How much money would you need to have to be considered "rich" and able to retire?

Public Comments

1. depends on where you live
2. it entirely depends on in which country are u residing. for eg if u reside in UK then after getting 1 million pounds u can go and settle down in any country that has its currency value less that pounds like in US. then ur money will be doubled and u can stay nicely with a posh lifestyle.
3. more tahn a million american dollars.
4. Depends on your lifestyle
5. There is not enough information to answer your question. Where do you live? (Country) How old are you? How much do you make every year? Do you want to live with the same money after you retire or do you want to cut your lifestyle in half?
6. Everyone's situation is different, but several things to consider: + You'll probably need 85% of your income when you retire. Retires tend to travel and start new hobbies. + When you get too old to travel, the medical bills may start. + One of the biggest problems for retirees is outliving their savings. In general, you can withdraw 3%-4% of your assets every year, and probably never run out. Withdraw more than that, and you could run into problems. No one wants to run out of money when they are 85. So let say, that you have a household income of $100,0000 at retirement. You'll need about $85,000 per year, and this is 4% of about $2,000,000. This ignoreing Social Security and pensions, but it's also ignoring inflation.