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re: 50% of millennials think they need $300,000 or less to retire in comfort
Posted on 8/16/21 at 9:35 am to ATLsuTiger
Posted on 8/16/21 at 9:35 am to ATLsuTiger
Add two zeros
0
Posted on 8/16/21 at 10:30 am to pioneerbasketball
That is doable. Retire at 70. Approximately 20k a year until 85. They will get another 25k in SSB.
Posted on 8/16/21 at 10:43 am to AUCE05
quote:
That is doable. Retire at 70. Approximately 20k a year until 85. They will get another 25k in SSB.
Yeah but then you have to work until you're 70
Posted on 8/16/21 at 11:17 am to SlowFlowPro
quote:
when I read this board and retirement projections, I see people post stories like this as horror stories and it makes me wonder what these people are spending money on. $3k/mo with no house payment is solid, then add in investments (i'm hoping i read that right) and that's a really nice monthly income
Wasnt meant to be a horror story, just an example of people who envisioned their retirement to be different than what it is and to supplement what they want 1 of them is working part-time at 70 (and not because they really want to). They could easily live off the SS/$350k investments, but they aren't doing what they want to do really which is some travel (not even expensive travel).
I've definitely heard some horror stories by comparison. Like a lady we met last year during middle of covid in her late 60s working at Home depot as an appliance rep. She told us despite making six figure income for a decade plus recently at a hotel chain as a manager she said she never really saved anything and when she got laid off from said six figure job at start of covid since hotels were wiping out most employees she didnt know what to do, so she heard home depot had an opening and has been working full time there. Said she pretty much only has SS outside whatever job she has as income but is still paying on a condo (lives by herself) and has a car payment, etc...just sad really.
Posted on 8/16/21 at 11:23 am to Mingo Was His NameO
Agree, but we aren't talking about people with MBA's here.
Posted on 8/16/21 at 11:25 am to BigPerm30
quote:
By the time Biden is done you’ll need about $25,000,000 to retire.
Yep
Inflation is going to be a bitch.
Posted on 8/16/21 at 11:49 am to JohnnyKilroy
quote:
About 4k per month spend.
That's pretty comfortable in the vast majority of the country, especially with no mortgage.
what would that translate to, roughly, in income? like 65-70k? with no mortgage payment and no kids and no savings requirement?
even in high COL areas, your biggest change is in the house and taxes. as a retiree, unless you're living in Hawaii, you probably won't see a HUGE jump (again, assuming house is paid off)
Posted on 8/16/21 at 12:06 pm to SlowFlowPro
quote:
what would that translate to, roughly, in income? like 65-70k? with no mortgage payment and no kids and no savings requirement?
Yea probably mid to upper 60s.
Yea with a paid off house and medicare you are set up nicely with that amount.
Sure you aren't playing golf at your country club every day or spending weeks/months on vacation abroad, but you're doing pretty well. Better than a whole lotta people who still have to work 40+ hours a week.
Posted on 8/16/21 at 12:20 pm to JohnnyKilroy
Healthcare is going to burn $300k up quick.
Posted on 8/16/21 at 1:05 pm to southernelite
I'd say 50 % of Millenials are counting on summa' 'dat gubmint cheese ...
Posted on 8/16/21 at 1:52 pm to cadillacattack
Even living modestly with a home paid off it takes around $35-40k per year to live not counting any entertainment/travel
Posted on 8/16/21 at 2:02 pm to bayoudude
quote:
Even living modestly with a home paid off it takes around $35-40k per year to live not counting any entertainment/travel
Yeah you really have to live pretty frugally even as a couple if you want to live off just $3k-$4k/mo income.
My wife and I would need about $7k/mo for essentially no change in lifestyle to retire right now and that's after tax income considering no mortgage payment and no debt payments. Still have to pay for a lot of things that arent cheap - insurances, prop tax, utilities, etc. Then things that "pop up" owning a home like fixing a garage, new hvac, new water heater, new roof, etc...home improvements over time too. Factor in a new(er) vehicle and things of that nature.
While having no mortgage is a big burden lifted off you, there's still a whole ton of things that add up quickly and would eat into $3k-$4k/mo very fast and are unavoidable. There's certainly not much "fun money" in a $3k-$4k/mo retirement plan.
This post was edited on 8/16/21 at 2:04 pm
Posted on 8/16/21 at 2:24 pm to AUCE05
quote:
They will get another 25k in SSB.
Any millennial figuring in SS as part of their retirement is an idiot. There's no way we see any of it Posted on 8/16/21 at 2:28 pm to thunderbird1100
quote:
My wife and I would need about $7k/mo for essentially no change in lifestyle to retire right now and that's after tax income considering no mortgage payment and no debt payments
90% of Americans live on less than this before taxes. You may need that to sustain your lifestyle, but acting like that is the figure the aver ge American needs to retire is out of touch.
Posted on 8/16/21 at 2:40 pm to Mingo Was His NameO
quote:
90% of Americans live on less than this before taxes. You may need that to sustain your lifestyle, but acting like that is the figure the aver ge American needs to retire is out of touch.
Agreed. I have a family of 6 at $3500/month right now excluding the mortgage. And that included a vacation to fort myers beach for 6 this summer.
Posted on 8/16/21 at 2:40 pm to pioneerbasketball
Baby Boomers are going to transfer the largest intergenerational wealth transfer in history will pass down over $30 trillion in inheritance from baby boomers to millennials and Generation X across the next few decades. Millennials will be fine.
Posted on 8/16/21 at 2:48 pm to ronricks
quote:
Baby Boomers are going to transfer the largest intergenerational wealth transfer in history will pass down over $30 trillion in inheritance from baby boomers to millennials and Generation X across the next few decades. Millennials will be fine.
Unless they spend it all on Healthcare which is entirely possible
Posted on 8/16/21 at 2:52 pm to Mingo Was His NameO
Yep basic Medicare is crap you need to tack on another $400 a month in options to make it more like a traditional health insurance plan.
Posted on 8/16/21 at 2:53 pm to pioneerbasketball
Holy shite. My Grandparents burned through $300,000 in like 18 months once they had to go into a nursing home.
Posted on 8/16/21 at 2:53 pm to Mingo Was His NameO
quote:
Unless they spend it all on Healthcare which is entirely possible
That's a very valid point.
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