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Some people just live frugally by nature and don't need a million saved. Depending on their lifestyle some people have very little expenses outside of food, shelter, and taxes. They never or rarely travel, eat out, buy new clothes, have expensive hobbies. The biggest worry is medical expenses. I easily see how some can just live off on a few thousand in the bank.
They are the ones who are usually life poor. Little experiences in life, living the same routine year after year.
Not sure of your definition of 'life poor'. Never heard that expression before. Keep in mind a lot of seniors have had as much 'adventure' as they want by the time they retire. Or maybe a senior concept of adventure is different that a 20 yr old's concept of adventure.
Maybe by the time someone hits old age, the adventure is intellectual rather than physical. Not implying that younger folks don't have intellectual pursuits but where a 25 yr old may want to hike the Appalachian Trail, a 70 year old would rather learn to paint.
OP, your parents may have a plan for their "multiple millions". Perhaps they want to splurge during their retirement or maybe they intend to set aside sufficient funds to pay out of pocket for 24 hour home care. Your question should not be "[h]ow do people without millions manage to retire?". What you are really asking is whether it is really possible that you will have little to no inheritance considering that your parents have multiple millions of dollars? The answer to that question is yes. This is why people are telling you NOT to count on an inheritance.
Yes, to this!! Big time. I didn't plan on getting much from my mom. But friends have been wondering.... Her estate has a piece of property that's "worth" 600k., but the township's restrictions on that property have rendered it worthless.
Classic case of not counting chickens till the eggs have hatched.
Yes, to this!! Big time. I didn't plan on getting much from my mom. But friends have been wondering.... Her estate has a piece of property that's "worth" 600k., but the township's restrictions on that property have rendered it worthless.
Classic case of not counting chickens till the eggs have hatched.
How can it be worth 600K and be rendered worthless?
I think it really comes down to your spending habits/lifestyle. I'm 50 now, but when I was single in my 20's/30's I LOVED going to fancy/pricey restaurants. Honestly, you couldn't pay me now to go to those crowded, noisy , and overpriced places. I enjoy quiet dinners at home so much . Also, spending money on new clothes every year..another waste...1-2 nice vacations a year sure but the daily routine of most of my meals at home are a HUGE way to curtail spending
Most of the people I know in their 60-70s have little expenses outside of food, shelter, taxes, and medications. It's a pretty simplistic lifestyle that does not need huge amounts of money. Again the biggest threat to their finances are unexpected health expenses, like dental work, chiro, medicines, wheel chairs, etc, etc,
I'm not making fun of seniors because one day most of my expenditures will most likely be health related.
I'm not, either. Most people don't make it to SSI age healthy and happy. That's why they keep raising the age. They want to you die before collecting it or shortly after.
I'm not, either. Most people don't make it to SSI age healthy and happy. That's why they keep raising the age. They want to you die before collecting it or shortly after.
Most? I don't buy that. As much as I don't buy that people are getting older and healthier, I do think people in their 60's and 70's mostly enjoy relatively healthy lifestyles.
I'm not, either. Most people don't make it to SSI age healthy and happy. That's why they keep raising the age. They want to you die before collecting it or shortly after.
I never needed millions while I worked. Why would I need millions when I'm retired?
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if you earned at least 40k a year as a household income you earned the equivalent income 1 million can safely generate .
so you would need at least 1 million to duplicate that
if you earned at least 40k a year as a household income you earned the equivalent income 1 million can safely generate .
so you would need at least 1 million to duplicate that
Right , that would assume he saved none of that 40K each year. Also social security will be added income at some point
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