Retiring on bitcoin | Bitcointalksearch.org

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

The amount of money "for happiness" may vary in different countries due to different financial developments and will differ between different people. Accordingly, a different number of banknotes will be required for each person, since what is a lot for one will not be enough for the other.

YUriy1991

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

If that's the title, the OP question is difficult to answer with certainty and the exact amount varies. For example, if we look at the level of spending and the life expectancy of a person.

If I had a BTC, I would first withdraw a certain amount of bitcoin periodically then sell bitcoins in like increments. As for the reasons why I think everyone knows BTC has long term growth potential. For the total pension fund, I think 5 BTC has been very helpful for me to enjoy my little family at dusk,

Beparanf

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

This is subjective and depends on the cost of living of a person so you will definitely receive different answer that doesn’t give a conclusion for this generalized question. In Philippines which the country I live. You can retire at piece with just 1 to 2 Bitcoin considering you complete the payment for your pension to have a monthly source of passive income aside from your investment. Food and accommodation here is very cheap.

But this will not work on country like US or EU since cost of living there is too high for 1 Bitcoin to last even a year without any other source of income.

qwertyup23

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

This depends on several factors affecting the wealth of a person.

Generally if a person lives in a third-world or developing country, 1 BTC is enough to sustain them for at least years. Given that the standard of living in those said countries is relatively low, such amount would equate to at least a significant value. Probably around 10 BTCs would be enough for them for retirement.

Though this may be the case for developing countries, people who lived in a developed country has a different value. Obviously, the standard and cost of living are high which means that more than 10 BTCs would require them for retirement.

At the end of the day, it really depends on the status of the person on how they would perceive "retirement" as it is purely a subjective question. For me personally and as someone who is living in a third world country, 10-20 BTCs would definitely suffice as a retirement fund.

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

It depends on where you are living.

If you are living in a third world country, or a developing country, you might need a lesser amount of Bitcoin to retire. On the other hand, if you are living on a developed country like in the US where prices are much higher than that of a developing country, you might need even more Bitcoins, way more Bitcoins.

Your cost of living is also a factor. How much is your monthly expenses? Multiply it by 12, and then multiply it by 25 years. The total amount that you will get is the total amount of Bitcoin that you need (of course converted from your fiat currency to Bitcoins). Overall, I don't see myself holding that much Bitcoin when I retire. I guess at that time, I already put my money into safer type of assets like those blue chip stocks out there, and maybe some bonds.

kaseygriffin

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

Everyone's personal needs are different, like someone spends thousands of dollars/day and there are many people who only spend about $1/day, so I'm not sure how many bitcoins it will take to get there retirement status from OP's point of view. And of course, as someone who has been with the market for a long time, I wouldn't think I'd have to retire with my bitcoins, instead go ahead and look for other opportunities to make a profit, help myself and my friends helping others.

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

What I want to ask is that how much Bitcoin do you want to earn?
I have my arm and you have yours, you might want some that worth more than what I want so I don't think theirs is a specific enough amount Bitcoin someone might intend to get, although no body will see everyday profit and quit especially now things are rough.
Retirement is only for a government employees or company workers and not for investors and the only reason why government employees agreed for retirement is because the government also pays them pensions monthly or yearly so they aren't losing anything anyway but if you think of retiring from Bitcoin investment then you are lossing.

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Quote from: passwordnow on July 16, 2023, 09:18:57 AM

Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

Depends on where you live. If the cost of living in your country is high then calculate that with some statistics on how much a person needs for an average retirement fund. 1 Bitcoin could be enough with an average price of $30k~ish but in major cities and countries, that's barely enough for a retired person. That's why, you need to look at those studies on how much it will cost a retirement fund to become sufficient and compute on how much Bitcoin should be in the future if you're wanting to retire already. But I think many will agree like having 1 Bitcoin and the price of one is $1M. Cool

There's so many things needed to consider before taking risky decisions and we need to be careful enough for now getting hype on what they are saying since scammers always use deceiving words and sometimes they create impressive work to make their project look legit. So we need to be vigilant and be cautious to the information we receive since not all the time devs will work for something beneficial for us since their main intention is to get rich by the help of the funds accumulated from their victims.

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

Bitcoin isn’t some job that you retire from.
Do you retire from a currency? If you first think of bitcoin as a currency before any other aspects to it, you would have a deep understanding of the project you are up about. Bitcoin is and has always been a p2p currency that exists on the blockchain network.

If you don’t retire from spending your local fiat, the. You don’t retire from using bitcoin as well.
Havivinh the idea of owing some amount of bitcoin and you feel it’s well enough to give up on the innovation is a misconception and a concept to be reorientated about.

Spaceman1000$

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

It depends on what you mean by retiring on bitcoin!
Are you retiring as bitcoin trader or as a miner or just as a long time investor.
Because why I had to ask this question is because, if you're long time investor on bitcoin, and over the years you've gotten a good return in investment, that could serve as a retirement package for you, but you should understand that it takes of lot patients and expertise to continue to Maximize profit and sustain profit margins over the years, because this is a life time journey.
So in answering your question about how many bitcoin does a person needs before the person retires, I would say a lot of it.

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

Not the best question to ask but rather ask this question to their selves which is how much bitcoin can I save before I can think about retiring since it will all matter on your financial capabilities. Since if you have a lot of money then maybe you can buy a lot more. But if you have enough just to buy your basic needs maybe you will struggle to find the exact figure on what is the exact amount and when you can retire because accumulating is hard when we are not financially capable.

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

Depends on where you live. If the cost of living in your country is high then calculate that with some statistics on how much a person needs for an average retirement fund. 1 Bitcoin could be enough with an average price of $30k~ish but in major cities and countries, that's barely enough for a retired person. That's why, you need to look at those studies on how much it will cost a retirement fund to become sufficient and compute on how much Bitcoin should be in the future if you're wanting to retire already. But I think many will agree like having 1 Bitcoin and the price of one is $1M. Cool

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

As much as they can to be able to retire from Bitcoin. But I doubt they will retire because usually, when people already have a lot of Bitcoin and manage to sell it at a high or peak price, they will buy more Bitcoin when the price drops again.

They know that when the price of Bitcoin has managed to reach its peak price, the next moment that will happen is the price will decrease drastically so that will be the moment to buy Bitcoin at a low price. It will be an advantage for them because they can earn more Bitcoins than before.

I plan to collect a lot of Bitcoins, which I have been doing since the Bitcoin price dropped after hitting its bottom price of $17k. And I still buy Bitcoins to this day. Later I will sell it at the highest price and get out of the market while waiting for the price to get a deep correction. And I still don't want to retire because having a lot of Bitcoin will give me a lot of money.

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

That depends on the usage of your retirement money. If you are the only one to use the retirement money then you need lesser cash but if you want to meet the expenses of your family then you obviously need more funds or BTC. Other than that, it also depends on the inflation rate of the country in which you are living. Because if I take my example, I need at least 3 BTC.

Just a hard guess maybe I would use less but If i came to know that i have less time now and the money i have remained then i obviously come up with a different plan like i will drop the idea of investing my money in anything. The cashout plan is i will cash out only that which is required nothing less nothing more. This way i would be able to save more money.

Even if you would able to calculate now how much BTC you will be needed then you must have great confidence about the Price of BTC as we all know BTC is highly volatile and what happens if the amount of my 3 BTC or your calculated BTC becomes less over the period of time then you will be suffering too. So the best thing to follow is, do not calculate now, just make an estimate about your country's inflation rate and how you wanted to spend your money, and where you want to keep them.

SOKO-DEKE

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

The truth is that Bitcoin is not a stable currency; it is a digital currency that is prone to volatility; it can increase in value as well as decrease in value, so since no one can predict what will actually happen to the price in the future, there shouldn't be a set amount that a person can accumulate that will be sufficient for retirement. However, if someone has a strategy to hold a certain amount of BTC before retiring, there is nothing wrong with the idea. However, keep in mind that no amount of Bitcoin should be used to determine your retirement because it is a volatile asset.

The ideal method to plan for retirement is to have stable sources of income, invest in a stable asset with low risk, or diversify your investments to spread your risk across a number of different areas. Saving money for retirement may not be a bad idea, but investing it is what most people consider to be the greatest option.

ImThour

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I thought how much money you need to retire was a personal preference and not a specific goal, most of the people from Western countries prefer atleast $1 million to retire however people from South East Asia will prefer just $100k to retire from their work and maybe use that money to start a business or keep it invested, it all depends on the family circumstances, their debt, and the country which they are in. Current Annual Earning plays a major effect on how much money you need to retire, it will never be same for everyone.

Daniel91

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OP, if you're thinking of waiting until the bitcoin price goes up enough to sell everything, then depositing the money in a bank account and spending it for the rest of your life, trust me that's not a good idea.
Banks are no longer a safe way to store money, and you have to think about inflation, which causes your money to lose value.
I think it is a much better idea to invest part of btc in shares of big and well-known companies, investment funds, real estate /tourism) etc.
That way, you will always have a large and stable portfolio that will bring you constant income and then you can quit your job and enjoy life.
It is important to invest in different asset classes and not depend only on crypto or only on stocks.

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

Have you ever seen super rich people or the richest people in the world stop collecting money before? If the answer is no, then someone will never retire collecting Bitcoins. The more wealth you have earned, the easier it will be for you to add to the wealth list. Similarly, someone who has accumulated a large amount of Bitcoin, it will be easier for him to increase the amount of Bitcoin that has been collected in the portfolio.
Future plans depend on each individual or subjective because the level of satisfaction of people is different. Having a certain level of financial stability in retirement is everyone's dream, but the list of wealth can still grow if you put money in the right place.

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it depends on where you live and how your economy is. I mean it also relates to the finances you need to fulfill your life.
it may be too risky when you put money in Bitcoins to secure a life when you retire. I don't want to hope that you will spend your Bitcoins on necessities. If you are retired, why not sell some of your Bitcoins to start your small neighborhood business and you can live off your business and still have some of your Bitcoins to inherit.

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Quote from: CryptoHFs on July 15, 2023, 04:21:42 PM

How many bitcoins does a person need to retire, what is the cashout plan and why?

20,999,999 Bitcoin, because it's impossible you would still lack of money when every people in this world can only have 1 Bitcoin as long as you didn't sold your coins.

If you think it looks impossible, then you need to know how much money you think is enough for you to retire and how much money you can earn without you need to work. It's not about retiring in Bitcoin, but it's about how much you can earn when you're sleep.

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