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^ this lady told me a few hundred thousand would not be enough to retire on really after you add up all your expenses to live comfortably for a decade or more.
If you make 5-6% on your investments, it would take $1 million to yield an annual income of $50-60 thousand. That's not a whole lot in Washington.
Most Americans will only dream of retiring on a few hundred thousand, so she either doesn't know how to manage money or expects to live the high life into retirement.
say if you retired today at 65 but kept on living for 2 more decades in this economy.
do you think you would have enough to survive? it's not a matter of not being able
to manage money per se but live the lifestyle to which you're accustomed here on out.
i mean if you're some type of whiz, you can flip that money i guess, but she was just
talking about what it would be like having that one amount alone and wondering how
long would it actually last.
say if you retired today at 65 but kept on living for 2 more decades in this economy.
do you think you would have enough to survive? it's not a matter of not being able
to manage money per se but live the lifestyle to which you're accustomed here on out.
i mean if you're some type of whiz, you can flip that money i guess, but she was just
talking about what it would be like having that one amount alone and wondering how
long would it actually last.
With, say, $300,000 in the bank? Yea, I'd have enough. I'd move out of DC and watch my money, but that's a sizeable next egg. DC is one of the most expensive places in the country. She shouldn't stay here, and she doesn't have to stay here.
As I look at it, there are millions of Americans in places like Pittsburgh, Cleveland and Buffalo who will retire with far less than that lady will have after selling her house. My point is that it's incorrect to act like she's suffering cause she sold her place and made several hundred thousand. That's a lot of money, you can retire on it, and most Americans would kill to be in that situation. She's someone to be envied, not pitied.
^ smh i agree with you, except i never said anything about her suffering. she's just a regular person who works and she was contemplating her future retirement and how much it would actually cost for her to live for however many years afterwards. $300,000 is a lot but how quick would you spend it living the way you do now is what she was talking about. you know mortgage is high, gas is high, food is high, clothing is high, electricity is high, vacations are high, etc.
add it up and see the main reason why some old people
don't consider retiring to ever really be a logical option
but a dream.
because you basically need to be a millionaire to retire to maintain a
middle class lifestyle, if you plan on living years and years afterward.
Are you assuming this person must stay in DC? Because you absolutely do not need to be a millionaire to have a comfortable, middle class retirement in a whole lot of Florida.
Sound money management means making wise trade offs.
because you basically need to be a millionaire to retire to maintain a middle class lifestyle.
I would argue that is a wholly inaccurate statement to begin with. However, whether you're talking about someone who saved enough money for a comfortable retirement, or whether you're talking about someone who has saved nothing, buying a house for $100,000 and selling it for $600,000 is an opportunity that most homeowners wouldn't dare to dream of. The counterpoint of "yeah, but I can't live off of it in perpetuity" seems bizarre to me.
Are you assuming this person must stay in DC? Because you absolutely do not need to be a millionaire to have a comfortable, middle class retirement in a whole lot of Florida.
Sound money management means making wise trade offs.
Or many other places. DC is an exception, not the rule.
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