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re: Is $1 million a lot of money in 2019?
Posted on 6/24/19 at 4:04 pm to Ace Midnight
Posted on 6/24/19 at 4:04 pm to Ace Midnight
quote:
Unless things change drastically (I don't use the term lightly), the pensions are guaranteed at 60. I absolutely won't have the $1m by then and will still be in a mortgage.
However, having said that, retiring at 60 "on a whim" - should have me in the ballpark of $70k, with some adjustment for inflation, year-over-year.
My separate retirement fund should be in the $300k/$400k range at that point, with SS coming at 62 (or 67).
I'm absolutely planning to work until age 70. Those numbers jump to about $100k pension, maxxed SS, and closer to $1.5m to $1.75m - and, if all goes well, the mortgage should be retired by then (or nearly so).
But, as many of us know, a plan rarely survives direct contact with the enemy.
Sounds like you could retire well before 70, and if there is a history of short life spans in your family (the live to 75 part of your early post) I would be cutting the cord well before 70. Some people might make it to 90 - 105, I do not foresee myself in that category due to past health challenges, and one of my parents died at 66. Good luck to you, you have a good head on your shoulders.
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