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Is a million dollars enough?

Csn you live off 30-35k each year after taxes? Cuz that's what you'll get with a 50/50 stock/bond allocation. 1 million dollars and social security can provide you with a median income non big city lifestyle

If you are too young for social security or barely have enough in it, you need at least double aka 2 million for 60-70k each year assuming the economy doesn't go south

My earliest retirement age is around 2049 and if average yearly inflation still applies, it's around $3 million for the same $1 million dollar equivalent
 
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TeTe said:
I wish calculating pension into net worth wasn't so complicated cause I'd be interested to see what it is when my wife can retire with full benefits at 58.
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Just run her info on the CalPERS calculator and you'll get a good idea. Throw in social security and you probably only need your pension to be about 65% of your salary in order to take home around 100% of your working salary. Most of those deductions from her check will be gone as well.
 
How do you jump from 1 mil to 1 bil lol. That's a huge difference. Also enough for what? $1 mil is definitely still a huge milestone for many, but obviously not what it use to be. I bet a decent amount of people on this forum have a net worth of $1 mil+, but at the same time $1 mil would be a life changer for most. In terms on how much is needed to retire. It depends on a lot of factors. Age, debts, assets, sources of retirement, dependents, etc. People that high monthly streams of retirement (pensions, social security, possibly disability) can get away with less assets and cash.
 
When I was a kid, I dreamed of being a millionaire. Now I am and it’s disappointing. No yachts, no lavish vacations, no Ferrari and the best I could do was a hellcat.

Not to sound ungrateful but yeah, being a millionaire isn’t really a big deal anymore. Any boomer who owns their own home and has a bit of retirement savings is one now.
 
I might also buy a 68 L89

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Could I drop 1 million into a high yield savings account and live on the 4.6% interest each month?

I think I’d manage
 
facePuncher7 said:
As a kid, $1m seemed like enough money to do everything a person could ever want to, and maybe at the time that wasn't far off the mark.

Since then (last 30 years) inflation has brought that milestone into a more achievable range and also lessened its value.

Is $1m still a number, in your area, that would have you thinking "that's it, I don't need to do anything ever again"?
Has the number lost any significance for you since you were younger?
It isn't reasonable to say $1b is the new $1m as that milestone isn't reasonably achievable, so then what is?
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Nope.

1M, adjusted for inflation since my childhood.
So, about 5M
 
Vould live decent for maybe 10 years I guess depending. I make around 200k a year an feel like I'm broke most of time though. So. No clue depends on person an location. In Chicago area it wouldn't be long . I woul say at 21 min. 10 mil
 
At 40, 1 million is not enough to retire on. It's a nice nest egg, but not enough to make me change my life plan or career.

In theory, I am already a millionaire, but it means jack shit because my net worth is tied up in a house.
 
facePuncher7 said:
Is $1m still a number, in your area, that would have you thinking "that's it, I don't need to do anything ever again"?
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It's definitely lowered in prestige in recent years. My parents where probably considered barely middle-middle class and yet their 401k + house value is close to 2 million (and that's with them not being great with money + raising 5 kids).

Former UFC champion Johny Hendricks is someone in my area who made decent money early in life, but that money goes quick. I think it's estimated that after taxes and training fees he made around 1.5-1.8 million dollars, but that money was basically just what he used in a 15-year span to pay him and his families bills. By the time he was in his late 30s he was headed to the police academy to be a cop since the money was mostly gone. Making over a million take home even in his 30s isn't a lot for a decent size family in a large city.

For me since I could potentially live another 50 years, I'd say 3 or 4 million probably gets it done. With investing that figure probably ends up closer to 6 or 7 million.
 
560ti said:
Former UFC champion Johny Hendricks is someone in my area who made decent money early in life, but that money goes quick. I think it's estimated that after taxes and training fees he made around 1.5-1.8 million dollars, but that money was basically just what he used in a 15-year span to pay him and his families bills. By the time he was in his late 30s he was headed to the police academy to be a cop since the money was mostly gone. Making over a million take home even in his 30s isn't a lot for a decent size family in a large city.
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Sounds like the issue is that he used up the 1.5M instead of investing it. He should only have used the interest, and moved + ramped down his lifestyle to make it happen. At the end of the day when people get money, probably like 90% of them will just use it up to fund a lavish lifestyle instead of doing the smart move.
 
TeTe said:
I wish calculating pension into net worth wasn't so complicated cause I'd be interested to see what it is when my wife can retire with full benefits at 58.
Click to expand...
You can project and estimate how much her monthly pension will be. Someone mentioned CALPERS, so it will be a nice amount if she has a good enough of years left. Also with the new social security fairness act removing WEP (windfall elimination provision) if she contributed to social security in the past (or plan to in the future if she gets another job), she could be getting a higher amount in social security depending on the amount and years of qualified earnings.

My wife and I are fed employees, but also worked for CA state. I plan to go back to the state at some point to increase my highest earning year and increase the overall percentage I receive. My wife may do the same. The amount we will get from both of our dual pensions and social security should be enough to where we don't even have to tap into our retirement investment accounts.
 
Renard said:
Sounds like the issue is that he used up the 1.5M instead of investing it. He should only have used the interest, and moved + ramped down his lifestyle to make it happen. At the end of the day when people get money, probably like 90% of them will just use it up to fund a lavish lifestyle instead of doing the smart move.
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If it was a lump sum yes but that was just the total amount divided up by almost 15 years. For most upper middle class families in my area that's just money used during that span
 
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