I guess everyone is really scared of inflation now.
https://www.investopedia.com/millio...te-yahoo&utm_source=yahoo&utm_medium=referral
https://www.investopedia.com/millio...te-yahoo&utm_source=yahoo&utm_medium=referral
A million may seem like a lot, but many people are surprised when they do the math and realize that 4% of $1 million is only $40,000 yearly,...
“A million may seem like a lot, but many people are surprised when they do the math and realize that 4% of $1 million is only $40,000 yearly,” David Goodsell, executive director of the Natixis Center for Investor Insight, told CNBC. “This is usually quite a bit less than these individuals are likely used to living on.”
To quote one of our most illustrious members, "Numbers is hard"
$40k is comfortable in small town in USA.
I have never spent that much in a year in my life. I will spend $12,XXX this year and I could have spent less. $40K/yr would be livin' large by my standards.
What part of town?
I live in a small town in Wisconsin. Paid off house, single, no kids or pets.
What about travel costs?
From the article,
So, these retiree wannabes with not a penny more than $1,000,000 just plain forgot to LBYM when they were dreaming about retirement?
I am pretty sure that just about all of our forum members are more frugal than that.
Perhaps I misunderstand what you're saying....... but I'm under the impression than most of our members have budgets in excess of $40k in retirement.
To quote one of our most illustrious members, "Numbers is hard"
I have never spent that much in a year in my life. I will spend $12,XXX this year and I could have spent less. $40K/yr would be livin' large by my standards.
I live in small town USA and I get over 40k in SS. I'd sure hate to have to live on that. I think I could pay my basic utility bills, buy food and pay my taxes and the minimums on home/auto/health insurance but I don't think life would be very "comfortable" after that. Of course, YMMV$40k is comfortable in small town in USA.
So you probably didn't buy a new F-150 or have your house reroofed this year, I'm guessing?
Or do a lot of international travel?
You can live below your means while working or live below your means in old age.I guess everyone is really scared of inflation now.
https://www.investopedia.com/millio...te-yahoo&utm_source=yahoo&utm_medium=referral
Seems impossible to me.I have never spent that much in a year in my life. I will spend $12,XXX this year and I could have spent less.