Retire early in Wyoming?

[boomerangc]

Single adult male, mid thirties, hoping to retire early somewhere cheap in Wyoming, what do you think the minimum net worth should be? I know it probably varies depending on a lot of factors, but just curious to hear what you think anyway!

 

[Sunset]

Are you working a job that pays into SS or some other pension plan (that will be around in 30 yrs) ?

If not you would need an extra amount of money to replace that, which would be about $500,000 at 4% withdrawal would be $20K income (all in today's dollars).

Big question is: Are you going to be single forever ?

 

[Major Tom]

what do you think the minimum net worth should be?

Somewhere between 25 and 50 times the amount of money you need annually, depending on your risk tolerance. If you'll have Social Security as well, then adjust accordingly.

 

[boomerangc]

I will be single forever, and no kids. I have been paying into SS, I have over 10 years worth of credits built up, I need to look at it again to see exactly how much I will make at 65. Don't have another pension plan.

Do you think it's 500k total that I would need right now or 500k equivalent in 30 years?

 

[Major Tom]

You're not giving us enough information. How much do you think you'll be spending annually?

 

[boomerangc]

You're not giving us enough information. How much do you think you'll be spending annually?

Ideally, I think I'd like to keep it to 25k a year maximum.

Also I understand if an exact number is hard to give especially since there are so many variables.

I'm just curious what you think a mostly healthy single adult male in his mid 30s, if he wanted to just pack up and retire in a state like Wyoming (or similar low cost of living state) what a good net worth estimate should be.

 

[Sunset]

Better to actually track what you spend, I use a phone app called Spending Tracker, it's free and allows me to input each time I spend money (it has categories and you can add your own).
I then transfer the amounts to a spreadsheet (to view and compare over the years).

Once you know how much you really spend, then you can know how much you need to have to retire.

Note: early retirement means needing to have more, as you have to pay for a longer time of not working.

 

[boomerangc]

Better to actually track what you spend.

I understand all that, but the thing is if I actually quit and pack up and move to a cheaper state, both my spending habits and prices will likely change.

I was just really hoping someone would at least throw out a number and say something like, I think 800k is reasonable, or at least 1 mil, or something like that.

I'm not going to hold you to it or anything, I just want to know your thoughts if you were in a similar situation what you would be targeting. I kinda would like to get a feel for what is possible/feasible/reasonable, as opposed to just targeting a very specific number based on my precise spending at this moment in time.

I hope someone can indulge me in this

 

[WyomingLife]

Here is an 8-year old blog post that got me thinking of these issues long ago (but not soon enough): https://www.mrmoneymustache.com/201...y spending, as others have noted. Good luck.

 

[pacergal]

Ok, i'll bite.
$1,000,000 would give you $40,000/year safely (in theory) for 30 years. Put you in mid sixties. Probably better to do a 3-3.5% withdrawal, so $30-35,000. Plus Social Security, in time.
Can you live on that?
Do you plan to buy or rent?
Probably need a good 4wd car or truck for Wyoming. Do you plan to ski, hunt, fish? Probably need equipment for that.
Do you plan to travel? add that to your budget.

You would probably find more helpful answers if folks know your current budget or what you would like to plan for.

 

[UnrealizedPotential]

Mid 30's, 500K, uh no. Maybe 500k if you were in your mid 40's might work in Wyoming. I retired at age 46 and moved to rural Utah and my investable assets are a bit over 500K. I am doing fine, but I am in my early 50's now. Big difference between mid 30's and early 50's.

At your age I would feel much more comfortable if you had 800K. Mid 30's is so very young, I would think you would want a little extra cash because inflation bites . Just my opinion.

 

[timo2]

The COL in Wyoming is higher in the Jackson area, and would need to be considered differently.

 

[Gumby]

Have you ever been to Wyoming? I thought parts of it were breathtakingly beautiful (Star Valley, Grand Tetons, Yellowstone, Big Horn Mountains, Devil's Tower area), but a lot of it was pretty desolate (especially the stretch on I-90 between Buffalo and Gillette). I would have a hard time living there.

 

[tulak]

Ideally, I think I'd like to keep it to 25k a year maximum.

$714,286.

For 25k/year, that’s a 3.5% WR rate. At that rate, your portfolio should last forever.

Good luck!

 

[MRG]

Have you ever been to Wyoming? I thought parts of it were breathtakingly beautiful (Star Valley, Grand Tetons, Yellowstone, Big Horn Mountains, Devil's Tower area), but a lot of it was pretty desolate (especially the stretch on I-90 between Buffalo and Gillette). I would have a hard time living there.

In the winter? Have you ever been to Wyoming in the winter, cause it's different than summer or spring.

 

[Sunset]

OP - what do you currently work at ?

I ask because certain jobs are the type where you earnings really have the chance to increase a LOT between age 30 -> 50.
If you quit work at age 30 you are cutting yourself off at the knees moneywise.

If you own a house free and clear, and are super handy to do your own repairs,
I've seen retired folks live on just their SS of $20K per yr. Understand that is:
zero travel (except walking, bike, car),
keeping the $20,000 car for 20 yrs.
Anxiety at every toothache.
Restaurants are: McD, BurgerKing, Portillos on special times, etc....
no cell phone or get one without data so no internet on phone, it's really a phone.

 

[gerntz]

The COL in Wyoming is higher in the Jackson area, and would need to be considered differently.

Believe Jackson Cty is highest net worth county in the country.

 

[gerntz]

In the winter? Have you ever been to Wyoming in the winter, cause it's different than summer or spring.

Yes, skied Jackson Hole Mountain Resort a couple of times. One mean mountain.

 

[Dash man]

What would you do about healthcare?

 

[Dtail]

Have you checked out other LCOL areas/states?
Sometimes you get what you pay for in the VCOL areas, as medical coverage/expertise, dining choices, cultural choices, etc.

 

[boomerangc]

Have you checked out other LCOL areas/states?
Sometimes you get what you pay for in the VCOL areas, as medical coverage/expertise, dining choices, cultural choices, etc.

What's VCOL? I looked it up but couldn't find a definition, I almost want to guess it means variable cost of living?

What other states you have in mind?

 

[boomerangc]

Have you ever been to Wyoming? I thought parts of it were breathtakingly beautiful (Star Valley, Grand Tetons, Yellowstone, Big Horn Mountains, Devil's Tower area), but a lot of it was pretty desolate (especially the stretch on I-90 between Buffalo and Gillette). I would have a hard time living there.

No but I've been to Skyrim, they look about the same so I think I'm prepared.

 

[WyomingLife]

@boomerangc

I've lived around the world, from HCOL to LCOL. And now find myself in wonderful Wyoming. As they say, "it isn't for everybody, and we like it that way." If you shoot me a private message, I'd be happy to answer, to the best of my ability, any questions you have about what it is like to live here, and otherwise happily provide unvarnished observations, including the pro's and con's.

 

[street]

Wyoming is a great place to live if you stay away from the high tourist areas. Then of course you need to be acquainted to the winter season.

I personally couldn't live any place else except for the high plains, northern western (MT ND SD WY) border states. I couldn't imagine living in a metropolitan high populated state. I'm sure OP is looking for solitary area to settle down.

 

[Gumby]

No but I've been to Skyrim, they look about the same so I think I'm prepared.

Where is Skyrim?