How much saved up as a single guy to not give a single sht about getting laid off or not?
400k good?
21 replies (most recent on top)
Six months actual avg spending minimum and 30 months max.
If you want to buy a VAN and live the VAN life and take odd jobs here (to buy food/gas/VAN insurance) and not dip into your savings and if you don't need health insurance, all good. If you have a family, NO WAY!
Do you own your home? What is the trend for property taxes?
It was announced this week that auto and home insurance will increase by 40% to 50% next (thanks Bid-encomics!).
What is your health like, dental too?! These costs will be very high without group rating and you are only young until you are not!
If you stop working it looks bad on your resume - ask any women that has taken time off for her children.
Be lazy but understand the risks and costs.
This 400k invested gives you roughly 20k a year, plus or minus? Go retire in Asia and live off the interest.
Depends if you have a mortgage. Depends if you have dependents. If you are lucky enough to only be accountable to yourself, you are set. My uncle had NOTHING. The poorer you are, the more benefits you get from local/federal assistance. Better to be completely poor!!!!!!!!
Ask your friends at India.
By the way of the inflation, you might need $40M. If we are going the Venezuela route, $4B.
Ask Fargo in your mobile app, I’m sure he can help you with your big life choice
How long have you been there - how long will you get severance? How old are you - how long before you can get Social Security and Medicare?
By asking the question the way you asked it, you made it impossible for anyone to answer. It would be tough anyway because it would vary person to person so much - but you made it beyond tough.
Contact your WF financial advisor
You work at a bank. Open a spreadsheet and chat GPT and figure it out. Unless you’re trying to brag
If that’s your cushion to get you through to the next gig, you are in great shape. You can afford to be picky.
If you plan to never work again never mind.
How much do you plan to spend. You don’t need a financial advisor for that math
I'm factoring in needing $3 million when I retire in 20 years. So probably need to double that to clock out forever today
$400k in liquid savings like an emergency fund would be stellar, but I am guessing that money is tied up in an IRA or 401k, both of which have penalties for touching it prior to a specific age.
Definitely time to consult a financial planner. :)
The average household retirement savings is $334k, but we all know to use median and not average which is only $88M. 90% of households will not have adequate retirement savings and most will have to work through their 70s and beyond, permitting health.
To quit working forever? Nowhere near enough, and the younger you are the worse it is.
As a safety cushion until you find your next job? Yep you are in great shape. Though if you are worried it’s not a bad idea to look for greener pastures rather than waiting around in misery.
OP,
Stop wasting your time guessing and talk to a financial advisor.
400k means something different to somebody else.
Only you can answer that question, OP.
How long is a piece of string?
Depends on Age. 400k for a 22 year old is good.
400k for a 50 year old is bad.
4m would be ideal and be age agnostic