35% of millionaires say it’s ‘going to take a miracle’ to be ready for retirement, report finds

How long will $1,000,000 last if you are 62 years old and average $125,000 a year in expenses.

You make a good point. If you need $125K/yr to live in retirement, then 1- you likely have high debt to pay off; 2- you expect to maintain a high standard of living; or 3- you live in an area with high cost of living.

We can mitigate 2 & 3.

My wife & I are retired. We have no debt & own our home. We payoff our credit card every month. We live modestly but not meagerly on $60K/ yr.

My advice for young FReepers would be to get out of debt asap, live below your means, and invest whatever you can for retirement.

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