Believe it or not, with this speed of inflation, you will need this amount to live comfortably for the rest of your life. By saying comfortably I mean getting 300k per year for you and your wife.
300k is not a lot. Not at all. Trust me. So I totally understand why the deadwoods won’t choose to retire.
Total troll. Anyone who lived through the Carter era 1970s remembers what inflation really was.
I'm retiring on 1MM at 62. I can always get a part-time gig if needed.
I am pretty sure this post was a deliberate troll. None of it makes sense. 10 million divided by 300k would be 33 years. this doesn't even take into account for investment returns or compounded interest so even if you believe that you need 300k to retire comfortably, 10 million is a-lot more than you need because even with modest returns, you would generate 500k - 1million each year in earnings without ever touching the capital so this guy was either a troll or a financial mo--n.
this is why I have a non-wf financial guy and don't take advice from randos on the interwebz.......
but, if make-believe 10m is what it takes for you, good on ya!
I will survive on SS only.
Why are you posting this? This is horribly false.
Don't have a wife. Don't have a mortgage. I have two cars - one paid for. I have animals. I have a beautiful home with deer in my backyard. I can live on about $40K a year. If necessary, I can live on more, but I have no need.
And you are an alarmist.
Shut up.
Again, I repeat, this is a layoff rumor website.
Don't get your investing/health/football betting advice here.
$300k a year is needed for a Country Club membership, multiple residences, a new car each year, an expensive hobby, supporting adult child(ren), and nightly meals at The Palm. All of which are luxuries to some and pretentious activities to others.
OP reads Financial Samurai
Financial Samurai is a guy who worked at Goldman Sachs, he admits himself that he made so much money that he could save 75% of his income.
Saving more of your money is a good goal, but the ability to get to $10 million even with a 75% savings rate will be limited to the top 1% of income earners.
OP you’re an id--t…
That anyone is talking like this after 1 year of above normal inflation is pretty sad. How do you live under a sky that's constantly falling, OP?
I think perspective could be good here. Are you addressing a family that already has an income of $150,000+/year? Or are you speaking to those of us who have found a way to live comfortably on $40,000/year after deductions? I can't imagine inflation ever getting to the point that I need $300,000/year...
You waste a lot of money OP. Might want to work on controlling spending. Even people who make millions/year wind up broke sometimes. It's more about what you spend than what you make.
Get to work, Charlie.
Lol, you lost me at “you and your wife”. It’s not the 1950’s anymore. Oh, and I think I’ll trust my financial advisor’s (Fiduciary, not WF) advice over that of some internet yahoo.
Good luck to you. Millions upon millions live on way less than that after working 40 years. If you still need $300k in retirement, you better hope you never lose a job or get sick.