are paying out great.

Then everyone, that thought they could become an Internet service provider, started competing with me. At least for advertising space.



The point of me sharing this is to get you to think about:
What long term goals do YOU Have?
Can you continue to do what you are doing today until the day you die?
What could happen to force you to change what you are doing today?
What alternative options have you put in place to deal with unexpected events?
Are you furthering your education in the areas that will most affect your long-term success?
How much money do you need to retire?
What recurring income strategies are you using to meet this goal?

[3ric]

I'll be working till my last breath because I have no savings to talk of.

[gotonudecom]

I'll be working till my last breath because I have no savings to talk of.

Want to change that?

[donnie]

I'll be working till my last breath because I have no savings to talk of.

Want to change that?

I do not know about what he wants but you have an idea you want to share with me?

[gotonudecom]

I'll be working till my last breath because I have no savings to talk of.

Want to change that?

I do not know about what he wants but you have an idea you want to share with me?

I have lots of ideas. Not sure they are related to you.

What do you do?
Why do you use sponsorchat?

[JPDomains]

The best bet not one most of us have done is to buy real estate when we can sit on it for the long term, nothing builds wealth as real estate.

Why I now own my home and a duplex I rent out.

[AlexO]

They say a million dollars is not enough but it is not even in my sights right now.

[TheButcher]

The best bet not one most of us have done is to buy real estate when we can sit on it for the long term, nothing builds wealth as real estate.

Why I now own my home and a duplex I rent out.

Amen brotha

[gotonudecom]

The best bet not one most of us have done is to buy real estate when we can sit on it for the long term, nothing builds wealth as real estate.

Why I now own my home and a duplex I rent out.

awesome

[unicams]

I bought my first house in 2022 and it is more than an investment, it is not big or fancy buy it is mine. I have had to buy a 3 year old Toyota Corolla when my lease was up but I rather have a used car an my house than a new car every 3-4 years and pay rent.

[bbwlover]

The only major advantage of working for a big company is your pension and haw they'll match what you put towards your pension plan.

[gotonudecom]

I bought my first house in 2022 and it is more than an investment, it is not big or fancy buy it is mine. I have had to buy a 3 year old Toyota Corolla when my lease was up but I rather have a used car an my house than a new car every 3-4 years and pay rent.

smart

[badkitty]

Retirement is such a depressing thought, you know it is all over when you stop working.

[Terry]

You know what should be a required course to graduate high school, how to plan for your retirement and old age.

[gotonudecom]

You know what should be a required course to graduate high school, how to plan for your retirement and old age.

They are not even teaching math and history correctly/competently~!
How are they going to teach advanced subject when high school fails at the basics?

Reading and Writing.