Poll:Is $1 Million still a relevant number nowadays for 2 retirees?

[RetireeRobert]

If you have nada, and you are going to build your wealth, then yes $1 million is very relevant.

 

[RobbieB]

Yup. It's a really big milestone number. It's the realization that all that stuff you've heard is really true.

If you save and invest, you can be a millionaire!

Champagne and lobster tails -

 

[Time2]

Yup. It's a really big milestone number. It's the realization that all that stuff you've heard is really true.

If you save and invest, you can be a millionaire!

Champagne and lobster tails -

Yes, being a multimillionaire (more than one) is just is not what 90% of the population would think. As they say, if you have a million dollars and live like a millionaire, you won't be a millionaire for long.

 

[Major Tom]

Yup. It's a really big milestone number. It's the realization that all that stuff you've heard is really true.

If you save and invest, you can be a millionaire!

Champagne and lobster tails -

Yes indeed! One or two people have commented to me that a million dollars isn't worth what it used to be, in an apparent attempt to justify their lack of saving. Well duh. Pick any amount you like, and it doesn't have the purchasing value it used to - what's new? Despite all of that, a million greenbacks is still a lot of money. It is nothing to be sneezed at. Even the folk here with $10 and $20 million dollar portfolios won't dispute that.

It is still a lot of money and, as such, a significant milestone.

 

[teetee]

Yes indeed! One or two people have commented to me that a million dollars isn't worth what it used to be, in an apparent attempt to justify their lack of saving. Well duh. Pick any amount you like, and it doesn't have the purchasing value it used to - what's new? Despite all of that, a million greenbacks is still a lot of money. It is nothing to be sneezed at. Even the folk here with $10 and $20 million dollar portfolios won't dispute that.



It is still a lot of money and, as such, a significant milestone.

$1m in 2021 has the buying power of 36,776 in 1913, 89,526 in 1950, and 485,521 in 1990 according to
https://www.usinflationcalculator.com/

People think that is not wrong. People use that to justify their lack of saving is illogical. Knowing about the inflation only makes me wanting to save more in order to get ahead of the inflation wave before my retirement. Giving up is never the answer.

 

[Car-Guy]

I recall Robert Redford telling Demi Moore in the movie "Indecent Proposal" that the million he was offering her for one night of her time, could last her a lifetime... Sounded like a pretty good line to me. But I remember thinking, at her age at that time, (about 30) there's no way she could retire on 1m at that age. But it was still a good movie.

 

[UnrealizedPotential]

I recall Robert Redford telling Demi Moore in the movie "Indecent Proposal" that the million he was offering her for one night of her time, could last her a lifetime... Sounded like a pretty good line to me. But I remember thinking, at her age at that time, (about 30) there's no way she could retire on 1m at that age. But it was still a good movie.

Well, I agree for the most part since her character in the movie could acquire expensive habits. But , according to dollar times, a million dollars in 1993 adjusted for inflation would be worth over 1.8 million today, so yes, at age 30 it would be too risky to make that amount last. But still, that would have been a good sum of money.

 

[tmm99]

Well, I agree for the most part since her character in the movie could acquire expensive habits. But , according to dollar times, a million dollars in 1993 adjusted for inflation would be worth over 1.8 million today, so yes, at age 30 it would be too risky to make that amount last. But still, that would have been a good sum of money.

If she had read The Millionaire Next Door three years later (The book wasn't published until 1996), she would have done all right.

 

[Car-Guy]

If she had read The Millionaire Next Door three years later (The book wasn't published until 1996), she would have done all right.

But Redford would have be the one smiling... As a billionaire, it may have been a tax deductible entertainment expense.


But I digress.

 

[tmm99]

But Redford would have be the one smiling... As a billionaire, it may have been a tax deductible entertainment expense.

 

[watchman3135]

I retire at 52 with a lot less than 1 million. I also know that just like real state location, location has a lot to do w/ expenses. My 1 dollar here buys x and in other parts of the world 2x, 3x depending on where I want to be.

Exactly. Location has a lot to do with it. Some Midwestern states\towns are drastically less expensive than many popular cities in Ca or NY.

 

[cyber888]

After a year I made this survey, I will probably hit 1.2 mil by end of the 2021, and looking to retire next year with at a target of 1.4 mil - 1.5 mil when I hit 58.5 - 59 yrs old. I think 1 mil is do-able if you're near 62 yrs old, live in a Low cost area, and don't have an dependents, 400K-500K is a good buffer. Planning to get SS at 62 or 3 years after retiring.

 

[street]

After a year I made this survey, I will probably hit 1.2 mil by end of the 2021, and looking to retire next year with at a target of 1.4 mil - 1.5 mil when I hit 58.5 - 59 yrs old. I think 1 mil is do-able if you're near 62 yrs old, live in a Low cost area, and don't have an dependents, 400K-500K is a good buffer. Planning to get SS at 62 or 3 years after retiring.

I know many that don't have near 1 million and have retired. They do live in a low cost area and do just fine and live a great retirement.

 

[rwdflynavy]

We Fat FIREd in 2018 with just $500,000 in investments.

Fortunately, we easily live on my military pension and VA disability so our nest egg can continue to grow. It is over $900,000 now (a small inheritance added this year) and should add that second comma in the next year.

We don't plan to touch any of it until RMDs start. We have a son with Autism who lives with us and we want to grow that nestegg to ensure he is well provided for when we are gone.