500K in assets is nothing, especially if you want to travel the world during your retirement years.
At their discretion? No. The only reason they provide for retraction is if you are no longer an employee on March 1st.
They probably can retract it if they claim and successfully establish fraud on your part. Otherwise, once they’ve paid it, there is no way to get it back, unless the contract explicitly stipulates some kind of clawback provision.
Are you of your fking rocker? 500k is more than enough to live like a king…people have travelled the world continuously for a decade starting with no more than 50k.
250k for a sweet house,200k for when your old health expenses. If you get cancer or some high expense disease post 75-Euthenasia. What else is there?
$250k doesn’t even buy a one bedroom condo where I’m at, and I’m not even in a major urban centre (small city).
But $5k/year doesn’t allow you travel at all. Maybe in the third world and hitchhiking.
Anyway, in North America, $500k isn’t enough to retire today comfortably. Not if you want anything other than a minimalist existence.
You can live for 6 months in S.America/ S.E Asia / Africa/ Central asia for 5k. 2 months in more developed parts of the world.
Save that 250k and buy a house somewhere else then. Anyway your parent’s house is coming to you.
Anyhow depends on you. If i make 500 k i’m walking away forever. My parents house is in a central area in a city that’s destined to become some sort of megalapolis. I’ll always have a roof over my head don’t care about much else.
You retire at 65 right? There’s not much you can do post 75 anyway. I’d say 50k a year is not minimalistic unless you’re in scandinavia or something.
It should be possible to survive on 500k for a long time, if you are frugal and in the third world, but it’s certainly not enough to live well for multiple decades or raise a family without other sources of income or assets.
I would have retired at $500k, but unfortunately, moving into my parents’ house in India until I’m 75 is not my life plan at the moment.
You don’t even have to be frugal, It’s just about what you want. Deffo can’t do it with a family
There’s no place in the developed world where living off 500K for the rest of your life will be enough, especially if you still have at least 5 decades to live. India will become part of the developed world sometime in your lifetime and 500K there would not allow you to live like a king.
You must’ve missed the part where 250k buys you a sweet house. You rent it out or whatever. Better yet,buy land for 250 k on the outskirts of any developing city. Invest the other 200k in whatever you want.
Travel for a decade at least on 50k. Come back, tie up with a builder to develop that land which the city has enclosed bhy now. Build apartments-sell 50/50 for you and the builder. Use all that money to buy a sweet house wherever you want. You now havve a house of your own + your parents which will get passed on to you.
The remaining 200k and whatever it’s multiplied into do what you want. By the time you’re 60+ chances are your parent’s are gone. Sell one of the properties and that’s your retirement package
And what happens if he has 3 other siblings? There won’t be much to be “passed” to.
Who has 3 siblings these day’s? Your parents best be loaded if they’re heading down that route.
Seriously though, Sell the other property then and build a multi-storey split house.
I think 500K is plenty in India if you do move back into parents house. Unfortunately RE prices are through the roof.
If you invest at 4% real, you get 20k of FCF that has to cover significant living expenses.
YOU DON’T HAVE TO MOVE BACK.
You could move to Detroit and get a house for a few thousand. The USA is very diverse and many cheap places to live
I’m just curious, but what level of yearly compensation (including everything) are people trying to achieve? I’m sure everyone wants as much as possible, but I’m sure everyone has a target. Curious what people are attempting to achieve.
While I’m working for someone else - $500k. Once I’m on my own, $150-200 would be enough. My ultimate goal is $10 MM in net assets in the next 10 years.
10 million is a lot of money. You think you can spend 10 million in one lifetime?
the goal of $10 MM is not to spend it. it’s to buy complete financial freedom for myself and my family.