How many BTC needed for retirement in 10 years? - page 5.

Orpichukwu

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Quote from: uknowy9999 on March 22, 2023, 03:20:24 AM

Hey guys,

so I have been buying BTC (and admittedly ETH) since October/November 2020. I have been sticking to that strategy and
even put larger amounts when there was a steep decline in a short period of time, everything on my cold wallet, nothing left on exchanges.

With prices starting to slowly rise again (not sure if I really like that, always have the feeling to never have enough), what would you think
is enough to retire in 2032? I know that nobody can tell that with certainity, but would love to hear your estimates:

I think 10 BTC and 100 ETH would set you up for good, so once that is reached, I would stop accumulating, what is your plan?

Probably 100 btc and 10,000 ETH, just kidding.
To me no amount is enough for the wealthy, my advice is just to keep on accumulating until your retirement day, with what you have already it's enough for anyone in whichever country the person might reside to say he/she is set for retirement. 460k+$ is not a chicken change, let's be realistic here. if you are the type with huge dreams and have a better source of income which usually gives you a large left over after all your monthly bills and expenses are being feet, then just keep on investing, no amount is too huge for retirement.

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Quote from: uknowy9999 on March 22, 2023, 03:20:24 AM

With prices starting to slowly rise again (not sure if I really like that, always have the feeling to never have enough), what would you think
is enough to retire in 2032? I know that nobody can tell that with certainity, but would love to hear your estimates:

I don't think anyone knows what will happen in the next 10 years although we believe bitcoin will have a sharper increase but in investing in bitcoin it will only take a little time while the supply limit will run out still leaving a lot of time so the price will not be sky high so even though it has achieve big plans with results invested why should you retire? While the world's entrepreneurs are still growing their wealth even though the money is already millions of dollars.

Quote from: uknowy9999 on March 22, 2023, 03:20:24 AM

I think 10 BTC and 100 ETH would set you up for good, so once that is reached, I would stop accumulating, what is your plan?

Maybe for us it is a large amount of 10 BTC and 100 ETH even though we will never know in the next 1 decade, remember don't get too carried away with the amount of money that has been achieved you should be able to roll back these assets to those that are more valuable to be more precise diversify rather than having to store it all in crypto.

I will not retire enough even if the results are big, I will continue to increase my wealth until I can afford it.

AbuBhakar

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It depends on your cost of living. 10BTC is a bit over kill in my 3rd world country because you can guarantee a good life here for many years even with 1BTC with just a proper management of money without buying unnecessary things.

My goal is to have 5BTC as my retirement funds. I’m currently on the 1BTC equivalent value in fiat on my savings right now and trying to convert in Bitcoin slowly. I believe I can reach this goal for 30 years of working since I already computed my total savings in the future using part of my salary.

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It's hard to estimate how much money is needed for a retirement because people have different standards of life, different countries require different amounts of money to cover basic expenses, a person may of may not have additional sources of income at that point, consumer prices can grow significantly over time, there can arise a demand for something like a medical emergency that can't currently be calculated, you can't know how much you'll live etc.
Assuming $1k per month is enough to cover basic expenses of retirement and 30 years is how much time one expects to live after retirement, it gives us an estimate of $360k for that period. Of course, given inflation, it's actually significantly more than that, so let's perhaps double it to $720k. 10 BTC and 100 ETH already cost something close to a half of the required rough amount. I'm sure Bitcoin will cost much more in the future and Ethereum will try to keep up as well. So yeah, I think this amount is enough. But of course, nobody can know for sure and we have no idea what sort of new challenges and demands the future will bring or whether cryptos will be as relevant as they currently are at that point.

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Quote from: uknowy9999 on March 22, 2023, 03:20:24 AM

Hey guys,

so I have been buying BTC (and admittedly ETH) since October/November 2020. I have been sticking to that strategy and
even put larger amounts when there was a steep decline in a short period of time, everything on my cold wallet, nothing left on exchanges.

With prices starting to slowly rise again (not sure if I really like that, always have the feeling to never have enough), what would you think
is enough to retire in 2032? I know that nobody can tell that with certainity, but would love to hear your estimates:

I think 10 BTC and 100 ETH would set you up for good, so once that is reached, I would stop accumulating, what is your plan?

I greet you too.

I can say that you did the right thing by accumulating btc and eth over the past 3 years, although the average cost of your purchase of bitcoin should not be much different from the current price. Perhaps your savings will pay good dividends on the next bull run.

To tell if your savings are enough for retirement, need to know how much you have and know your monthly expenses. So, only you can find out the answer to this question, having previously calculated it personally.

I think that 10 BTC and 100 ETH even at the current exchange rate would be a very decent accumulation in many countries of the world. Is it possible to accumulate so much now? - Will depend on individual income. Is it worth stopping at these marks? - it's up to you too. Personally, if my standard of living allowed, I would not stop and continue to accumulate bitcoin (may be altcoins). And what other alternatives can you choose to save money? Not to give it to the banks, really.

In general, it is pleasant and interesting to participate in such conversations, but it doesn't bring practical benefits. For the information is too vague and in order to get answers, you need to take into account many individual points.

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We don't know how the market movement will be in the next ten years time. However for anyone who is much dedicated and have trust on cryptocurrency can easily accumulate the number of bitcoin and ethereum mentioned in the OP. For retirement surely this number is gonna be huge and helpful for the rest of their lives.

Every year the price of bitcoin have grown along with increased user base as well as increase in adoption and acceptance. We can believe cent percent, bitcoin will be part of each and everyone's retirement fund. The real need for cryptocurrency is much understood by all level of people in recent days. Another thing, the requirement of bitcoin and ethereum could vary between people based on the locality and the lifestyle.

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Quote from: uknowy9999 on March 22, 2023, 03:20:24 AM

what would you think is enough to retire in 2032?

I think 10 BTC and 100 ETH would set you up for good, so once that is reached, I would stop accumulating, what is your plan?

The answer to this question depends on where you live. With this amount of coins you can retire already in many countries. You don't have to wait 10 years. Retirees in Türkiye don't even have one tenth of this money. I'm trying to explain how big the number you're talking about is. $500k may not be enough to retire in the US, but in many developing countries you could live comfortably on that amount until you die.
None of us can know for sure what will happen in 10 years. Try to collect as much BTC as possible for your long-term investment, I'm not so sure about ETH though.

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Quote from: uknowy9999 on March 22, 2023, 03:20:24 AM

I think 10 BTC and 100 ETH would set you up for good, so once that is reached, I would stop accumulating, what is your plan?

You made the point already, that nothing is certain, and that there is no way to correctly predict what amount of bitcoin and eth would be a good hold for retirement in 10 years time.

But personally, I think the numbers you mentioned are quite good enough, 10 bitcoin and 100 eth are no child's play, and if by 10 years from now, bitcoin should be trading above $100,000 and eth above $10,000 or even more, then it simply means you are so much in money, a good way to really retire and leave an incredible inheritance for your children, grand children and great grand children.

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That's a good plan, but while you could still save your money even that amount has been reached, why not to continue it? As long as you have spared some amount of your income for emergency needs, then I think your saving plan is solid enough. History has proven us that bitcoin price is increasing time by time, no matter what issue trying to affect it. However, instead of buying crypto asset only, perhaps you could try to spare some of your money to buy other assets, such as property or gold, so the risk would be lower.

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It depends on what you plan to do after retirement and also where you live, because if you live in a third-world country, 10 bitcoins are enough. But in retirement, you should have money that can last you and your family 10 to 20 years, depending on what your monthly income is. People mostly calculate how much they spend on a monthly basis and multiply it by 10–20 years; that is the amount of money you should come up with. But for me, 10 bitcoins is already enough, as long as I also have business.

Maus0728

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I simply stack whatever amount I can on a weekly basis, which comes from signature campaigns and other work-related stuff that lets me earn cold hard cash. I plan to continue doing this for as long as I have the means to buy BTC.

It's not that I have no concrete plan for establishing a retirement fund, but perhaps I'm too lazy to think about how much bitcoin I'll need for my retirement.

But one thing is for sure: those weekly bitcoin stacks could potentially grow into millions, rather than saving it up in a bank. It may not provide the most luxurious life when I get old, but it could certainly give me decent comfortability to spend for the rest of my life.

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In general, the more bitcoins you accumulate, the more comfortable you will feel in retirement. But I think it would be too risky to concentrate all your retirement money on a volatile and risky asset like crypto. I agree with what pooya87 said, you should diversify your assets with assets other than crypto. In case, if your crypto investment crashes and you don't diversify your assets then your retirement dreams will disappear. Don't forget that bitcoin or ETH are both very risky.

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Quote from: uknowy9999 on March 22, 2023, 03:20:24 AM

I think 10 BTC and 100 ETH would set you up for good, so once that is reached, I would stop accumulating, what is your plan?

The amount that will be okay to retire with is purely based on how much and your expenses as an individual. Only you can decide how much will be okay for you since you are actually the only one that knows exactly how much you spend. If you say 10btc will set you up for good, then that is the amount that you have planned and put in mind, it will be okay for you but you also need to consider some other factors like if your expenses will be larger at retirement than you predict.

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I still want to collect more bitcoins for now and even if possible, I want to have more than 10 BTC and more than 100 ETH. But I don't know when I will be able to have that amount of BTC and ETH but I will keep trying hard.

Maybe in developing countries, having 10 BTC is more than enough to be passed on to posterity and they will not lack anything in their life especially if they can develop their skills and abilities to add more bitcoins. And I think more bitcoins would be better for us because there is a possibility that bitcoin will become more expensive.

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answering your question, 1BTC (at current price) is good enough for those who live on developing/third-world county with simple lifestyle.

What period of time are you referring to? I think you are either referring to being able to retire in those countries, which no matter how cheap life is there is going to be impossible if you retire at 50 and we assume you live until 70 with only 1 bitcoin, and if you mean let's say one year it seems a bit high for a poor country. Unless you mean the former but counting the return it will have in the future, but you will still face volatility.

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Quote from: uknowy9999 on March 22, 2023, 03:20:24 AM

I think 10 BTC and 100 ETH would set you up for good, so once that is reached, I would stop accumulating, what is your plan?

My plan is not to retire. Even if I accumulate many millions, after some time traveling and so on, I would work but with my own projects. People dream of having so much money so that they don't have to work that they are not aware that those who get it, one of the following two things happens to them:

1) After a season on the yacht and playing golf, they get bored and decide to go back to work creating their own entrepreneurial projects.
2) They end up turning to alcohol and drugs, which usually has a bad ending.

This talking about young people, if you are 60 or older, it is more normal to retire and dedicate yourself to a contemplative life without getting bored or ending badly.

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Quote from: uknowy9999 on March 22, 2023, 03:20:24 AM

I think 10 BTC and 100 ETH would set you up for good, so once that is reached, I would stop accumulating, what is your plan?

Is this considering never gonna be able to work again or do business? Then why limit to 10 btc and 100eth. If its me, Id say 1k bitcoin and 10k eth at least, but reaching this figure needs a lot of time and works or yet to say luck to have gained more than what you could do in a lifetime. But it will always depend on btc or eth value isnt it. Let say it reaches 1 btc= 100k; 1eth=10k then I have 1k btc then thats gonna be a lot of avtivity in life without worrying.

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Quote from: uknowy9999 on March 22, 2023, 03:20:24 AM

Hey guys,

so I have been buying BTC (and admittedly ETH) since October/November 2020. I have been sticking to that strategy and
even put larger amounts when there was a steep decline in a short period of time, everything on my cold wallet, nothing left on exchanges.

With prices starting to slowly rise again (not sure if I really like that, always have the feeling to never have enough), what would you think
is enough to retire in 2032? I know that nobody can tell that with certainity, but would love to hear your estimates:

I think 10 BTC and 100 ETH would set you up for good, so once that is reached, I would stop accumulating, what is your plan?

What kind of lifestyle will you take?
The calculation would be equal to (average annual spending+6% of average annual inflation)*10 years. In my neighborhood, at a low-medium economic level, it's $200 monthly fees so that would be $2.64k a year or $26.4k for 10 years of life spending.

Then 1 bitcoin will be enough if you live in my country. The adjustment will be easier if you can reduce some unnecessary cravings.

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If you don't know, let's explore Bitcoin controlled supply. In next 10 years, after next 3 halvings about 98% to 99% of Bitcoin total supply will be mined in 2032 to 2036.

I believe that with 0.5 BTC to 1 BTC, you can get rich enough to think of retirement. You must work to accumulate enough BTC in coming years and be disciplined to hold your BTC like a Bitcoin maximalist.

It is not easy for many people to accumulate enough 0.5 to 1 BTC so if you can do it, you make a great job! A second part of your job is holding it.

vitya1982

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That's a tough question and depends on a lot of things. Where do you live, how much do you spend, do you have other investments and etc? You're the only one who can answer that question, especially because no one knows how much BTC will be worth in the future.

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