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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 Tpayne99
I thought this board was to discuss money - especially money around retirement finances. If I’m wrong, please let me know?
To OP - potentially yes. I’m younger but am planning my life around no SS income.
My goal is to have several different areas - liquid cash, real estate, stocks, etc and try to have all my mortgages paid off.
We set a goal recently to pay off one mortgage as soon as we can. Our rainy day fund is at a comfortable level and we are contributing enough to the stock market via 401ks. I don’t think we can do our main house, but a rental is achievable in 2-3 years.
To OP - potentially yes. I’m younger but am planning my life around no SS income.
My goal is to have several different areas - liquid cash, real estate, stocks, etc and try to have all my mortgages paid off.
We set a goal recently to pay off one mortgage as soon as we can. Our rainy day fund is at a comfortable level and we are contributing enough to the stock market via 401ks. I don’t think we can do our main house, but a rental is achievable in 2-3 years.
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 11:30 am to Mingo Was His NameO
quote:
Is $1 million a lot of money in 2019? by Mingo Was His NameOI wouldn't feel good about retiring with $1 million if you had no other financial interest.
I mean, I'm fortunate to have, potentially, 2 pensions on the horizon, even assuming SS is a wash. I was just thinking in terms of middle class (even upper) Joe Average who gets to age 60 with a cool million saved for retirement.
Sounds like a lot of money, which is why I started the thread.
quote:
Personally, I think I'd want $1.5 minimum, and I'm not really a big spender.
This is what I'm trying to get at with the thread - Mingo. You would be more comfortable with $1.5 million, but would we still consider that a lot of money?
Obviously, we seem to be getting closer and maybe it is short of $2 million. But I'll bet for most people, particularly middle class folks used to $75k to $90k a year, $2 million would be the minimum if you still had to pay for housing, IMHO.
This post was edited on 6/22/19 at 11:33 am
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 1:16 pm to Ace Midnight
quote:
This is what I'm trying to get at with the thread - Mingo. You would be more comfortable with $1.5 million, but would we still consider that a lot of money?
Personally, i wouldn't as most of this board wouldn't even I presume. However, when using that as a barometer of the average amount of money for the American family it's a shite load.
Posted on 6/22/19 at 1:17 pm to VABuckeye
quote:
$1 million is a lot of money. If it wasn't a lot more people would have it
I see what you're getting at and I agree with the general premise, but half of American households don't have 1k in a savings account and I think we would agree that's not a lot of money.
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 1:26 pm to Mingo Was His NameO
a better barometer is are you financially independent or not? all based on income and expenses. it is all relative.
hey i have a million dollars! but i have 5 million in debt services!
hey i have a million dollars! but i have 5 million in debt services!
Posted on 6/22/19 at 1:42 pm to VABuckeye
quote:this is the bottom line
Is it enough to retire on? Completely lifestyle dependant.
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 3:16 pm to Mingo Was His NameO
quote:
I see what you're getting at and I agree with the general premise, but half of American households don't have 1k in a savings account and I think we would agree that's not a lot of money.
This stat, while true, is so incredibly mind-blowing to me. I cannot fathom.
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 4:03 pm to Spitting Venom
Honestly, if you aren’t there you probably think of it as a benchmark.
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