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I smell a lot of jealousy! How do you know he is a spendthrift? You don't (neither do I).
And it's all relative - $10,000/month is not that much for many people I know. And again, it might be enough for YOU to live comfortably, but I know I would be p'oed to have to live on less.
Not my problem if you are a greedy guts. And I was a software engineer. When I was working, I made that kind of money - and it is STILL a whole heapin' lot of money.
Seriously. If you would be ticked off having to live on ONLY a six figure salary, your priorities are entirely whacked.
A life like this is so far out of our purvue, or experience, that I find myself wondering about and speculating about my mysterious BIL. No hard figures to guesstimate but he had the traditional working life (not gov't) that doesn't exist anymore...so it's almost historical curiosity.
Worked 30+ years at the same large international chemical co. as an executive. Probably making over 6 figures. Has a traditional pension plan, a 401(k), at least $200,000 in inheritances. Maximum SS.
Never married; no SO, no children, no hobbies (he's autistic, so very home-bound), no home---always rented in high COL CT. Now we think he retired to Birmingham, AL.
So if pensions are around 70% (just guessing) in the private sector, that's $70,000 annually, or almost $6,000 a month.
Maximum SS is around $3,000, if I read it right.
4% withdraw from investment inheritance around $1,000.
Who knows about the 401, but I imagine he put the maximum in, due to his spartan lifestyle. But even without the 401, here we are at $10,000 a month.
Since many of you are at this point----does this sound about right? WOW, and here he is, just sacking it all away, probably for his already-wealthy lone nephew. Too bad he doesn't like traveling.
it is all cost of living related . sure 10k a month is a lot of money but in many areas that is a median income to live there . in our neighborhood which is not even close to what it cost to live in manhattan median income for a household is in the 120k area . so yeah it sounds like a lot but it buys a plain jane nothing special lifestyle here .
so it is all relative .
The median household income where I live is $108,000. But even I know that $120,000/year is a lot of money. That goes double when we are talking about Alabama in retirement when expenses tend to be lower is a lot of money. In fact it's more than double the median household income for Birmingham. To claim it isn't a lot for the person described in the OP is nonsense.
Boy I'd much rather live in Birmingham than CT. I read a news item when Russia was being reorganized that they were sending people back to live in the place they were born and the concept scared me (born in CT).
Other attractive southern cities are on the coast and this guy may be smart enough to take global warming seriously.
Just stop. To nearly everyone that's a lot of money.
Not to me.
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