Posted on 12/04/2022 12:57:51 PM PST by RomanSoldier19
A cool $1 million is not what it used to be.
There are more millionaires in the U.S. and globally than ever before, with nearly 24.5 million millionaires nationwide as of 2022, according to the latest Global Wealth Report from the Credit Suisse Research Institute. Even so, having seven figures in the bank offers less security than it used to in the face of inflation and extreme market swings.
“That mark is easier to obtain but it may not deliver what we expect,” said Dave Goodsell, executive director of the Natixis Center for Investor Insight.
These days, fewer Americans, including millionaires, feel confident about their financial standing.
(Excerpt) Read more at cnbc.com ...
When there isn’t enough electricity to charge their expensive golf carts or turn on the lights and we’re forced into Orwellian high-rises and eat bugs, by then our currency will have inflated into worthlessness.
All part of the design.
Exactly right. Living below your means is not only the way to live in retirement but it's the way to live before retirement, so that you have money to save for it in the first place.
Those who have acquired $1m in retirement assets at their full SSA retirement age (67) are actually in little danger of running out of money if they manage it properly.
Using the 4% rule, they can begin taking out $40,000 in IRA/401k distributions right away. Coupled with the average SSA check at 67 of around $2,500/mo - or $30,000 a year, that comes to $70,000 a year. (Any SSA check a retired living spouse gets is a bonus.)
Don't forget to add your COLA to your retirement withdrawals each year to keep up with inflation (Social Security does that automatically).
That should be plenty for most retirees to live on provided they go into retirement with minimal debt. If not, you are definitely doing something wrong.
Defeated? The criminals running the country just hired 85,000 armed IRS agents...
I’m not saying that there isn’t a brutalized economy and that everything is more expensive than it should be, but this story sounds like a class warfare piece from the left.
Oh, and off the grid works for me! I’m not 100% there yet, but I’m getting there.
now do that and move to thailand and your a king
Defeated? The criminals running the country just hired 85,000 armed IRS agents...
Wealth based on unconstitutional, unaccountable desperate Democratic vote-buying federal spending aside, how many U.S. millionaires understand that they'd probably be managing their wealth and retirement differently (imo) if they were aware of Supreme Court's clarification of Congress's limited power to appropriate taxes?
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
I am lucky in a messed up way.
Fauci’s bioweapon destroyed my lungs in 2020. I’m now stage 2 COPD/emphysema. Was hauled to the hospital in an ambulance Friday thinking I was having a heart attack. Explosion of chest pain and I fell to the floor like a NPC after a kill shot.
I’ll be dead by 60. I carry several large life insurance policies. Our house will be paid off and more than doubled in value. I’m clearing around $10K a month net so we are socking money away. By the time I finally go, I’ll leave my beloved husband with over $1M in assets to support just him. He lives a simple life, fishing, working, playing guitar, and reading.
He’s in great shape, so he’ll be okay for a long time.
Right now, I’m living for today. That is all I can count on. Knowing my husband will be provided for after I am gone brings me great comfort. I don’t have to worry about retirement.
“T-Bills are around 5%
Thats $50K + SS and not state taxable in many states.”
T bills are good for a portion of your estate but not the whole thing. You should have growth investments to handle inflation - particularly with what we are facing now.
I’ll be retiring when I achieve ambient temperature.
Inflation is caused by government, and 100% intended. It’s done so that you won’t be able to save up a lot of money and pass it down to your family.
Unless you are a big donor to the politicians or a “philanthropist”, or you set up a trust. Then you get a free pass.
Sorry to hear that.
Under five million? Stay away from NY and Californication. Select a free state and you’ll find the cost of living is much much much more affordable. While you’re at it, select a zero income tax state too
Being laid off during the first 6 months of 14 days to halt the spread, and only going back part time was great practice for “retirement” when where I worked closed. Fortunately, we have no debt at all. But you just switch gears and think money stuff through a bit more.
Hard way to live. A couple died in their car overnight in their car nearby in my town a few days ago. Carbon monoxide poisoning, while trying to stay warm in cold temps. Worse for those in tents on the streets, but at least they have fresh air.
Painting your van with a toilet brush is so yesterday.
Two more rules:
1) Save at least 15% of your gross income
2) when investing or borrowing, remember the Rule of 72
Retired at 52
My best friend will most probably be dead by 60 as well.
That what he and THEY say anyways..
I believe that the higher power will prove BOTH you wrong.
I am believing that you and your lucky husband have many more years together in the future as with my bud.
:)
The rule is to assume to can take out 4% per year from your best egg.
4% of $1M is $40k/year, which is not that much in retirement to maintain a middle class standard of living.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.