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Ely, Counselor at Law
Category: Family Law
Satisfied Customers: 11823
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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How much money do you have to have in the bank to live off

Customer Question

How much money do you have to have in the bank to live off of interest and retire in this day and age?
Submitted: 1 year ago.
Category: Family Law
Expert:  DrakeLAW replied 1 year ago.
Hello and welcome to JustAnswer, my name is ***** ***** I am an attorney. Please note:This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. This question and response may be viewed by other parties as noted in JA’s terms of service. By continuing, you confirm that you understand and agree to these terms. By continuing, you confirm that you understand and agree to these terms.The first thing we need to figure out is what are the costs of the retirement lifestyle? ie: Will there be a mortgage or rent payment? Leisure expenses, etc? Are you able to estimate at all what the annual cost of retirement will be?
Customer: replied 1 year ago.
Good question. Can you do it at $5K and $10k month?
Expert:  DrakeLAW replied 1 year ago.
Well it is totally determined by your lifestyle. Sure you can probably do it for $1,000 per month if you don't own a car, own a home/condo or have cheap rent and you eat mainly beans and soup. But if you want to eat out and drive a nice car and take vacations, the cost will go up. See what I mean? So need to get a sense of what kind of lifestyle you will be living.
Customer: replied 1 year ago.
Right. I see. Guessing monthly costs of $5k-$8k/month? But that could be lower if lower rent. So let's run the numbers with $5k/month costs.
Customer: replied 1 year ago.
Are you going to reply?
Expert:  DrakeLAW replied 1 year ago.
Yes, sorry, I am not available after 5pm on Friday or the weekends. I will respond today, I need a little additional time due to the calculations.
Customer: replied 1 year ago.
I want a new expert. I have resubmitted my question and do NOT want you to answer it!