Can you retire on 500000? – Udemy Day Trading For Beginners

– A. Yes, sir

Q. In your personal accounts, you are still in a net profit position and are not paying any dividend, so I’m looking at the total $500,000, and you are making $20,000 a month from retirement and I want to show you your total tax liability is $30,000. So you are still paying $1,500,000 in taxes every year.

A. Correct.

Q. And a very good, smart investor that I am, I want to show you the total tax liability would be $55,000 by my reckoning.

And what do you think of that? Do you see yourself retiring at this level?

A. Well, let me tell you that you did not take into consideration that I would retire on April 20th. So it didn’t make you any different or more careful. I just show you my annual income and it’s $500,000. You still have $1,500-2,750,000 in you, and my total tax liability will be $45,125.

Q. Do you have a pension.

A. Yes, sir.

Q. Where is the pension?

A. I don’t even know where it is, sir.

Q. Are you in a pension?

A. No, I’m not, sir. I am not.

Q. I want to go back just to your income. I have looked on your business assets and you are not in one. You have no pension. But did your salary go from $200,000 a year to $500,000 a year?

A. As I indicated, I’m not, so those figures don’t add up. I don’t know where the pension is, and whether I would be entitled.

Q. Did your salary go from $200,000 to $500,000 a year?

A. Yes, sir. It did.

Q. And where is the pension money?

A. I don’t know where that is, and I don’t know. I may just be asking questions that aren’t answered.

Q. When you worked for General Motors as a supervisor for 10 years as a safety inspector, did you have a pension?

A. No, sir. I’m really not going to discuss that. You know, I haven’t worked there for 15 years.

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