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Anonymous
Anonymous asked in Business & FinancePersonal Finance · 2 months ago

Is $300k enough for a single man to retire on?

Say one is single, lives in an apartment, and manages his money wisely. 

19 Answers

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  • 2 months ago
    Favorite Answer

    Maybe.

    Will this man be getting social security retirement benefits or any other recurring income such as an employer pension?

    Will this man qualify for medicare to cover the majority of major medical expenses?

    What type of lifestyle does this man intend to live during retirement?

    Its possible, but would be tight and he'd need to live frugally. It would be a little more manageable if he has a decent social security benefit coming.

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  • Anonymous
    2 months ago

    Depends on his age and location. Is the apartment paid off or is he still paying rent monthly?

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  • 2 months ago

    If you moved to a different country, maybe like Poland or something then yea you should be good, but in the US, hell no.

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  • 2 months ago

    and gets social security?? probably, I would take that $300,000 and buy a rental house or buy stock in PFE and T, both stocks pay nice dividends.

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  • B
    Lv 7
    2 months ago

    If the man is drawing social security after working 35 years, and at a high rate of pay, he gets $36,000+ a year plus 8% a year more for every year over 66 years of age, so possibly.

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  • 2 months ago

    That depends. I could last 10 years on that with ZERO income from investment.

    That assumes no other source of income, such as social security.

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  • Amy
    Lv 7
    2 months ago

    LOL, no. That just might be enough to pay his medical bills and nothing else.

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  • Judy
    Lv 7
    2 months ago

    very frugally, if he's normal retirement age. If he also has a fairly substantial social security, is probably ok.

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  • Anonymous
    2 months ago

    NO! Without any other financial assistance You need AT LEAST 1million to comfortably retire on if youre under 40.

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  • Anonymous
    2 months ago

    If he can live on about $12k a year, he might be able to but I doubt it.  That's a long time for that 300k to last.  

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  • Anonymous
    2 months ago

    at what age? neccesities will cost like 30 grand a year, so give yourself a bit of an entertainment budget and other things and say 35k a year, you'll be lucky to make it ten years.

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