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About 15 years ago from what I kept reading 2mill was the new 1mill as far as retirement goes. I agree, it's at least 3 now.
If you follow the 4% rule
If you follow the 4% rule, $1M gives you $40K per year to live on.
Tenpoundbass saysWhat's the 4% rule.
https://en.wikipedia.org/wiki/William_Bengen?wprov=sfti1
FuckCCP89 saysTenpoundbass saysWhat's the 4% rule.
https://en.wikipedia.org/wiki/William_Bengen?wprov=sfti1
Criticism of the 4% withdrawal rule include references to its assumption of one's investment portfolio, the differences in historical and current interest rates, as well as the reality that most people's spending habits are not consistently linear.
If you follow the 4% rule, $1M gives you $40K per year to live on. Hardly Caligulan splendor. With $3M it goes up to $120K. Not bad, but not something to write home about either.
as well as the reality that most people's spending habits are not consistently linear.
I remember when houses were only 60k around here
Roth IRA is the way to go, max it out.
But $1M is nothing now. If you're 50-55 right now I'd think you'd need $3M to live average assuming you live to say 90.
I would much prefer to have a bunch of investments than a place in the Caribbean.
Then I could rent in different places.
I once spent a whole month in Tobago, and boy was I ready to leave.
I once spent 3 weeks in the Bahamas and it was almost the same deal.
For the case above, 5 million bucks between 2 people isn’t going to feel like a real lot of money probably.
Tip: watch your health. I had a mysterious problem with my muscles after scuba diving in California, it hurt like a bitch. It didn’t go away and it turned out to be arthritis, “prognosis negative”.
Don’t smoke, drink or be a lazy fat slob; you’ll regret it later.
Be cautious so you can actually spend the dough when you are ready to. I’m unable to go backpacking now, and hiking in Switzerland will be a problem.
Edit
Tip 2: You will be surprised that dealing with paperwork and things are not fun anymore. You will resent things that require you to respond.
My father’s accountant told me about a guy in Florida who lived off $10 million bucks in municipal bonds, sounded like a decent “strategery”.
I would much prefer to have a bunch of investments than a place in the Caribbean.
Then I could rent in different places.
But we're about 11 years from booting them out of the house. And they WILL be booted and go become actual men.
WookieMan saysBut we're about 11 years from booting them out of the house. And they WILL be booted and go become actual men.
Are you going to cover the kid's college? My one child will finish next year, and the cost to me will be around $120k. I started putting money away for her college from when she was born. When she was in High School, pricing colleges looked like $80k would do it. But all that easy loan nonsense ran the prices up to that $120k. I suspect the price will be even higher by the time your kids are old enough.
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It's hard to say what the new million is, until you put it in terms, "How much would it take to corrupt a high official?". Like all of the officials it took to sell the Corona Virus hoax, and the Election steal. Then you can start to fathom all of the millions that were donated to the 2020 election and all of the millions the US pays the CDC to implement their policy.
I think the magic number is 3 million. 1 billion dollars will buy 300 officials to go along with any NWO bullshit you throw their way. 300 million will buy you 100 officials spread throughout 6 cities in the United States. That will make sure no anomaly is formally investigated, and will be the public spokes person the complicit MSM cites as the official with the truth.
So when Mike Bloomberg puts on a show Presidential election even though he's polling at 2%, don't laugh at him for dumping 100 million in a market every other week of the billion he pledged for his election campaign effort. He was never running to win the election, he was laying the foundation for the Election night steal. He was stuffing the pay envelopes, and getting them ready for Dude that does the thing.