[proxy_user]

It works both ways - you can spend too little, or too much.

I am retired, and me and all my friends have substantial amounts of money. We can spend some to have a good time, but how much?

My own personal view is that you can’t go wrong if your total value of your financial assets increases every year.

[Yo-Yo]

My own personal view is that you can’t go wrong if your total value of your financial assets increases every year.

Right up until another 2008 hits. Most financial advisors recommend to move your assets into stable vehicles such as bonds once you retire and are counting on that money for your income.

If you assume the worse that SS won't be there, and you also follow the above strategy, $1 million will let you live on $50K/year for 20 years. And that includes nursing home care if you don't have that specific insurance.

[trebb]

Yep - we're retired and our income allows us to take several nice vacations a year if we wish w/o decreasing out bottom line as far as liquid cash available. Our IRAs went up enough this year to allow us to take 4-6 vacations a year for the next 4 years w/o decreasing our net worth.

We tend not to 'splurge" a lot but have no problems spending some of our grand-kids' inheritance (our kids are grown and self sufficient so we opted to will most of whatever is left to the grand-kids).

If we were to save like we were still working for retirement and leave our IRAs alone (except for minimum mandatory withdrawals once we reach that age) we would be leaving a lot more than what we have now - I have no intention of doing that....;-}

[BunnySlippers]

One million is NOTHING!!!!

I’m looking to buy a new home. One million buys you a “starter house” in Los Angeles.

Save 2 to 3 million now depending on where you live and how old you are.