can you retire after making 1 mllion dollars?

All very very true but for me, the key is not staying in an expensive city like New York but moving to some place that you like where you can live very comfortably on the income that you have. DH and I liv in Southern California. Our incomes were high but so were our expenses. We spend much of our working lives traveling to find a place that we like that is much less expensive than Southern California is. We love the beach and for us the place that we fell in love with is in Oregon. We bought a condo there about 5 years ago and kept it as a rental. Now it is paid off and we are retired. We're going to move to Oregon next summer. Most of our friends have done the same thing. We have friends that retired to Fort Lauderdale, Brentwood, TN a suburb of Nashville, Charlotte NC and to various cities in Washington state. We plan to live on less than 48K per year and will use the remainder of our income to travel in the winter months. We are not millionaires by any stretch of the imagination but with social security, modest pensions and interest on our savings, we think that we will be able to manage quite well without taking money out of our 401K accounts (we view those accounts as money to take care of us when we're in our eighties) for 8-10 years when I think that it is mandatory for us to take distributions. Best of luck to you.

I could definitely retire if I had 1 million dollars. But instead of dividing my money based on my expected number of years, I would just live off the interest of my money by putting it in the bank for time deposit. That way, the original amount of my money would not decrease. It would also be a good idea to divide the money into, say, 4 and then put each of them in different banks. That way, when one of my banks get bankrupt, I would not lose all of my money.

I think that you can retire after making 1 million dollars because it is a lot of money but it all depends on how you spend it. It would last longer if you put it into an high interest earning savings account and also invest some!

i htink a very important factor is how old you are. if you are 20 i think retirement would be the wrong thing because you still have your whole life ahead of you and the money would not last. if you are older, say 65 then retire and relax and just spend the money wisely so it lasts.

Maybe 30 years ago. Not anymore. today you would still have to work because the interest generated from keeping it in a bank will not be sufficient to keep you alive even for a year! anyway, if you live in a rural area. you can make ends meet more easily. Today, you can have a comfortable life if you have say USD3 million or more in a bank account that pays a good interest rate.

I think it's depend on the my situation..that i earn..1 million dollar..or not...if i have ability to earn 1 millions dollars then i get it...but why 1 million dollars...i think ..i get more than one million dollars...and until i have ability to earn more and more money..then i will earn..until i want..and when i realized...i have no more ability..then..i take retirement..

I honestly don't think you can retire on 1 million dollars. Inflation is only going to go up and not down. By the time I get to retiring, things will be so much more expensive. I think we would need probably 2 million or so...

After putting up all the line of business that I want with this amount of money, then YES! I'd retire! I'll just hire someone to be a manager to sort all things for me!

No i dont agree with this always we have to earn money so that our childrens life will be very happy and comfortable. And we dont know how will be future

I will not agree if any one retires after earning more money Till we have energy we have to earn as much as we can so that our childrens will be very happy and can earn more comfortable life. And after earning we have to lead some part of our social lifes by helping others. So i suggest not to retire after earnings. Retire only after old ages

hi tundeemma i thinks it defend on the economy of the country but if i work in the US and i have 1 million US dollar yes yes yes yes x100 yes i will retire because 1 million us dollar here in the Philippines Is so big amount i will buy house and lot build own business buy luxury car and many more. i will give money to my family and i will buy a lot gadgets. like laptop,cellphone,ipod,nintedo wii,psp etc.

I think I will hold the money to do other projects rather than the retirement. 1 mllion dollars? neither more nor less. I can earn money from my daily job,also through investment ,the money will become more.

'1 million dollar' that's a lot of money for me cause that was what i am dreaming of...i will do retire if i earn that much money cause that would be enough to spend for the rest of the life..i would invest some of it and put the rest into the bank and just keep on using the interest...

1 million dollars isn't very much,but it is also a large sum of money.As we all know millionares isn't so many.Even if we earn 100,000 dallars a year,to own 1 million dollars is not easy.So one who owns 1 million dollars is rich. Retiring with 1 million dollars is not a good idea for me.Others may choose to do like this.If we retired ,we will not enjoy the time on work.Owning 1 million dollars does be helpful for us,but it can't satisfy all the requirements of us.So i think making 1 mllion dollars is good and isn't enough.

Yes, agree with you. In some poor countries, earning 1 million dollars will take people more than two decades, or even more! It's true. It's about currency converter itself. If you are having 1 million dolars, and where do you spend and save the money? If you go to country which gives you MORE than just a million dollar with your a million dollar, it's smart though.

I only earn minimum salary in US for almost 2 years since we migrate here. 1 million dollar will give me a big change in my life. Although time is changing, don't expect your situation today will gradually move smoonthly as the time past by. In some point of your life you'll struggle your self to the problems you gonna face off.

I think it does depend on what your monthly expenses will be. Now I myself would payoff my mortgages and any other bill I can and then invest some so I would be getting interest to help with the monthly bills. I live in a small town so I am sure that I could live on a million dollars.

I think it depends on the economy of that country and payscale. In future costs of living will increase. So our expectations would increase. 1 million dollors are fine for poor countries but for devloped and devloping countries 1 million is not enough. We have to save money for future . We should retire at the age specified for retirement. And after retirement we have to search some home based business to earn.

1 million dollars if spent wisely is more than enough to use after you retire. It's not enough for me to retire now on though. It's not enough for big cities but it may be enough for 3rd world countries though.

for me i think that's enough for me and my family. but first i would like to make the money grow, invest to a trusted company or start a new business and start to make more money. but seriously 1 million dollars is not enough and fine with me, i want to help not only my family but to those who needs money the most. like for example the poor ones and the beggars. i want to give them home and shelter and a place to spend their lives with not on the streets and keep them away from danger. and if i am contented, i would make the rest of my life be enjoyable and be meaningful.