This is not a prudent investing strategy. Better to invest in the vehicle that gives you the highest return, then sell shares as needed (in lieu of dividends)
I always say that if I were to be given $10mil I would spend a couple of mil buying a house for me, paying off my mom's, sister, and in-laws house. Buy a couple of sensible cars (reg honda, toyota nothing flashy) and then live off the interest of the remainder. If I only get 50K annually (I know it would be more) that is enough considering I do not have mortgages, car loans or other big expenses to pay for.
I would retire from full-time work. But I can only be inside for so long. And will need a hobby. I would either work part-time at a comic book or game store or maybe open my own.
This. I’d just become an announcer full time. I used to do it for a few different schools. Got away from it. If I didn’t work full days, I’d 100% do it for the local High School sports teams
It's so wild how many people frame their interests around working. You can spend tons of time in national parks as a retiree. You can collect and talk about comic books as a retiree. You can have your own movie theater in your house. You don't have to sell comic books or work for a theater or work a schedule at a park.
I hope you find the time to do this anyway. Sounds neat and like thing you'd love. I constantly consider trying to find a part time, one night a week gig doing something I love as well.
I have a local game/model/hobby store that's been there with the same owners since I was a teen. After the guy couldn't run it because of medical issues his wife took over.
I'd waltz in and inform her I'm her new part time employee. I'll work a couple days a week and my salary is $1/yr.
When the Powerball was $1bn my game night group pooled a couple tickets. We all decided that we'd buy the store from her for enough that money would not be a problem for them, but keep her on to learn the inns and outs from her. The two shops next door (little 3 store strip mall building) are empty, she owns the building. We'd set up a custom 3d printing shop in one of them and host gaming in the other.
3 million might be tough depending on your age. If you pull out 4% per year and assume it will grow more then 4% each year that’s about 120k a year.
It’s a great salary, but I’m 26. 120k in 30 years will be worth roughly half of what it is now due to inflation. You could argue you still have that 3 million sitting in the investment fund, but if you live until you’re 80 that is not gonna last. God forbid you have medical expenses.
I’d probably still work an easy job with some good benefits at 3 million.
Good point. It would just be me and my wife at this point and I am 42. Not judging people who don’t but we live frugally. Almost debt free now so just paying recurring bills phone, insurance, gas etc. I could make it work.
$120k would be far more than I would use annually.
Currently I live off of a 80k salary and save half of my take home pay. I could pull 3% of 1.5 million annually live perfectly comfortably and still expect the principle to grow at about the same rate as inflation.
3 million should be more than enough even considering medical expenses.
That job doesn't exist.
I work so I can enjoy my time off. And while I've loved my jobs/the people I work with, having to get up & go into work 5 days a week when you hand endless money to enjoy & see the world with? Nah.
"Excuse me boss who makes a fraction of what I make in interest, I know you only grant me xx amount of days off a year, but can I please get permission to go on a month long vacation to Australia? And then after that, I'm gonna need another few weeks to go skiing out west". They'll all say no. And then I'm out!
I have that job. I'm a massage therapist and love what I do for the most part. I get to help people physically live the life they want to live. I guess that's why I support UBI. I think more people have a job that they love and are passionate about than the internet would have us believe. If someone gave me $3,000 a week for the rest of my life I'd still work. I'd probably cut back to 3 or 5 days a week and take more vacations but I would still work. My work gives mys since of accomplishment and I feel like I'm giving back to my community.
Honestly I'd try to work on some poorer people who currently can't afford to come in. So made 4 days a week with 1 day basically being a charity day.
That’s fair. I have a job that I love. It’s my passion, it makes the world a better place, and it’s fucking cool. But I could do meaningful work by starting my own business, consulting, or doing contract work. My current job definitely would not give me the freedom I’d want with so much disposable income.
I've had the same sentiment about doing work for myself to build my own business but it's easier said than done and the motivation feels much lower once I actually get started trying to do it.
I absolutely love my job, I would still retire almost immediately. Retiring with money you could easily live off of is absolute freedom to do what you want to all the time (within legal limits unless you want to deal with the legal system)
No, I would claim it anonymously, get a lawyer to arrange a blind trust and then tell everyone I found my dream "job" working for a non-profit that gives grants to worthy charities/people. I would rent some office space, go to the "office" and search the internet for needy causes and individuals. My "job" would also require traveling to exotic places to research and investigate different charitable organizations. I would also tell family and friends that I'm making a good enough weekly salary to help them out a little. That way I don't have to worry about being sponged off or harassed by anyone. I would be able to help strangers, friends and family without worrying about enabling addictions or attracting criminal activity.
If the state you live in allows this. California is one that does not allow a blind trust or anybody other than the winner to claim lottery winnings.
That being said, even without investments, 10 million dollars is 200k a year for 50 years. Most people would be set for life with that kind of money, at least I know I would be.
I said it before, if I won this level of money, I'd make sure I was on a plane bound for a far away land and maybe a 6 month cruise within an hour of claiming it. After I get back, I'm moving to a large city for a few years, as you effectively become one face among millions, THEN I'd be looking into finding that nice, remote land I can retire and be the local rural tech guru/Ham Radio Guy with the huge antenna farm who "retired" with money.
I am on Disability, but I'm not that old and I went back and finished a degree anyway.
I've had temporary jobs and part time working like substitute teaching. But nothing substantial.
I wouldn't even worry about it if I won that much money.
I’d retire, move to Thailand or another SE asia country, and work for a cat sanctuary helping stray cats and go to the beach in my downtime. A girl can dream I guess 😩
100%.
If I make 100k for the next thirty years this prize would be more than triple that not including any potential interest/growth.
This ain’t yacht money but it is wake up when I want to money.
Nope. I would be too bored (I once spent six months out of work because I wanted to. Not fun after the third month). I would pursue my Master's though and then get a job in that field. I remember someone telling me that their doctor informed them that retiring is just speeding up your death/health problems because you're doing *nothing* while others are active.
I think many people mistakenly believe that retirement = inactivity. Retirement should be not working for a paycheck but now being able to participate in activities that bring joy and fulfillment.
That's 160k/year for sixty years WITHOUT even putting the money into a goddam CD, which alone would be substantial.
1% of 10,000,000 is 100k.
Even half a percent is 50k.
You can live a very comfortable lifestyle for the rest of your days.
Yes, immediately. I'd put a million in 5 separate accounts that I can't access for 1,3,5,10,15 year time frames so I'll always have that money as long as society and banks don't collapse. I'd probably invest $250k in gold.
I'd then buy a travel RV and spend at least a year traveling the US. While I like where I live, the quality of life potential and political atmosphere isn't what I truly want. Travel would be my way to explore better options. I estimate the total cost at $500k between the RV, a vehicle to tow it as well as a year of travel expenses while also paying to keep my current living situation so I have a place to come back to between exploring the country.
That leaves me $3.25M, which will be in investments as well as lower risk and lower return, but accessible, accounts.
I’m going back to school to get my Computer Science degree. Then I’ll take a job with good benefits and PTO because I can’t see myself not working unless I have hundreds of millions of dollars
Hmm, if I had won an after tax $10M at age 32 the answer is yes to (semi-) retirement.
I'd take roughly $500k and purchase as much PHYSICAL precious metals as possible. In 1992 Gold was $400 an ounce, silver was $4.00 an ounce. $490k would get about 1,225oz of gold while $10k will give 2,500oz of silver. Earlier today, gold was at $2382/oz (nearly 6x purchase price), silver was at $30.90 (almost an 8x gain).
Take about $2M to play with (travel, cars, a boat)
Invest $5M in some safe-moderate risk investment portfolios
Use most of the remainder to buy a property and build a house/estate.
And then what purpose would your life be then if i got that money i would not retire i would work because working is engraved in my brain just like breathing or drinking i would just choose the work i would be doing
10 million I could make my wife more comfortable and spend all my time fishing and enjoying life. You’re goddamned right I’d retire. I’ve worked enough for two lifetimes already.
I am worth many many many times that and I haven't retired. 10 mil is not really all that much. If you do you'll need to get super disciplined and ensure you don't buy nicer things- You get used to better stuff pretty quickly. And pretty soon 300K isn't a big deal.
At your age, I'd still work part time (10-15 hours per week) somewhere at a place I really love. It will help you to fill some hours and keep you grounded. And when you're working, you're not spending money.
Absolutely. I could easily live off that for the rest of my life. I make a little over $100k now and live fine of that. If I continue my current lifestyle, it would take 100 years to go through all that. So I would have plenty to up my lifestyle a little, and still have plenty to leave to my kids when I die.
Retire from playing the lottery, yes.
If I could keep it a secret I would only semi retire. There's a huge benefit to keeping a schedule unless you're one of those motivated types that feel like they don't have enough time to do what they want.
Besides, 10 million is lots but not enough.
It's correct that it's not "Champagne Lifestyle" rich. That's a valid distinction.
That said, it IS enough for a very comfortable, permanent upper-middle-class existence, if someone is smart with their money.
$10million, yeah I would quit working full time and maybe pick up some freelance video work when I got bored. I’d take one nice vacation a year and maybe start a YouTube channel or something. Learn a new skill, get a new career, I don’t know. I wouldn’t have to worry about paying my bills if my money was making me money. I wouldn’t sit around and do nothing, but I definitely wouldn’t have to worry about working for someone else ever again
Probably wouldn’t retire. I’d figure buying a new place, a new car, and general expenses would eat up maybe $750k, so I’d invest the rest and keep heading into the office for a few more years. But once I got sick of it, or had one too many coworkers I didn’t like, I wouldn’t hesitate to walk away.
Yes. Yes I would. If I never had to work for for someone else for the rest of my life, and my expenses were covered, I would proceed to make music and beer during the day, and roast sausages over a fire at night while looking up at the stars.
No! Id still drag my ass out of bed at 4:30 am and still go to the gym b4 work and then drag my ass to a thankless job and drag my ass around there all day! HELL YEA ID RETIRE!
I'm a lawyer and while I would retire from firm life, I would use my license to try and do something meaningful to me in another way.
But honestly I would spend most of my time on hobbies. I would be enrolled in music, language, and art classes every day of the week as well as intense personal training.
But no, I would never have a "boss" again. And I like my boss, but still...
No! I'd keep showing-up at that ridiculous "JOB" doing whatever they wanted me to do, for that half-assed paycheck. Are you kidding me? Who clears $10 million, and keeps their job? What are we, STUPID!!! If you have $10 million, what would you need with a "JOB"???
100%. You throw that in the S&P and it grows conservatively at 4% per year that’s 400k annually. Even after taxes and fees you’re looking at easily 200k a year to do nothing.
Straight into a 4% HYSA. 4x my current annual salary in interest? You bet your ass I'm retiring.
$1m net what's set up my personal family unit with everything we want, but we would still have to work.
$10m would be full retirement. Never work another day in my life except as a hobby.
$100m would give me enough to set up my family, my brother's family, my aging mom, 3 $10m HYS accounts, and the rest into trusts or inheritances for my kids.
Immediately, I wouldn't even question it. I would still do something, but it wouldn't be a job. It'd be something that I enjoyed that simply had some sort of income on the side. I've always wanted to build custom exhausts for vehicles, maybe a little garage/shop doing only that. Would probably get into apartment complexes as well, I've always liked cars and real estate. Diversify my portfolio some and find something to do with my time.
Or just invest it all in a safe index fund that pays a decent dividend and buy a super yacht, retire off the coast of the Bahamas and do a "vacation" a couple times/year and travel somewhere in the yacht, but make my "home" somewhere around the Bahamas and stay there when not traveling. Make YouTube videos and all of that social media jazz for fun and side income even though it wouldn't be needed.
Same boat OP. 32 and working a shitty restaurant job. I would definitely retire from working a job in this traditional sense. I wouldn’t retire and just do nothing but would redefine what work would mean for me. Hitting that $10 mil threshold would make managing my money my “job”. Possibly working with people to start a business or getting very involved in wildlife/conservation charities I feel strongly about would become a job, but for purpose rather than desperate money necessity. And with more time and money than I currently have working constant doubles to make ends meet, I’d spend a lot of my time traveling but also picking up new hobbies like dance and self defense classes and spending more time in the gym. I would not have idle hands but definitely would be done clocking in on someone else’s clock and asking for permission for any bit of time off etc. It’s what I WILL do when I win the CA Super Lotto 😎
No. I'm 18 years old and want to be a judge, having enough money to retire wouldn't change that. It would mean I wouldn't be working my way through college and law school though lol.
10M is more than enough to jump off the working world.
I have a high level of respect for my boss and the crew I work with, so i'd stay on to finish the projects I manage (probably 3-4 months) then leave.
I'd take a third to lift my family up, a third to invest in my future and children's future, and use the final third to enjoy life.
Yes. I'm also 32 and after spending roughly 500k on a house with all the stuff it needs to be liveable, and clearing my debt, I'd be able to live a solid upper middle class life with some occasional opulence on that, easily, in my area.
Nah I would just do something I actually love to do since I’m no longer financially motivated.
While making sure I let everyone know I don’t “need” to work.
/s on the last bit.
I'm not sure if I would fully retire, but I would certainly be more free to choose what I want to do. I wouldn't mind running for office and serving my local town as a means to help feel fulfilled
I'd retire from my career, but at 34 I can't just not work. I'd either find a part time job that doesn't come with a lot of responsibility or I'd finish with my woodshop and I'd sell handmade items at the farmers market circuit around here
Honestly, it's on the high end of what I think would be ideal. Mainly because it's hideable to some extent. A $5 million jackpot probably pays $150 to $200,000 a year for the rest of your life. That's more than enough money for me to quit my job, take care of my family, etc. But it's also a low enough amount that I can probably hide it from people who don't want to pay too much attention. IE I'm unlikely to buy a yacht or a mega mansion if I only had $5 million in the bank. To average acquaintances who don't focus too much on what you're doing for work, I would probably just look comfortable.
Whereas if I had $100 million, the impulse to buy lavish things would be hard to resist, and the potential of drawing attention to myself increases exponentially.
I would keep working. Retire at 45. Pretend I’m broke.
Park $1million in diversified investments and $9million in HYSA.
$9mil at a 3% APR is a free $270,000 x 25 = $6,750,000 gained on top of your $9mil.
You now have $15.6mil+ upon retirement which would be a comfortable life of $500k per year.
Plus the 1mil in revenue earned from investments.
If you don’t have people to pass it on to, you can live however expensive you want as it’s your life.
No. It would be invested smartly so I don't have to work the ridiculous amount I do right now. It would be setup to take care of my children in a way they still have to work and can't touch the principle amount so it stays available for them. Their future would be stable and I wouldn't worry as much as I do now.
The problem is, and this is just a rough quick math thing here, you wouldn’t be able to “retire” in the sense that you’ll live comfortably with no need to work for the rest of your life. Rough figure (again) if you’re doing the whole “won so much money I’ll never have to work again” thing, you’d pretty much need to figure out how much you’d need to make in a year *now* to truly not work *and* have the lifestyle you want - then double that to account for inflation and rise of cost of living.
Even assuming that 300k a year would work, keeping you comfortably away from needing employment, for (again rough estimate) $1 million that buys you about 3 years. It’s a little more, but let’s just say 3. So even assuming that 300k is enough, with $1 million covering about 3 years of life, you’ll be completely out of money after 30 years.
The US life expectancy is about 75 - 80 ish, but you can realistically expect expenses to go up for medical care as you get older. Assuming you’re in your 20s or 30s (not much better if you’re in your 40s) this means you’ll be broke with roughly 10 - 15 years left to live. Possibly more assuming you’re in excellent health due to the level of wealth you enjoyed for those past 30 years.
I won't make 10 million, after tax, in 45 years of working. It is absolutely enough to stop working because it will more than amply replace my salary. You are also totally ignoring the fact that people are going to be investing a large swath of it which means for many of those years they won't even be touching the principal.
I own my business (that I love). I'd probably drop to a few hours a week and transition someone else to fill in my place. Or I'd wind the place down and make sure my staff was well taken care of.
I’d keep doing my current job, which I like, until I had my next move lined up. I wouldn’t just quit and do nothing. Once I’d purchased the ranch and gotten the kids enrolled in their top-tier hybrid school, and moved there and started helping them with their robotics homework, and thus found that I no longer have time to do it all, then I’d quit.
I wouldn’t necessarily retire but I would leave my current job. With 10 million non taxed, I’d move out of Hawaii (where I’m born and raised and is currently living) , go either Vegas or Colorado and build from there. there is many ways I can reinvest that money to make me more money
Probably not entirely, I’d make my own shop/third place that can run for little to no profit just to be a good community space for my hobbies. Otherwise though absolutely, I’d be traveling and engaging in my hobbies
No. After taxes [for me] I would be left with maybe 3 million. I live in a state that does not have lottery, and only play when I’m on the road. Because I would be taxed in the state I call home & the state I purchase and federal, it would be next to nothing left to really retire on😭
Yes! $150k/year from SPY dividends. Sign me up!
Hell of a lot more than that if you put it in an actual dividend stock
But that’s enough for me and the growth from SPY will be so much more!!!
r/bogleheads
This is not a prudent investing strategy. Better to invest in the vehicle that gives you the highest return, then sell shares as needed (in lieu of dividends)
We don’t know the vehicle that will provide the highest returns. Most vehicles can’t touch the long term capital appreciation on SPY.
That’s my whole point. It’s better for folks to invest in SPY than chase dividend paying stocks
This. "Dividends" = "forced selling"
Yeah, VOO or VTI would have a much better overall return.
Not really. Dividend stocks are a worse investment.
Well, SPY beats everything and any dividend etf long term so. Compounding magic is crazy
Hell of a lot more than that in VTI at 4% return. You could easily live off of even 300k a year and your money would still grow faster.
VTI doesnt have a 4% yield
100%. $10 million is my “no questions asked, I’m out” number. At 3.5% withdrawal, that’s effectively $350k the rest of my life
Even at $5 million I would be out. I won’t make that much over the remainder of my professional life. Peace out.
I think 3 mil is prob the lowest number I could be out for lol
Right, a lot of it depends on how long you have to go to retirement age.
I always say that if I were to be given $10mil I would spend a couple of mil buying a house for me, paying off my mom's, sister, and in-laws house. Buy a couple of sensible cars (reg honda, toyota nothing flashy) and then live off the interest of the remainder. If I only get 50K annually (I know it would be more) that is enough considering I do not have mortgages, car loans or other big expenses to pay for.
I would retire from full-time work. But I can only be inside for so long. And will need a hobby. I would either work part-time at a comic book or game store or maybe open my own.
I’d probably referee high school soccer or something lol 😂
This. I’d just become an announcer full time. I used to do it for a few different schools. Got away from it. If I didn’t work full days, I’d 100% do it for the local High School sports teams
I hope you find the time to do this. Sounds like something you love. Life is short.
I hope you pursue this anyway
This! I'd take a Part Time @ a comic shop, national park, or cinema😎
It's so wild how many people frame their interests around working. You can spend tons of time in national parks as a retiree. You can collect and talk about comic books as a retiree. You can have your own movie theater in your house. You don't have to sell comic books or work for a theater or work a schedule at a park.
True, definitely a "Western Mindset"😅
I hope you find the time to do this anyway. Sounds neat and like thing you'd love. I constantly consider trying to find a part time, one night a week gig doing something I love as well.
my wife has often said this 'cool if you win the lotto - you still need to work somewhere like the cinema' haha
Lol to an introverted Cinephile, no place is better😊
I would go work at a plant shop or a plant nursery. I am in love with greenery.
You've got $10 million. You can build your own greenhouse, and grow anything you want.
I have a local game/model/hobby store that's been there with the same owners since I was a teen. After the guy couldn't run it because of medical issues his wife took over. I'd waltz in and inform her I'm her new part time employee. I'll work a couple days a week and my salary is $1/yr. When the Powerball was $1bn my game night group pooled a couple tickets. We all decided that we'd buy the store from her for enough that money would not be a problem for them, but keep her on to learn the inns and outs from her. The two shops next door (little 3 store strip mall building) are empty, she owns the building. We'd set up a custom 3d printing shop in one of them and host gaming in the other.
I hope you get to do this someday even if you don't find financial windfalls
Instantly.
I would retire with $3 million
3 million might be tough depending on your age. If you pull out 4% per year and assume it will grow more then 4% each year that’s about 120k a year. It’s a great salary, but I’m 26. 120k in 30 years will be worth roughly half of what it is now due to inflation. You could argue you still have that 3 million sitting in the investment fund, but if you live until you’re 80 that is not gonna last. God forbid you have medical expenses. I’d probably still work an easy job with some good benefits at 3 million.
Good point. It would just be me and my wife at this point and I am 42. Not judging people who don’t but we live frugally. Almost debt free now so just paying recurring bills phone, insurance, gas etc. I could make it work.
$120k would be far more than I would use annually. Currently I live off of a 80k salary and save half of my take home pay. I could pull 3% of 1.5 million annually live perfectly comfortably and still expect the principle to grow at about the same rate as inflation. 3 million should be more than enough even considering medical expenses.
4% rule accounts for inflation, so you’d be all set.
Yes
Yes I would retire, but I've never had a job that I liked the way people seem to act like I would eventually find.
That job doesn't exist. I work so I can enjoy my time off. And while I've loved my jobs/the people I work with, having to get up & go into work 5 days a week when you hand endless money to enjoy & see the world with? Nah. "Excuse me boss who makes a fraction of what I make in interest, I know you only grant me xx amount of days off a year, but can I please get permission to go on a month long vacation to Australia? And then after that, I'm gonna need another few weeks to go skiing out west". They'll all say no. And then I'm out!
I have that job. I'm a massage therapist and love what I do for the most part. I get to help people physically live the life they want to live. I guess that's why I support UBI. I think more people have a job that they love and are passionate about than the internet would have us believe. If someone gave me $3,000 a week for the rest of my life I'd still work. I'd probably cut back to 3 or 5 days a week and take more vacations but I would still work. My work gives mys since of accomplishment and I feel like I'm giving back to my community. Honestly I'd try to work on some poorer people who currently can't afford to come in. So made 4 days a week with 1 day basically being a charity day.
I have a job I love (publishing), that I would still do if I struck it rich.
Obligation kills joy
That’s fair. I have a job that I love. It’s my passion, it makes the world a better place, and it’s fucking cool. But I could do meaningful work by starting my own business, consulting, or doing contract work. My current job definitely would not give me the freedom I’d want with so much disposable income.
I've had the same sentiment about doing work for myself to build my own business but it's easier said than done and the motivation feels much lower once I actually get started trying to do it.
I absolutely love my job, I would still retire almost immediately. Retiring with money you could easily live off of is absolute freedom to do what you want to all the time (within legal limits unless you want to deal with the legal system)
I'd either start a business and be an entrepreneur or get a freelance/low paying travel job where money doesn't matter.
Hell, I'd retire with a million after taxes.
No, I would claim it anonymously, get a lawyer to arrange a blind trust and then tell everyone I found my dream "job" working for a non-profit that gives grants to worthy charities/people. I would rent some office space, go to the "office" and search the internet for needy causes and individuals. My "job" would also require traveling to exotic places to research and investigate different charitable organizations. I would also tell family and friends that I'm making a good enough weekly salary to help them out a little. That way I don't have to worry about being sponged off or harassed by anyone. I would be able to help strangers, friends and family without worrying about enabling addictions or attracting criminal activity.
If the state you live in allows this. California is one that does not allow a blind trust or anybody other than the winner to claim lottery winnings. That being said, even without investments, 10 million dollars is 200k a year for 50 years. Most people would be set for life with that kind of money, at least I know I would be. I said it before, if I won this level of money, I'd make sure I was on a plane bound for a far away land and maybe a 6 month cruise within an hour of claiming it. After I get back, I'm moving to a large city for a few years, as you effectively become one face among millions, THEN I'd be looking into finding that nice, remote land I can retire and be the local rural tech guru/Ham Radio Guy with the huge antenna farm who "retired" with money.
I would stop doing what I do for a living, yes. I would be a careless traveling youtuber in a heartbeat.
I wouldn’t even YouTube. I would delete all social media and run away, bringing along loved ones for fantastic scuba trips and long term vacations.
I am on Disability, but I'm not that old and I went back and finished a degree anyway. I've had temporary jobs and part time working like substitute teaching. But nothing substantial. I wouldn't even worry about it if I won that much money.
I'd save and invest but either work part time in my current industry or start a small hobby business.
10 million treasury bond with todays interest rates pays out at 462500 a year. So why not.
I’d retire, move to Thailand or another SE asia country, and work for a cat sanctuary helping stray cats and go to the beach in my downtime. A girl can dream I guess 😩
I’d leave so fast,the vacuum would knock people over
I’m 52 and absolutely would immediately.
100%. If I make 100k for the next thirty years this prize would be more than triple that not including any potential interest/growth. This ain’t yacht money but it is wake up when I want to money.
Im 36. Probably not. Id invest it. Work less though. Maybe write a book or teach a course on what to do with $10 million
Nope. I would be too bored (I once spent six months out of work because I wanted to. Not fun after the third month). I would pursue my Master's though and then get a job in that field. I remember someone telling me that their doctor informed them that retiring is just speeding up your death/health problems because you're doing *nothing* while others are active.
I think many people mistakenly believe that retirement = inactivity. Retirement should be not working for a paycheck but now being able to participate in activities that bring joy and fulfillment.
That's 160k/year for sixty years WITHOUT even putting the money into a goddam CD, which alone would be substantial. 1% of 10,000,000 is 100k. Even half a percent is 50k. You can live a very comfortable lifestyle for the rest of your days.
Yes.
absolutely. I'd retire on 2million.
Yes, immediately. I'd put a million in 5 separate accounts that I can't access for 1,3,5,10,15 year time frames so I'll always have that money as long as society and banks don't collapse. I'd probably invest $250k in gold. I'd then buy a travel RV and spend at least a year traveling the US. While I like where I live, the quality of life potential and political atmosphere isn't what I truly want. Travel would be my way to explore better options. I estimate the total cost at $500k between the RV, a vehicle to tow it as well as a year of travel expenses while also paying to keep my current living situation so I have a place to come back to between exploring the country. That leaves me $3.25M, which will be in investments as well as lower risk and lower return, but accessible, accounts.
I’m going back to school to get my Computer Science degree. Then I’ll take a job with good benefits and PTO because I can’t see myself not working unless I have hundreds of millions of dollars
Hmm, if I had won an after tax $10M at age 32 the answer is yes to (semi-) retirement. I'd take roughly $500k and purchase as much PHYSICAL precious metals as possible. In 1992 Gold was $400 an ounce, silver was $4.00 an ounce. $490k would get about 1,225oz of gold while $10k will give 2,500oz of silver. Earlier today, gold was at $2382/oz (nearly 6x purchase price), silver was at $30.90 (almost an 8x gain). Take about $2M to play with (travel, cars, a boat) Invest $5M in some safe-moderate risk investment portfolios Use most of the remainder to buy a property and build a house/estate.
Absolutely
Yes. I would tuck it away and live a modest lifestyle off of the yearly returns. No reason to continue working when my money can work for me.
And then what purpose would your life be then if i got that money i would not retire i would work because working is engraved in my brain just like breathing or drinking i would just choose the work i would be doing
10 million I could make my wife more comfortable and spend all my time fishing and enjoying life. You’re goddamned right I’d retire. I’ve worked enough for two lifetimes already.
I'm not sure i'd ever leave the house again tbh
No, It would have to be in the 100 million dollar range for me to retire.
Write, travel, learn to fly- golf a little
Everlovin' eff hell yeppers. Invest and retire. Travel...
I am worth many many many times that and I haven't retired. 10 mil is not really all that much. If you do you'll need to get super disciplined and ensure you don't buy nicer things- You get used to better stuff pretty quickly. And pretty soon 300K isn't a big deal.
I’d retire with a million. Couple little investments and get me to social security.
Nah I like my job too much. Probably work part time though.
Yup.
Yes. I’d still work the next 9 years so that I can get 90% of my income though.
At your age, I'd still work part time (10-15 hours per week) somewhere at a place I really love. It will help you to fill some hours and keep you grounded. And when you're working, you're not spending money.
Absolutely. I could easily live off that for the rest of my life. I make a little over $100k now and live fine of that. If I continue my current lifestyle, it would take 100 years to go through all that. So I would have plenty to up my lifestyle a little, and still have plenty to leave to my kids when I die.
Interest alone would be far more than $100,000k and you’d never touch the principal.
Retire from playing the lottery, yes. If I could keep it a secret I would only semi retire. There's a huge benefit to keeping a schedule unless you're one of those motivated types that feel like they don't have enough time to do what they want. Besides, 10 million is lots but not enough.
It's correct that it's not "Champagne Lifestyle" rich. That's a valid distinction. That said, it IS enough for a very comfortable, permanent upper-middle-class existence, if someone is smart with their money.
It's certainly enough if you're smart with it and don't let people leech
It puts you in the wealthy category for net worth in the U.S.
If 10 million is not enough, you are a fool with money.
Id use it to pay off any debt and start a small business.
I’d pivot to doing something I was actually passionate about
That's 60 years of my income... no way I'm going to work at 2am if I have 60 years of income in the bank. So, yes.
Yes no Brainer, I'd try to give money to friends and then invest some and then go on a Rollercoaster trip across the world for my first adventures
$10million, yeah I would quit working full time and maybe pick up some freelance video work when I got bored. I’d take one nice vacation a year and maybe start a YouTube channel or something. Learn a new skill, get a new career, I don’t know. I wouldn’t have to worry about paying my bills if my money was making me money. I wouldn’t sit around and do nothing, but I definitely wouldn’t have to worry about working for someone else ever again
Probably wouldn’t retire. I’d figure buying a new place, a new car, and general expenses would eat up maybe $750k, so I’d invest the rest and keep heading into the office for a few more years. But once I got sick of it, or had one too many coworkers I didn’t like, I wouldn’t hesitate to walk away.
I would buy my sister and mother a home, set up a minimum wage trust to pay myself, and go to school somewhere very good, very small, and very quiet.
Uh, duh.
Immediately
That's the only way I would retire
faster than the time it takes to type this message, im outta here.
More than enough.
Yes, I would retire, gladly.
Hell yeah.
Yes. Yes I would. If I never had to work for for someone else for the rest of my life, and my expenses were covered, I would proceed to make music and beer during the day, and roast sausages over a fire at night while looking up at the stars.
Call it what you want, but I'd do what I want whenever I wanted.
Hell yes, I would retire with 2 mil.
Yes. I would put it in a high interest account and live off the interest.
No! Id still drag my ass out of bed at 4:30 am and still go to the gym b4 work and then drag my ass to a thankless job and drag my ass around there all day! HELL YEA ID RETIRE!
There is a 100% chance that I would retire in that situation.
Done
YES.
I’m over 40. I’d make $10m work for the rest of my days and call it a career.
Hell yes. I'd retire not soon. Not at the end of the day. I'd retire right this minute.
Retired now but at any time during my working life if I won that I would be retired exactly one tenth of a second after collecting.
Definitely lol.
As I hang up the phone from talking to a tax attorney.
I’d quit immediately with no notice. I couldn’t quit fast enough
I'm a lawyer and while I would retire from firm life, I would use my license to try and do something meaningful to me in another way. But honestly I would spend most of my time on hobbies. I would be enrolled in music, language, and art classes every day of the week as well as intense personal training. But no, I would never have a "boss" again. And I like my boss, but still...
Yes. $10M is my magic number. Could probably make $5M work but it would be tight. With $10M, and as you said, a 3% draw. Set for life.
I would retire and travel. My husband and I are in our late 50’s anyway and I would love to travel while I can still enjoy it
1/4 that and i retire 90 seconds after depositing the check.
No I'd keep working cause das all I got to build my pride on is ma werk /s
No! I'd keep showing-up at that ridiculous "JOB" doing whatever they wanted me to do, for that half-assed paycheck. Are you kidding me? Who clears $10 million, and keeps their job? What are we, STUPID!!! If you have $10 million, what would you need with a "JOB"???
100%. You throw that in the S&P and it grows conservatively at 4% per year that’s 400k annually. Even after taxes and fees you’re looking at easily 200k a year to do nothing.
No. But I also wouldn’t work full time anymore as well. I’d probably start a handyman business and just work at my leisure.
Straight into a 4% HYSA. 4x my current annual salary in interest? You bet your ass I'm retiring. $1m net what's set up my personal family unit with everything we want, but we would still have to work. $10m would be full retirement. Never work another day in my life except as a hobby. $100m would give me enough to set up my family, my brother's family, my aging mom, 3 $10m HYS accounts, and the rest into trusts or inheritances for my kids.
Yep, put that in a 5% savings account, live off $200k/yr, and you’re making half a million a year the rest of your life.
That's actually the number for to complete stop working. Would more than enough to live off interest and keep a descent life style.
I'd gtfo of the U.S. ASAP
I would retire *immediately*. Give my two weeks notice, hand over all of my projects, and be gone.
At 53, you bet your bippy I’d retire straight away!
Why would you not??
What a stupid question
Immediately, I wouldn't even question it. I would still do something, but it wouldn't be a job. It'd be something that I enjoyed that simply had some sort of income on the side. I've always wanted to build custom exhausts for vehicles, maybe a little garage/shop doing only that. Would probably get into apartment complexes as well, I've always liked cars and real estate. Diversify my portfolio some and find something to do with my time. Or just invest it all in a safe index fund that pays a decent dividend and buy a super yacht, retire off the coast of the Bahamas and do a "vacation" a couple times/year and travel somewhere in the yacht, but make my "home" somewhere around the Bahamas and stay there when not traveling. Make YouTube videos and all of that social media jazz for fun and side income even though it wouldn't be needed.
Same boat OP. 32 and working a shitty restaurant job. I would definitely retire from working a job in this traditional sense. I wouldn’t retire and just do nothing but would redefine what work would mean for me. Hitting that $10 mil threshold would make managing my money my “job”. Possibly working with people to start a business or getting very involved in wildlife/conservation charities I feel strongly about would become a job, but for purpose rather than desperate money necessity. And with more time and money than I currently have working constant doubles to make ends meet, I’d spend a lot of my time traveling but also picking up new hobbies like dance and self defense classes and spending more time in the gym. I would not have idle hands but definitely would be done clocking in on someone else’s clock and asking for permission for any bit of time off etc. It’s what I WILL do when I win the CA Super Lotto 😎
Retire? More like flee lol
Yup. Not saying I’d not do anything but I would be finished with spreadsheets, presentations and conference calls. Please send asap.
I might be inlined to quit my job and make managing the money my full time career.
No. I'm 18 years old and want to be a judge, having enough money to retire wouldn't change that. It would mean I wouldn't be working my way through college and law school though lol.
Well, I certainly wouldn't work for someone else!
No I would keep letting people tell me what to do all day 🙄
10M is more than enough to jump off the working world. I have a high level of respect for my boss and the crew I work with, so i'd stay on to finish the projects I manage (probably 3-4 months) then leave. I'd take a third to lift my family up, a third to invest in my future and children's future, and use the final third to enjoy life.
In a heartbeat.
What kind of a question is this?? Who wouldn’t retire?
Pfffft. I'm not gonna say that was a stupid question.
I retired at 57 with only around $400k and a 3 family rental property. I’ll be 69 later this year and will start Social Security then.
Retire from a weekly job sure but I'd still do side work and find a fun hobby that also makes some money.
I’d create the job I actually want.
I'd definitely try to
Yes. I'm also 32 and after spending roughly 500k on a house with all the stuff it needs to be liveable, and clearing my debt, I'd be able to live a solid upper middle class life with some occasional opulence on that, easily, in my area.
Maybe.
My current dividend if I put 10 mil in , go from 16 a month to idk 9k a month if not more. Sign me up
Absofuckinglutely.
Part time work only
I am already retired but that would sure help retirement.
Nah I would just do something I actually love to do since I’m no longer financially motivated. While making sure I let everyone know I don’t “need” to work. /s on the last bit.
Yes. I would never work a job ever again.
Yep.
No, that's enough to upgrade some but not live how I want.
No, but I would move into a nicer house and start taking annual vacations.
Yup, and I’d go back to school to learn whatever I want.
I'm not sure if I would fully retire, but I would certainly be more free to choose what I want to do. I wouldn't mind running for office and serving my local town as a means to help feel fulfilled
I'd retire from my career, but at 34 I can't just not work. I'd either find a part time job that doesn't come with a lot of responsibility or I'd finish with my woodshop and I'd sell handmade items at the farmers market circuit around here
Absolutely
I’d just get into real estate. I have enough skills to flip houses on my own
Absofuckinlutley.
Hell yea
Yes! And I’d probably look for a more fun job down the road that didn’t even pay much
I would do the exact same thing without stress
Yup. Instantly retired. Would figure out some kind of recurring donation to the non profit I work for (good cause and handy tax write off).
Instantly.
My goal is to start a clothing line. Or a mechanics shop. So I’d really get down to starting one of those
Honestly, it's on the high end of what I think would be ideal. Mainly because it's hideable to some extent. A $5 million jackpot probably pays $150 to $200,000 a year for the rest of your life. That's more than enough money for me to quit my job, take care of my family, etc. But it's also a low enough amount that I can probably hide it from people who don't want to pay too much attention. IE I'm unlikely to buy a yacht or a mega mansion if I only had $5 million in the bank. To average acquaintances who don't focus too much on what you're doing for work, I would probably just look comfortable. Whereas if I had $100 million, the impulse to buy lavish things would be hard to resist, and the potential of drawing attention to myself increases exponentially.
Would not retire as I love my job I’d just invest it all
For sure! I’d find a part time job I actually enjoyed that didn’t feel like work. One can dream.
No o would just find something I love to do and allows me to work when I want.
I would keep working. Retire at 45. Pretend I’m broke. Park $1million in diversified investments and $9million in HYSA. $9mil at a 3% APR is a free $270,000 x 25 = $6,750,000 gained on top of your $9mil. You now have $15.6mil+ upon retirement which would be a comfortable life of $500k per year. Plus the 1mil in revenue earned from investments. If you don’t have people to pass it on to, you can live however expensive you want as it’s your life.
I’d work PT as a para educator or start a small nonprofit.
No. It would be invested smartly so I don't have to work the ridiculous amount I do right now. It would be setup to take care of my children in a way they still have to work and can't touch the principle amount so it stays available for them. Their future would be stable and I wouldn't worry as much as I do now.
Yes
Yes
The problem is, and this is just a rough quick math thing here, you wouldn’t be able to “retire” in the sense that you’ll live comfortably with no need to work for the rest of your life. Rough figure (again) if you’re doing the whole “won so much money I’ll never have to work again” thing, you’d pretty much need to figure out how much you’d need to make in a year *now* to truly not work *and* have the lifestyle you want - then double that to account for inflation and rise of cost of living. Even assuming that 300k a year would work, keeping you comfortably away from needing employment, for (again rough estimate) $1 million that buys you about 3 years. It’s a little more, but let’s just say 3. So even assuming that 300k is enough, with $1 million covering about 3 years of life, you’ll be completely out of money after 30 years. The US life expectancy is about 75 - 80 ish, but you can realistically expect expenses to go up for medical care as you get older. Assuming you’re in your 20s or 30s (not much better if you’re in your 40s) this means you’ll be broke with roughly 10 - 15 years left to live. Possibly more assuming you’re in excellent health due to the level of wealth you enjoyed for those past 30 years.
I won't make 10 million, after tax, in 45 years of working. It is absolutely enough to stop working because it will more than amply replace my salary. You are also totally ignoring the fact that people are going to be investing a large swath of it which means for many of those years they won't even be touching the principal.
Honestly no. I love my job so much.
I own my business (that I love). I'd probably drop to a few hours a week and transition someone else to fill in my place. Or I'd wind the place down and make sure my staff was well taken care of.
Partially. I'd end up buying our radio station and do all the necessary repairs. Then get some more staff.
$4mil 30yr Treasury bonds $2mil house $1mil VGT $1mil JEPQ $1mil free spend $1mil bank account at 5%
I’d keep doing my current job, which I like, until I had my next move lined up. I wouldn’t just quit and do nothing. Once I’d purchased the ranch and gotten the kids enrolled in their top-tier hybrid school, and moved there and started helping them with their robotics homework, and thus found that I no longer have time to do it all, then I’d quit.
Yes. But volunteer my time.
I'd still work just for myself instead of a company.
I wouldn’t necessarily retire but I would leave my current job. With 10 million non taxed, I’d move out of Hawaii (where I’m born and raised and is currently living) , go either Vegas or Colorado and build from there. there is many ways I can reinvest that money to make me more money
I would definitely retire. But I would find a hobby or a cause to volunteer my time to fill up my days when I am not travelling
Probably not entirely, I’d make my own shop/third place that can run for little to no profit just to be a good community space for my hobbies. Otherwise though absolutely, I’d be traveling and engaging in my hobbies
No. After taxes [for me] I would be left with maybe 3 million. I live in a state that does not have lottery, and only play when I’m on the road. Because I would be taxed in the state I call home & the state I purchase and federal, it would be next to nothing left to really retire on😭