Topic: How to retire on $100,000 (Read 3729 times)
what do you ultimately plan on doing with your money? is the idea to die living below your means and then give it all away?
It's impossible i think with that amount.
And what if you get serious sick?
Yea! It's very impossible to have that amount. And what if you get serious sick?
Settle in a different country where cost is low. Problem solved.
like where ?
I heard Central America is cheap.
Not to mention countries in crysis like Spain. You can get a cheap house there due to recession.
there is a matter of visas if you dont live in another EU country already
its similar to the greencards situation in the US
its not so simple as deciding to pick a country and live there in most cases
Usually it's not hard to get a visa if you have no criminal record. Really easy if you bought property in a given country, because they are affraid only of those immigrants that can't sustain themselves and may turn into criminals or beggars.
they are afraid of terrorist and criminals too. Both usually have ways to sustain themselves.
So I guess let visa wont be so easy, also considering you can travel anywhere in Euro zone with a spanish pass thing
...And? You can retire on $10,000 in some places, even $1,000 in others.
Right. Go to Africa.
The "you get what you pay for" line comes to mind. Sure, you can live in some obscure place for cheap. At lest in NZ you'd usually understand what people are saying.
There are 18 listings in Flint, Mich., for under $3,000, according to Realtor.com. Some even going as low as $500! Think of the remaining $99,500 you could live off of the rest of yo lyfe!
Not a lot is going to be left after demolishing the house. And then building one to live. Guess they're just selling the terrain, not the house.
Settle in a different country where cost is low. Problem solved.
like where ?
I heard Central America is cheap.
Not to mention countries in crysis like Spain. You can get a cheap house there due to recession.
there is a matter of visas if you dont live in another EU country already
its similar to the greencards situation in the US
its not so simple as deciding to pick a country and live there in most cases
Usually it's not hard to get a visa if you have no criminal record. Really easy if you bought property in a given country, because they are affraid only of those immigrants that can't sustain themselves and may turn into criminals or beggars.
Settle in a different country where cost is low. Problem solved.
like where ?
I heard Central America is cheap.
Not to mention countries in crysis like Spain. You can get a cheap house there due to recession.
there is a matter of visas if you dont live in another EU country already
its similar to the greencards situation in the US
its not so simple as deciding to pick a country and live there in most cases
and what about future medical expenses
need a lot of money for that
so I think it is near impossible to retire on $100,000
need a lot of money for that
so I think it is near impossible to retire on $100,000
Yeah seriously it just depends on where you decide to settle down.
I can see how the 100k would cover a proper live burial.
Interesting. So, do you hire someone/corporation and have tubes installed for the delivery food and water and to remove waste for the rest of your life? Sounds terribly uncomfortable. Can you even stream Netflix on your iPhone from 6ft underground? I think I'd rather die, than live out the rest of my life buried in a coffin.
I envy your American citizens, you can buy 2 house in USA. But in China, we can just buy a 40 square meters small apartment with 100000USD in second-tier or third-tier city. If we wanna buy an 100 square meters apartment in Beijing or Shanghai, 1 million USD is minimum, buying a 200+ square meters house or villa we need at least 2 million USD in Beijing or Shanghai, I want to immigrate to the USA, to me USA is heaven 
LOL, I know many people in the crypto world like fuck China, so do we Chinese like fuck China too, gasoline costs 1 USD per liter is fucking so expensive(I know in US just costs less than 0.5 USD per liter).
LOL, I know many people in the crypto world like fuck China, so do we Chinese like fuck China too, gasoline costs 1 USD per liter is fucking so expensive(I know in US just costs less than 0.5 USD per liter).
Settle in a different country where cost is low. Problem solved.
like where ?
Settle in a different country where cost is low. Problem solved.
you could probably retire in vietnam or thailand and live a comfortable life. in thailand, there are plenty english speakers too, so you'd feel at home.
thailand retirement visa needs to show 400,000thb income a year or you can forget about that
and you need to be over 50 to even apply for thai retirement so that rules out most bitcoiners
here i would imagine
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):
Link: http://www.trademe.co.nz/property/residential-property-for-sale/auction-592061964.htm
According to the description, the property generates a passive rental income of $180 USD per week.
The average person needs $20 for electricity and $50 for food per week. Where I live, unlimited broadband Internet costs about $20 per week. That leaves a profit of slightly under $100 per week which should be enough for gas (if you own a car) as well as miscellaneous expenses such as vacations, investments, etc.
Of course, you can lower your weekly expenses even further too by installing solar panels on your roof, growing vegetables and chickens on your land, and ditching the car for a bike.
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):
Link: http://www.trademe.co.nz/property/residential-property-for-sale/auction-592061964.htm
According to the description, the property generates a passive rental income of $180 USD per week.
The average person needs $20 for electricity and $50 for food per week. Where I live, unlimited broadband Internet costs about $20 per week. That leaves a profit of slightly under $100 per week which should be enough for gas (if you own a car) as well as miscellaneous expenses such as vacations, investments, etc.
Of course, you can lower your weekly expenses even further too by installing solar panels on your roof, growing vegetables and chickens on your land, and ditching the car for a bike.
Wow thats cheap. My house was €199.000 for a house with 3 bedrooms and 1 bathroom.
you could probably retire in vietnam or thailand and live a comfortable life. in thailand, there are plenty english speakers too, so you'd feel at home.
Honestly I wish I could find a reasonable house for $50,000 in my state. I only found one that was all broken down.
move to detroit ,you could get your own neighbourhood for 50k
And you'll have to pay another 50 to keep hobos and junkies out, not to mention the rats.
Spend a few bucks on automatic rifle and ammo and shoot the zombies if they come on your property
There are 18 listings in Flint, Mich., for under $3,000, according to Realtor.com. Some even going as low as $500! Think of the remaining $99,500 you could live off of the rest of yo lyfe!
Honestly I wish I could find a reasonable house for $50,000 in my state. I only found one that was all broken down.
move to detroit ,you could get your own neighbourhood for 50k
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.
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
Other problem. Might be if he can't find tenants to Stay in the houses etc....
Property bubbles burst all the time and people are left kinda screwed
You suggest getting cheap properties which will then not be in prime rental locations so you may not have tenants a year around etc... Or you may have to reduce the rent if there are too many similar empty properties on the market....
A lot of variables to consider but if the house gets trashed by bad tenants, burglary, fire etc or they stop paying the rent and you live in another country are you going to fly across the world every time there's a problem or pay an agency a % of the rent to manage the tenant's?
Many things can eat into your profits
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
It's impossible to live on $100,000 and retire on it, for one thing you clearly haven't factored in inflation which would obviously destroy a good percentage of your wealth.
In the example I gave, your main source of income would be from the rental property. Obviously, the rental price would rise in proportion to inflation. The only other factor that would affect your net worth would be the value of the house that you live in. Fortunately, housing prices have typically risen at a rate above that of inflation.
...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.
Your 3-5 years of saving aren't the same for everyone. Someone with a family isn't going to be able to save enough in that time to retire. People making minimum wage and barely getting by aren't going to do be able to do it. This not even getting into if $100k is enough which I don't think it is.
Yeah, my example was pretty much only for those living alone. You would need much more money per week if you have a wife and kids to support. People making minimum wage might need a bit longer to save the $100,000 but it should still be achievable within 3-5 years if they are living with their parents or <10 years if they are living alone.
...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.
Your 3-5 years of saving aren't the same for everyone. Someone with a family isn't going to be able to save enough in that time to retire. People making minimum wage and barely getting by aren't going to do be able to do it. This not even getting into if $100k is enough which I don't think it is.
It's impossible to live on $100,000 and retire on it, for one thing you clearly haven't factored in inflation which would obviously destroy a good percentage of your wealth.
No property tax?
You mean rates, right? That would fall under the "miscellaneous expenses" part. For two properties worth $50,000 each, you would pay about $3,000 in rates per year. The bill would be included in the rent so your tenant would pay the rates for your rental property leaving you to pay the rates for your other property (i.e. the one that you live in). So overall you would pay $1,500 per year or $30 per week for rates.
...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.
I've never heard of anyone with that much, and I know a number of old people, even if you count the value of all their possessions. If you have your own house with a garden, even a sum of $50,000 should be enough.
nobody in relative youth could retire on 1k 10k 50k or even 100k
sleeping in a park you would spend that much on cheap fastfood every day in a year or two
and you health would take a nosedive as well so unless medical care is free your fucked anyways
you could live in a forrest and eat plants and berries for free but how many people would be willing to do that ??
I was talking about older people, not young ones.
If you have your own house with a garden and don't mind planting some vegetables, you could easily retire on $100k.
If I were to retire I wouldn't mind making my own food and working around the house. Things can get more expensive if you're planning to sit in the pool all day sipping whiskey.
what about when the car breaks down ? or the tv dies or the cooker or the refridgerator or you get a burst pipe and need to call a plumber in emergency
what about heating or aircon needing servicing ?
what about toothpaste and dental work or insurance costs
are you going to wear the same clothes you have now until you die ?
what about entertainment ?
no holidays or trips ever ?
you need some money for when shit happens ,because there will always be unexpected expenses here and there
i also like sipping whisky by the pool so its going to cost a bit
...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.
I've never heard of anyone with that much, and I know a number of old people, even if you count the value of all their possessions. If you have your own house with a garden, even a sum of $50,000 should be enough.
nobody in relative youth could retire on 1k 10k 50k or even 100k
sleeping in a park you would spend that much on cheap fastfood every day in a year or two
and you health would take a nosedive as well so unless medical care is free your fucked anyways
you could live in a forrest and eat plants and berries for free but how many people would be willing to do that ??
...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.
Well that's not really retiring to me bud...
...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.
100K?
Easy, just move to a cheap area of Thailand and live pretty well.
Easy, just move to a cheap area of Thailand and live pretty well.
...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.
...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.
...And? You can retire on $10,000 in some places, even $1,000 in others.
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):
Link: http://www.trademe.co.nz/property/residential-property-for-sale/auction-592061964.htm
According to the description, the property generates a passive rental income of $180 USD per week.
The average person needs $20 for electricity and $50 for food per week. Where I live, unlimited broadband Internet costs about $20 per week. That leaves a profit of slightly under $100 per week which should be enough for gas (if you own a car) as well as miscellaneous expenses such as vacations, investments, etc.
Of course, you can lower your weekly expenses even further too by installing solar panels on your roof, growing vegetables and chickens on your land, and ditching the car for a bike.
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):
Link: http://www.trademe.co.nz/property/residential-property-for-sale/auction-592061964.htm
According to the description, the property generates a passive rental income of $180 USD per week.
The average person needs $20 for electricity and $50 for food per week. Where I live, unlimited broadband Internet costs about $20 per week. That leaves a profit of slightly under $100 per week which should be enough for gas (if you own a car) as well as miscellaneous expenses such as vacations, investments, etc.
Of course, you can lower your weekly expenses even further too by installing solar panels on your roof, growing vegetables and chickens on your land, and ditching the car for a bike.
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