If you dont have a milly by retirement and paid off house, you [bleep] up or got screwed along the way (cancer). Especially anyone retiring now. You had it damn good.
Using the 4% rule that's $40K/year today. Not much unless there is a pension in the mix. Of course social security will help. Twenty years from now?
40k a year with no debt is a lot and easy to live on. In the future this will be almost impossible to achieve.
Thanks boomers.
I don't know, I'm not sure I could live like I'd want to on $40K/year. Without factoring in mortgages or vehicle payments my expenses are about $2500/mth or $32,250/year. Doesn't leave much for vacations, fishing tackle, whiskey and beer...
there has been lots of studies on where people feel comfortable ...retired ...on a yearly income, 75,000.00 a year seems to be a sweet spot. of course depends on where you live. quick math....1mil....you could draw 50,000.00 a year for 20 years with no interest. add in 25,000.00 ss per year.....interest stretches it out....also depends on how much you want to leave behind. I have taken pretty much all of my big ticket items off when I was working....couple left then it will be hunting and fishing locally and couple of different states, that's the way I planned it....also when you retire start off with new or fairly new cars/trucks, it may sound cool to be driving around with 350,000 on your truck...no thanks...bob
