Is $1 million really enough to fund your retirement?

The Motley Fool via USA Today ^ | 06/26/2017 | Wendy Connick, The Motley Fool

[SeekAndFind]

https://www.usatoday.com/story/money/personalfinance/retirement/2017/06/23/is-1-million-really-enough-to-fund-your-retirement/102924076/

[JeanLM]

I agree. I think the ideal plan is that the last check to clear on my account is to bury me. My kids have enough of their own reserves. I work and earn as much as I did 10 years ago. I plan to re-retire in 3 years at age 80. I figure I’ll take the $1.4 million I have in assets down to zero in 20 years, but likely won’t live that long. My wife is the same age and will no doubt survive. She’ll spend what I leave behind or give it away. That’s our plan.

Life is still good.

[Night Hides Not]

Working at Luby's 3-4 days a week is a big part of my retirement plan. It'll get me out of the house, make a bit of spending money, and get me a free meal.

That was a plan a few years ago. Now, my focus is turning to working at a wine bar, where my gift of gab and knowledge of wine will keep me occupied.

I'm not a wine expert, just an enthusiast...and I know more about Mosel Rieslings than your average person behind the counter, thanks to my tour in Germany many moons ago.

[wbill]

:-) Yep.

I like the books by Robert Kyosaki, you know, the ones where you retire rich, but only if you start out a millionaire already and gamble it all in the real estate market? My Mother in Law got his book for me, and I tossed it in the trash after reading it. Didn't want the responsibility of anyone else taking his advice if I had passed the book on.

My rule of thumb is that if authors of this sort truly were successful, then they'd be sitting on a beach collecting 20%, instead of writing hack articles for a newspaper.

[hal ogen]

Another thought...we know many people who lament along the lines of "WOULDA, COULDA, SHOULDA.

[wbill]

I joke with WBill Jr that I hope to expire after a long and well-lived life, while receiving a notice from my bank that my account is $1.00 overdrawn. :-)

In other words, "Don't spend your inheritance quite yet. I'm not done with it!"

[Night Hides Not]

Most people retire with much less yet have a great time. As you get older infirmities or illness can interfere with your ability to enjoy life together. Every day is a blessing.

Well said. My primary goal in life when I was 30 was to grow old without growing bitter (over missed opportunities, crappy bosses, etc.). Now that I'm in my 60s, I think I'm achieving that. My 15 YO son and 6 YO grandson keep me young, and my renewed interest in wine and viticulture sparks my curiosity, keeps my brain engaged.

[wbill]

I caught a movie the other day that had a quote in it.... "Which will you regret more, the things that you did, or the things that you didn't do?".

A fair point, sez me. If Mrs WBill and I have the time and the money, we do what we want, when we want to.

[litehaus]

“Invest the million $ in utilities, municipal bonds and dividend paying stock funds.
Be careful choosing your municipal bonds!”

Sure thing ! Detroti City debt, and Puerto Rican debt will make U rich——Said the Broker Feller...

[EQAndyBuzz]

What would I spend it on? Adding in the interest I would take from my retirement fund to my monthly income, my wife and I can live very comfortably without touching the principal. Can I touch it or should I touch it? Sure, why not? Do I need to touch it? No.

[ladyjane]

Dave Ramsey is a great resource. Our local station carries his radio program.

He gives excellent advice for a certain kind of person, e.g., cut your spending, pay off your loans, get a second job, etc. His advice is really valuable for most people.

However - it’s not right for all people. People who happen to be serious savers and investors aren’t comfortable with it. Some people want to be a bit more aggressive and want to invest in real estate. They’ll mortgage it to the max and over the years that real estate will increase in value (hopefully faster than inflation) and each year they’ll be paying back the mortgage in cheaper dollars.

It takes a certain type of person to do this. They’re not taking out car loans, they’re not living off of credit cards, they’re putting their savings into appreciating assets, not depreciating assets. Even Dave Ramsay admits, he’s a big investor in r.e., but he knows it’s not right for most people.

[Obadiah]

Ima just passing through, myself. Life is inevitably filled with pain and sorrow so it does a man good to enjoy life the best one is able. I try to invest heavily I the Kingdom as that's where I figure I'm going to spend most of my time anyways.

Funny, as you get older you begin to realize a lot of really great people who are now long dead. People who were really wealthy and powerful in their day and apart from those who were really famous, no one remembers them or cares. A lot of pretty good perspective here on FR. Enjoy today to the fullest and give glory to God for one does not know what tomorrow will bring.

[mulligan]

For some yes, for some no.

[Axenolith]

Wrap text on links...

[mowowie]

In my case what about ZERO dollars?

[hal ogen]

Great pic. LOL. Now I’ve seen “everything”.

[Mears]

“Are you a chain smoker? that just cost you 2 million plus over your lifetime.”

---

How? I thought that smokers died young——and even if they lived to retirement age where on earth did you get the 2 million plus figure?

.

[SamAdams76]

Bookmarking this thread to read later.

I skimmed over some the replies and I agree that a lot of people here are uninformed. A lot of people over-analyze things too much. The key to a successful retirement is being as debt-free as possible and living a lifestyle in accordance with your means. A lot of people worry too much about how much they will leave to their kids. Trust me, your kids are going to blow whatever money they get on stupid things. For some people, their kids are sitting around waiting for them to die so they can get what they feel they have coming to them. I think that's sad but it happens way too often.

People who are retiring should not worry about how much they are leaving to their kids (and the taxman). Focus on having a good retirement for yourself. Even if it means reverse mortgages and digging into your 401(k) principal.

[Pearls Before Swine]

I would say it depends on your lifestyle (i.e., your budget) and your other sources of income, primarily Social Security or any other pension.

[wardaddy]

No

Retirement will kill you

Way overrated

[aquila48]

“If you’ve got $1 million tucked away in your retirement savings by the time you’re ready to retire, you won’t starve, but you may not be able to live out your dreams either.”

Idiotic dichotomy. Retirement is now “living your dreams”?? I thought it was about living comfortably without working. There’s a lot of other possibilities between not starving and living your dreams.