On a relative basis, he is not 'earning' $59,000 as that required income figure assumes you own your own home debt free. So it nets out. This is about spending money. OK, if he's single, that brings the suggested figure down to $43,000 p.a. With reference to comments made earlier about how much of a lump sum in cash you would need to hit that income target, it would be roughly $100,000.
At the end of the day, it's not my job to tell you how to run your life. But going down this road, you may well live to regret it in my view. Living near the poverty line means you have more limited options in life and no safety net in case things go wrong. If you think investments are worrysome, well that's life. There are no certainties. But I work hard for my money as most of us do and I'll be dammed if I'm going to spend my retirement years regretting what I might have had and being at the at the mercy of the public system.
