LOL, BS!! A million bucks at a meager 4% return (low risk 80@ bonds, cash and 20 equities is easily attainable. That’s $40, 000 without touching your principal. Add to that SS which in my case comes to a bit over $33,000 annually and you have a net income of $73,000 and that is without additional dividends thrown off from various holdings.
That’s about $6000 monthly. I have two homes, one in NJ (highest or close to the highest tax wise) and a vacation home on Cape Cod. I even have a mortgage (3.5%-30 yr) on that one costing me $810 monthly (other than that we have zero debt). I have NO problem paying the bills except for what I am forced to take from our IRS accts, some of which I don’t use and reinvest.
Even if I upped the withdrawal from IRA’s another $1000 per month my money would last 25 years or more and I am $74 yrs old now. Even if I live that long I still have the homes which collectively today are worth about $775,000 (less approx $150,000 mtg) so there is another $625,000 equity for us to live on.
The secret is to be as debt free as possible and to live realistically.
boom!
yep, everyone here should listen to what this guy just said.
he has got it figured out.
Do you even get SS if you never worked in this country (or never after age 23)? I like your scenario but I feel that once I inherit I’d damn well better know a lot more than I do right now.
“The secret is to be as debt free as possible and to live realistically.”
Yes. What is also interesting is that I have friends - several whom are millionaire 2/3x over who live more conservative than myself because they either fear, have no interest in, or are too cheap to enjoy the benefits of leisure time like travel, entertainment, better home etc. I have learned that a lot of money does not always make for a pleasurable retirement. Good health, family, friends, and doing what you want to do is more important than living a more upscale life.
The secret is to be as debt free as possible and to live realistically.