Current Events > Anyone else scared dat $1 million isn't enough to safely retire nowadays?

(+) Yeah! (+)

No.
---

I plan on dying in poverty

---

Depends in your lifestyle.

---

Irony posted...

I plan on dying in poverty

---

Retire at what age, to die at what age?
---

I mean, I'm not scared because I already know for sure it's not enough to retire on

---

I'm investing aggressively to try to build a passive income stream. I'm hoping it'll eventually be enough to replace my income from work in 15 - 20 years.

---

If you're planning to retire at like 60 and live for another 30-40 years, you'll easily need like a million dollars.

A big issue with that is that it also tends to follow how people like to retire and continue living the same standards of life they had before, when that isn't really practical. You don't need to go into poverty or anything, but like, sell the big house and cut HBO and you can probably only need to save 1/2 as much.

I used to think making 100k a year meant you were rich when I was younger. Boy was I dumb.

Chadwick69 posted...

I used to think making 100k a year meant you were rich when I was younger. Boy was I dumb.

Same, LOL

---

Chadwick69 posted...

I used to think making 100k a year meant you were rich when I was younger. Boy was I dumb.

When I was young, making 100k a year did make you rich.

One million dollars is not nearly enough for my husband and me to retire. We're aiming for $6M. We're in our late 40s and should get there. He would like to retire by 55.

---

Its also worth noting that 1 Mill could totally be enough to retire on depending on where you live. If you aren't needing to pay a few thousand a month in bills and expenses, 1 million could probably last you a long time.

Also if you want to retire early. Like 55 is pretty early to retire (you might need 40 years of funds saved up) and that's a whole extra decade or so of money you need saved when you would be earning it.

The plan is to live off that sweet pension and mutual funds

---

It all depends on where you want to retire and where you want to live. 1 million is enough to live comfortably in many places.

---

Yeah.
Aiming for 2.8M USD by 2049.

---

Chadwick69 posted...

I used to think making 100k a year meant you were rich when I was younger. Boy was I dumb.

I think something like 15% of families have a CFI of $100k and maybe 8% of individuals reach that income level. You're not rubbing shoulders with the Rockefellers but $100k a year is enough to separate you from the majority of society in a pretty meaningful way, especially if you're making that kind of money on the friendly side of 40.

---

I could easily live on 40k a year if I had to. Especially if I have a house that's paid for.

Maybe not optimal but definitely more than doable

---

Chadwick69 posted...

I used to think making 100k a year meant you were rich when I was younger. Boy was I dumb.

100k a year is a very good living in most areas of the country

---

Lol
---

Im almost 34 and my net worth is between 250k and 300k. I think Im on the right path so far.

---

I see
---