Is Everyone a Multi-Millionaire?

I get the more money you have in retirement the better off you are. But did anyone here retire and NOT be a millionaire?

People here are no different than anywhere else. Being a millionaire doesn't mean anything in terms of retirement.

What matters is how much you need to spend, not what you have. Once you know exactly what you spend (and are projected to spend in the future), you can figure out what kind of nest egg you need to have to ensure a good retirement.

Subtract your assured income (pensions, Social Security, annuity, whatever) from your expected spending. The amount left over is how much you need to withdraw from your nest egg (portfolio, savings, etc.).

Take a percentage of your nest egg and see if that meets the amount you just calculated. If the percentage is 4% or more, then you're in trouble if you live a long life. If the percentage is around 2%, you should be golden. The area between 2% and 4% is where you can start to figure out whether you need to work longer, reduce expenses, or whatever.

Looked at this way, it's not complicated. So for your $900K nest egg, you would want to withdraw less than $36K per year. The less, the better.

Again, it all gets back to spending. Be very sure of what you're spending now, and what you're spending it on. That will give you a great start on figuring out what your future spending is likely to be.
Everyone on this board aspires to LBYM.

LBYM = Living Below Your Means.

Well maybe not everyone. However, I do aspire to not Living Beyond My Means.
Oh man, how many times have I said that the only material thing I still wish is to have a waterfront property on the Puget Sound, so that I can row a kayak out to check my crab traps every evening to look for dinner? It is not a chore, but a privilege. But buying such a place would deplete my stash, leaving me with much less to count.
We have friends who live oceanfront on Galiano Island and his crabs haul is way down. Two year ago we would have a Dungeness feast on his dock. Now we are lucky if he has a Ling Cod in his freezer.

Congratulations, you win the quote-of-the-day award!
You are now entitled to one free at-a-girl (female equivalent of at-a-boy). :)
Is that anything like an attaboy?

I've spent the past week driving from northern Virginia to Denver and I took the opportunity to do it the way that my working class family would have done it when I was a kid. I've been sleeping in under $50 hotels, eating at fast food, staying with my still working class sister, etc. The only luxury that I allowed myself was playing golf on small town courses ($20 green fees). I've been through small towns in VA, WV, KY, IN, IL, MO, KS, and CO on this trip ranging from disastrously poor to clean and neat. Total daily cost (gas, golf, food and lodging) was just under $100/day...
It is amazing how lifestyle inflation is raising our retirement cost estimates.

Sea Kayaker and NW Bound, DH and I bought waterfront property on Whidbey Island in the early 90s for our future retirement home (saved for it and paid cash). We held on to the property and finally built a 1700' 2BR/2B home via UBuildIt program about 7 years ago without a mortgage. We spend our weekends and vacation time on the island and I will be living on the island full time after 8/1 (DH will join 6/16). Our property is on stable midbank bluff, but we have water/boat slip access just down the road. We have a beautiful view of Camano Island and Mt. Baker. I have a nice size garden area for vegetables and flowers and we kept the small old cabin for our tool/garden shed. I do crab using my kayak using a small ring trap. Allows me to putz and enjoy the sea life. Also good clamming and mussels from our tidelands. The house was designed and built with a water view from every room (except 2nd bath and laundry room) for those stormy winter days :)
Our friends built their own island home above and it is truly a retreat. They have their own dock. They spend winters in Mexico on the ocean as well, and own a panga. Great lifestyle.

3. As far as having to be self-sufficient, some of us have to pay a large portion of the cost of medical care in retirement, and don't live in a society where care is provided at little to no cost....
The retirees at my Megacorp in the US have had their retirement benefits reduced so much that many will need to devote half their pensions to replace them!

Regarding item #3, health care in Canada is not provided "at little or no cost". The average family is paying over $11,000 in taxes for it. Health care in Canada is not free, think tank says, claiming average family will pay $11K this year | CTV News
This article has been debunked as propaganda from the right wing Fraser Institute. It substantially overstated the amount of income tax being paid. OTOH the way to have a cheap retirement in Canada is to not drink, smoke or drive.:greetings10:

The second point is the accumulation of items that comes from spending. This ends up requiring more house, more insurance, more taxes, more maintenance. I have this problem personally. We accumulated a vast amount of stuff and I will end up spending money to get rid of it (or at least losing a great deal of money in depreciation and opportunity cost).
Getting rid of stuff can reduce your real estate needs and improve your mental outlook.

I like to split bottle red wine with DW every evening. I don't know if that makes us alcoholics :). ...
We do the same. It is a bottle of Concha y Toro Frontera Cab that costs C$16 for 1.5 liters and lasts us for 3 nights.

Total cost approximately $1.48

Having breakfast at a restaurant makes no sense unless it's a social event or you don't have time to make it!
We have a ROMEO group in PV that hikes 3x a week and then goes to a local restaurant for breakfast. Average cost is 70 to 100 pesos for 2 eggs, 2 strips of bacon, hash browns, refried beans and coffee, with tortillas, including tip. There are also fruit plates, yogurt, buns, omelets, etc. (13 MXN = 1 US)

Well maybe not everyone. However, I do aspire to not Living Beyond My Means.
When I first came here, that is what I thought LBYM meant until I looked it up. I am converted now.:blush:
I guess I must be the only dummkopf that went straight to a bronze plan without bothering to check whether I qualified for silver subsidies or not.
IF you don't have any medical expenses, I think you are still better off with bronze plan
IF you don't have any medical expenses, I think you are still better off with bronze plan

Aye, that be me so far knock on wood. I hadn't seen the doctor for two years and he finally had to drag me in kikin' & screamin' for a checkup by the simple method of refusing to renew my BP prescription unless I went in. Much to my surprise the Bronze plan covered all costs including lab. What is this world coming to?
Top Bottom