re: Here’s What a $2 Million Retirement Looks Like in America

A bunch of boomers with poor financial knowledge spent their entire lives spending out the arse and will continue to do so while they bankrupt social security and live off pensions, both of which they will have destroyed for future generations along with our general economy and job prospects for majority of our younger generations. Thanks boomers

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And then they get to pass away peacefully and leave us to suffer this hellscape they created

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Plus they invented Disco.

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I really think things are so expensive that a lot of people are going to have to work part time at something after the age of 65, even if they have saved well.

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What's so wrong with that? Everyone acts like work a basic job part time to get out of the house is so terrible, if you don't HAVE to work but just want a little extra income there is nothing at all wrong with that.

But furthermore, look if you can't cut your spending big time in retirement then you are doing something wrong.

1.) A LOT less driving. Replace cars MUCH less, less gas, less insurance, etc. Lot of people downgrade to one nice car and one second like beater truck just as the second vehicle that's never driven.
2.) Make your own schedule. Go places when they are cheap. Happy Hour? Gyms for example -
3.) No kids, no retirement contributions, no mortgage or manageable, etc.

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Curious how you pull this off. What do private schools typically cost? Not that I don’t believe you, but cause I’m terrible with money. I can only guess that schools and mortgage alone would put you around 65k if not much higher.

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Just not live lavishly. Someone could have bought a $350k house 10 years ago that's worth $500k now. Drive older vehicles. Going on normal vacations like a week to OB and a couple small hunting and fishing trips a year.

Not eat out a ton. You could even have an older $10k 19 ft bay boat.

There's not a ton of money left, but you save 15% in retirement and all the above is more then doable.

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sawtooth

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Interesting to see this guy in here. Get your reality check yet?

It that like your welfare check? No. I’m not a government whore.

I’m also not blaming people for my shortfalls.

He can’t. But a trust can!

Not me man. I generally enjoy my career but I'd retire tomorrow if I could live financially comfortably the rest of my life. 23 years is long enough for me. I'd find something to do but it wouldn't be a regular 8-5 job for sure.

I agree. Everyone's retirement goals are certainly different. But mine are to retire early (mid-50s) and spend quite a few years enjoying the hell out of it.

For us, much of our enjoyment is centered around travel, eating/drinking, going to sporting events and concerts. If anything, given we won't be chained to a desk 40+ hours per week, I am anticipating we will be doing even MORE of these things.

So even if some expenses go down (mortgage, etc.), you aren't having to "save" and your taxes will in theory be lower, based on the above, I'm assuming our income needs to be at least the same. If not more.

Put me in the camp of wanting 100% of my income - at least for the first few years of retirement.

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Most people spend less in retirement.

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Because they have to.

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Your tax liability is wayyy lower in retirement.

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Hockey. I want the same income so my tax liability will be similar. I want max income. Or my income is tax free and unearned taxed?

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You don’t need to allocate money to savings in retirement.

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Ok. You don't save or invest, but spend as little as possible. That's your plan not mine.