Topic: How to retire on $100,000 - page 2. (Read 3729 times)
Honestly I wish I could find a reasonable house for $50,000 in my state. I only found one that was all broken down.
I can see how the 100k would cover a proper live burial.
It's impossible i think with that amount.
And what if you get serious sick?
And what if you get serious sick?
Most people would say that it's impossible to retire on just $100,000. But this is not true. You can use $100,000 to buy two cheap houses. Keep one house for yourself and one house to rent out. You will be able to retire because you would no longer need to pay rent anymore and if you live frugally enough, then any other expenses (e.g. power, food, Internet) can be paid using the rental income derived from the second house.
Don't think that $50,000 houses are impossible to find. If you live away from the popular urban and suburban areas then they are very common.
For example, this tidy 4 bedroom 2 bathroom house is $51,000 USD ($69,000 NZD is roughly $51,000 USD):
Don't think that $50,000 houses are impossible to find. If you live away from the popular urban and suburban areas then they are very common.
For example, this tidy 4 bedroom 2 bathroom house is $51,000 USD ($69,000 NZD is roughly $51,000 USD):
That house would likely go for over £200k where I live. Suppose house values really are dependent of Location Location Location, though. I think you've really underestimated how much you need to survive on even based on the prices of those properties. Rental income isn't really guarantee as tenants come and go and a lot of people leave the houses needing repairs and work.
You could just move to a country in Asia, and enjoy the retirement at half that price.
I live in an Asian country and trust me that $100k isn't enough for a retirement.
100K won't do much here in Western Europe where you need at least €2500 to pay for rent, bills, buy food, etc.
It will help you get through a few years, but that's it if your costs are as written above.
It will help you get through a few years, but that's it if your costs are as written above.
Where I live the only money people get when they retire is their pension, and I can tell you that the minimal pension you can get is somewhere around $200 a month, a typical one is $400 or less. Personally I don't know anyone with retirement fund of $500k. Most people have just $20k + the flat or home they live in.
whats the point of working all your life if you end up with $200 a month to live on ? youd be better off relaxing because soical welfare pays more than that in practically all european countries and they pay for the housing and medical expenses and everything else
you must live in a really cheap country if people can live on $200 a month or $50 a week ,a basket of decent food costs that much in europe and you cant get it cheaper unless you want to live on processed garbage in cans and the bread they couldnt sell yesterday ........
$50 a week would be so depressing i think id rather keep working than retire ,a bottle of decent whisky costs that much lol
If your pension is below the minimum pay you receive benefits, social care pays some of your bills and, you of course have free medical care, but that $200 is still what you're left with to pay for food, clothes and everything else.
It's not cheap because we have VAT, which means every single product you buy in the States is 25% more expensive here. People live and manage somehow because they have no other alternative.
Some numbers to help you understand the prices:
Rent for a 40 m2 flat = 120 USD a month, but only if you are the owner covering tax and media. If you're renting it from someone else it's usually at least 400 USD.
If you want to buy this 40 m2 flat you have to pay ~70k USD.
The minimum net wage is 300 USD
Gasoline costs 1,2 USD for 1 litre.
that's simply not enough to last you until you die. let alone when medical bills come in. not just for you but also your loved ones. and don't forget the temptation to spend money on all kinds of junk.
you could make it if you live in isolation somewhere and become self sufficient and spend money on supplies to keep you alive.
you could make it if you live in isolation somewhere and become self sufficient and spend money on supplies to keep you alive.
You could just move to a country in Asia, and enjoy the retirement at half that price.
$50 a week wont get you much in asia thesedays and ive been in every country frequently
unfortunately prices there have risen a huge amount in the last in the last decade
even in "cheap" countries like thailand ,phillipines ,laos and cambodia $50 wont buy much anymore
forget about singapore ,japan ,s.korea and the more expensive countries because $50 would be a meal for 2 persons there
You could just move to a country in Asia, and enjoy the retirement at half that price.
Where I live the only money people get when they retire is their pension, and I can tell you that the minimal pension you can get is somewhere around $200 a month, a typical one is $400 or less. Personally I don't know anyone with retirement fund of $500k. Most people have just $20k + the flat or home they live in.
whats the point of working all your life if you end up with $200 a month to live on ? youd be better off relaxing because soical welfare pays more than that in practically all european countries and they pay for the housing and medical expenses and everything else
you must live in a really cheap country if people can live on $200 a month or $50 a week ,a basket of decent food costs that much in europe and you cant get it cheaper unless you want to live on processed garbage in cans and the bread they couldnt sell yesterday ........
$50 a week would be so depressing i think id rather keep working than retire ,a bottle of decent whisky costs that much lol
Where I live the only money people get when they retire is their pension, and I can tell you that the minimal pension you can get is somewhere around $200 a month, a typical one is $400 or less. Personally I don't know anyone with retirement fund of $500k. Most people have just $20k + the flat or home they live in.
This is very true. Must of us spend far to much money on housing when we really don't need to.
It's worth looking at different countries and their tax laws to get the most out of your rental income.
It's worth looking at different countries and their tax laws to get the most out of your rental income.
A better option would be to rent both the two houses and you'd move to cheaper countries, either to Africa, Asia or central/southern america, and live above standard average people living there.
The real problem is if tenants, for some reasons, stop paying you
The real problem is if tenants, for some reasons, stop paying you
With 100K dollars, you could live like an African Warlord in a 3rd world country. Retiring with 100K dollars is such a shitty idea though. What do you even do with the remaining amount of time you have? It's like the self employment syndrome where you feel inadequate and unproductive because you always sit at home in front of a computer. My dad retired at 50 because he had loads of money, but he ended up getting his old job back 6 months later because of how bored he was.
retirement isn't a long way away. only about 34 years for me (I'll be 65). but i have to be careful, not to withdrawal any of the $38,000 in my Roth IRA 
...And? You can retire on $10,000 in some places, even $1,000 in others.
Dont be foolish. NO ONE can retire on 10K... Let alone 1K.
Actually, it might be possible to retire on $10,000 if you moved to a place like Uganda and lived in a mud hut. I don't think that's what he had in mind though.
even possible with 100 $
Invest early on and let compound interest do the rest. It does not take much early on to get a sizable amount by the time you reach retirement. Of course, the later you start to save, the harder it will be for your money to grow.
The problem with the majority nowadays is the lack of discipline to save.
The problem with the majority nowadays is the lack of discipline to save.
https://www.youtube.com/watch?v=8aRor905cCw
Or just save $300 USD and move to Liberia. You'll be good for the rest of your life, as well as your whole family's life, and 5 generations down.
Invest early on and let compound interest do the rest. It does not take much early on to get a sizable amount by the time you reach retirement. Of course, the later you start to save, the harder it will be for your money to grow.
The problem with the majority nowadays is the lack of discipline to save.
The problem with the majority nowadays is the lack of discipline to save.
...And? You can retire on $10,000 in some places, even $1,000 in others.
I don't think it's possible to retire on $1,000 or even $10,000 in any developed country in the Western world. Many people seem to think that you need a million dollars or more to retire hence why I made this thread. Virtually anyone living in even the most wealthy countries can retire after 3-5 years of saving money if they wanted to. It surprises me that most are unaware of this.
Obviously not in a "developed country in the Western world" but you could do it in other places for sure.
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