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Is $1 million a lot of money in 2019?
Posted on 6/22/19 at 10:33 am
Posted on 6/22/19 at 10:33 am
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?
What am I missing?
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?
What am I missing?
31
Posted on 6/22/19 at 10:37 am to Ace Midnight
You are missing the fact that you are a douche, for talking about how much money you have. My mom taught me this at 10 years old.
Posted on 6/22/19 at 11:21 am to Ace Midnight
I wouldn't feel good about retiring with $1 million if you had no other financial interest. Personally, I think I'd want $1.5 minimum, and I'm not really a big spender. I could live off the million while healthy, but I'd hate to leave my family with debts or bills from the last couple of years of life.
Posted on 6/22/19 at 11:36 am to Ace Midnight
quote:
What am I missing?
Depends a lot on what kind of lifestyle someone would want in the retirement years.
Posted on 6/22/19 at 11:41 am to Ace Midnight
quote:Not necessarily. But in terms of retirement, it is, at least for now. As long as Bonds/Treasury yields remain depressed, ROI in retirement will require higher than comfortable risk or more principle.
Isn't $2 million the new $1 million?
quote:A million dollars . . . obviously.
What am I missing?
j/k j/k
Posted on 6/22/19 at 12:19 pm to Ace Midnight
quote:
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)
You could take more than $50k per year. Easily.
Posted on 6/22/19 at 12:21 pm to Ace Midnight
nm
This post was edited on 5/21/20 at 2:03 pm
Posted on 6/22/19 at 1:12 pm to Ace Midnight
$1 million is a lot of money. If it wasn't a lot more people would have it.
Is it enough to retire on? Completely lifestyle dependant.
Is it enough to retire on? Completely lifestyle dependant.
Posted on 6/22/19 at 1:22 pm to Ace Midnight
quote:No.
Is $1 million a lot of money in 2019?
Posted on 6/22/19 at 2:06 pm to Ace Midnight
quote:
Is $1 million a lot of money in 2019?
I’m willing to bet 90+% of 60 y/o’s would be elated to have 500k in retirement.
Welcome back Mingo!!
Posted on 6/22/19 at 3:53 pm to Ace Midnight
Yes it's a lot of money.
This will be true every 20ish years. To answer if 2 is the new 1, you need to ask yourself when you started thinking of $1MM as a benchmark.
quote:
Isn't $2 million the new $1 million?
This will be true every 20ish years. To answer if 2 is the new 1, you need to ask yourself when you started thinking of $1MM as a benchmark.
Posted on 6/22/19 at 6:10 pm to Ace Midnight
It depends on if you have a million or not.
Posted on 6/22/19 at 7:36 pm to Ace Midnight
I've got 30 more years to hit my goal of 5 million.
Posted on 6/22/19 at 7:36 pm to Ace Midnight
Big expenses for working people:
1. Retirement savings
2. Mortgage
In retirement these go down but these go up:
1. Health related expenditures
2. I’m sure there are others
I think many people would do fine with one million.
25 years of 40k withdrawals if growth has a zero.
1. Retirement savings
2. Mortgage
In retirement these go down but these go up:
1. Health related expenditures
2. I’m sure there are others
I think many people would do fine with one million.
25 years of 40k withdrawals if growth has a zero.
Posted on 6/22/19 at 7:36 pm to Ace Midnight
Big expenses for working people:
1. Retirement savings
2. Mortgage
In retirement these go down but these go up:
1. Health related expenditures
2. I’m sure there are others
I think many people would do fine with one million.
25 years of 40k withdrawals if growth has a zero.
1. Retirement savings
2. Mortgage
In retirement these go down but these go up:
1. Health related expenditures
2. I’m sure there are others
I think many people would do fine with one million.
25 years of 40k withdrawals if growth has a zero.
Posted on 6/22/19 at 8:39 pm to Ace Midnight
quote:
a lot of money
Is a relative term based on everyone else's situation
Posted on 6/22/19 at 8:48 pm to Ace Midnight
(no message)
This post was edited on 1/24/21 at 8:20 pm
Posted on 6/22/19 at 9:21 pm to Ace Midnight
$1 million would be a hell of a lot of money for me to have right now. While it's not "never work a day in your life" money, it can definitely be life changing money.
Posted on 6/22/19 at 10:18 pm to Ace Midnight
Yes, one million dollars is a lot of money. The question is, is it enough for you? Or, are you still working and able to add to it. What is you lifestyle? Can you live comfortably on a 4 or 5% withdrawal rate? If not, you need to keep building it up.
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