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View Poll Results: Are you a Millionaire
Yes 120 67.80%
No 24 13.56%
Close 9 5.08%
Not even Close 24 13.56%
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Old 02-10-2009, 09:35 AM   #41
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Maybe the options should have been in ranges of millionaire.
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Old 02-10-2009, 10:17 AM   #42
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This question isn't very interesting to me. Much more important (IMHO) is free cash flow. If you view yourself as a business, are you profitable?
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Old 02-10-2009, 10:29 AM   #43
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I suppose that those whose jobs are in high cost areas might have quite a lot of home equity, especially if they bought 20-30 years ago. If they have $500K in home equity, and are on SS to the tune of $18K/year, they would be a millionaire by this definition even with NO portfolio, no savings, and no pension.

Doesn't seem very rich, does it?

A million dollars is no excuse to react like a game show winner - - "Whoopee! Now I'll buy a yacht, a McMansion, and a Lear Jet". It just doesn't go that far. It also doesn't produce a huge income, especially these days.
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Old 02-10-2009, 10:46 AM   #44
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Quote:
Originally Posted by FIRE'd@51 View Post
Do you really believe that anyone on this board age 62 or older would pay 515K for an 18K government-guaranteed COLA'd annuity? If so, maybe the SS Administration should get into the business of selling these. It would certainly close the SS deficit pretty darn quickly.
Or, encourage folks never to marry and/or have kids, that way, SS gets to keep everything if they die before they are old enough to collect........
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Old 02-10-2009, 11:06 AM   #45
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FIRE,
I expected to have some resistance to the number used to capitalize a cola'd anunity. As I am not a finance kind of guy, I went with the lower number 3.5% as it would provide 100% chance of my money lasting as SS does. 4% might do it, heck for some people at older ages even 7 or 8% may do it. Witch brings up another part of the calculation. As you age, you SS anuity payment is worth less. Makes since as there is no residule and it will be paid over a longer period. So you may be a millionaire at 62 and a pauper at 92.

Also, as this is more of a "hey, never thought of it this way" question, and having a 'net worth' calculation right now has no benefit to me, I am more than willing for you to post another way to do it.
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