How much would you have to win to quit working as a nurse? How much would it take?

llg, PhD, RN · Oct 15, 2007

Hi, MiketheRN. I see you asked my alternative question ... Hmmm... I guess that makes me obligated to answer it, doesn't it?

Well, I'm 52 years old and hoping to begin easing into retirement in another 5 years or so. My hope is to work part time for health insurance until Medicare kicks in, then retire completely. So, I've done a lot of thinking about how much it would take for me to retire comfortably.

I'd quit nursing for good for $500K (after taxes). That would give me over a million to invest and I think I could comfortably live off the income from those investments. For $250K, I'd seek part time employment now -- to give me health insurance and a little cash to live on without having to touch my retirement savings. They need another 10 years of growth before I want to touch them.

rn-jane · Oct 15, 2007

I'd finish out a 2 week notice and say adios to nursing. I would volunteer for charities and give money that are close to my heart though.

mikethern · Oct 15, 2007

Boredom kills. A lot of money without a plan for how you will spend the very long hours of you day just leads to trouble.

True, but if I were a millionaire, I would think of hundreds of ways to avoid boredom without being a nurse.

mikethern · Oct 15, 2007

Mikethe rn: How do you know the return would be so concrete if investing in stocks? I don't know anything at all about the stock market, etc. but how can one predict it doesn't turn way down or way up on any given day? I'm confused. Also, why aren't you an investment broker rather than a nurse?! LOL!

I've been investing online since 1999 with good results. A stock index fund is a mutual fund that acts like the entire stock market. Some years it goes up. Some years it goes down. But long term, it returns about 11% per year. Personally, I have done a lot better than 11% per year because I buy high-quality individual stocks instead of mutual funds. As for being a stockbroker, the thought has crossed my mind.

It would suck wearing a business suit everyday though. :lol2:

Glina · Oct 15, 2007

I've been investing online since 1999 with good results. A stock index fund is a mutual fund that acts like the entire stock market. Some years it goes up. Some years it goes down. But long term, it returns about 11% per year. Personally, I have done a lot better than 11% per year because I buy high-quality individual stocks instead of mutual funds. As for being a stockbroker, the thought has crossed my mind.
It would suck wearing a business suit everyday though.

And how do you know what are high-quality individual stocks?

mikethern · Oct 15, 2007

And how do you know what are high-quality individual stocks?

First, you need to pay off your credit card balances. That's the best investment you can make because their interest rates are so high. After you do that, let me know.

Glina · Oct 15, 2007

First, you need to pay off your credit card balances. That's the best investment you can make because their interest rates are so high. After you do that, let me know.

No credit card debts here

mikethern · Oct 15, 2007

No credit card debts here

Good. If you earn less than $99,000 a year, you can open a Roth IRA. This is a retirement account that you are not allowed to withdraw from until you are 59 1/2 years old, but when you do, your withdrawals will be tax free, which is great.

banditrn · Oct 15, 2007

Good. If you earn less than $99,000 a year, you can open a Roth IRA. This is a retirement account that you are not allowed to withdraw from until you are 59 1/2 years old, but when you do, your withdrawals will be tax free, which is great.

If I were to ever win a BIG lottery, I'd set up a foundation to help those that fall thru the cracks.

The very poor can get help, but those that are just above the poverty line, but still can't afford to throw it all up for the time it would take to go to school - those are the ones I'd help. I'd pay them enough to live on so that they could go to school full time.

They would have to maintain a certain GPA, tho.

I've watched those shows where some people win big bucks and it shows what they do with it - and it seems so wasteful. Maybe because I've gotten to the point in my life where my wants are very few - yes, it would be nice to have a really great houseboat - but that's probably the limit of things I could think of that I'd like to have.

Glina · Oct 15, 2007

99,000 as a family or myself?

mikethern · Oct 15, 2007

99,000 as a family or myself?

Single filers: Up to $99,000 (to qualify for a full contribution); $99,000-$114,000 (to be eligible for a partial contribution)
Joint filers: Up to $156,000 (to qualify for a full contribution); $156,000-$166,000 (to be eligible for a partial contribution)

http://en.wikipedia.org/wiki/Roth_IRA

Glina, check your private messages.

ktwlpn, LPN · Oct 15, 2007

I would get out of nursing if I won a million.Through very shrewd investments-very careful planning.I would then look at starting my own small family business-I would do something with my time.I would also like to do something in memory of both of my parents (cancer) An endowment at the hospital-maybe something to help with transportation,parking and overnite lodging for the patients who have to go into Philadelphia for treatment (that drive was awful at any time of day-what happens to the people that can't /won't drive in the city?)