re: Is $1 million a lot of money in 2019?

$1 million has been anchored as a ton of money for a while. It doesn't go as far as it did in 1995, but yes it's a lot of money.

If your income is less than $100k and you retire at 65 with a million dollars you probably won't have much of an adjustment in lifestyle.

You won't be saving income ($15k/yr), saving for college ($5k/yr) or paying a mortgage ($15k/yr). You will receive SS ($35k/yr) and will be eligible for Medicare.

Even if you only spend $40k/yr from investments (4%) that puts you at an equivalent income of $110k and you will avoid SS/Medicare taxes on passive income.

If you retire earlier (say 60) or still have a mortgage it's a different ballgame.

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Young high earners that have come here for advice have received plenty. Just don't post a picture of your rolls royce at a whataburger while mailing sure your watch is in full display, and you'll fine.

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Equally as important to retirement is having no debt. Once you get there, it doesn’t take much monthly.

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i am sure i forgot plenty also

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Taxes

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Full disclosure: I don't have $1m liquid or otherwise. I place my virtual net worth at about $700k, but that's playing games about shite that hasn't happened yet. "Real world", it's my liquid assests, which are under $100k because of a lot of things.

Anyway, I digress. If you had $1 million and you were, say, 60. Assuming reasonable health and a life expectancy of 85 at that point, could you retire? You could take, what $40k or maybe $50k (after a particularly good year) and expect that money to take you all the way to 85.

Now, if your house is paid for, with SS kicking in at some future date, maybe, but I certainly would feel comfortable at that point.

Isn't $2 million the new $1 million?

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1 mill is plenty assume you have no debt and have a little SS check coming in and you live within your means

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Well if $2 million is the new $1 million today then does that mean $4 million will be the new $2 million 35 years from now when I retire?

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That is at least part of the reason I started the thread - for this type of analysis.

For me, since I'm working until 67 (minimum), but probably 70 I have about half the window you do. If I was retiring in 35 years, I would assume that $3.5m to $4m would be the equivalent to $2 million today. Absolutely.

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for this type of analysis

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It's a very simple calculation, but you have to assume the inflation rate over the time period of concern.

$5.46MM / (1.03)^35 = $2MM

Normally people think about it the other way. They say "when I retire I think I'll have X" and then figure out how much that will be in today's dollars.

For example, if I think I'll have $2MM 10 years from now and want to know what buying power that represents today, it's

$2MM / (1.03)^10 or $1.488MM

Yes. Next question.

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A lot of wealth managers won't work with less than $20 million.

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(A) Irrelevant to the OP
(B) WTF are you talking about?