$1.5 Million needed to Retire? People are making wild guesses without knowing what they need.
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- čas přidán 7. 08. 2024
- A recent survey says Americans believe they need $1.46 million to retire. In this show we discuss how ridiculous this number is and why people shouldn't be caught up in such a sensational (and potentially depressing) headline number.
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I spend about $26,000/year in retirement. The most I spent at 1 time was buying a new car for $36K cash. I withdrew $35K from retirement account and bought the vehicle. But it was an outlier large expense. I reduced my expenses to 13 items. 1. Food 2 electric. 3 natural gas 4 trash/recycle 5 water/sewer. 6 internet. 7 cell phone. 8 property tax 9 home insurance 10 auto insurance 11. gasoline 12 home/auto repair budget 13. entertainment budget. I can cover all of this for $2200/month. No pets, no cable, no subscriptions, no paid memberships. Having a paid off home and zero debt is a big advantage in retirement. Also brings low stress. I encourage you to add up all of these 13 expenses i mentioned and see what you need to live. Also, imagine this monthly expense with ZERO debt. It is more easily doable than most people think.
No medical and travel expenses?
@@MKF1205 My entertainment budget #13 I use for travel. I do local entertainment like Class A minor league baseball games for $16 ticket and Friday fireworks. Also I go to a public arbor park/forest where it costs $5 to walk the park which is full of donated plant, flower, and tree species. Medical expenses are zero because my health has been great since I retired. Virtually zero stress, I eat and cook more healthy, proper sleep, and I live life on my own time schedule.
@@Veganisbadhunter-wx5nt very glad to hear you have good health. Best wishes for enjoying your minimalist lifestyle.
I think you do. Health care costs, home repairs, etc.
I agree. I spend the same or more percentage wise on my working pay versus retired pay. All depends if there is a pension involved or not to how much is needed.
Everyone has a different retirement age in mind which can cause a large range numbers from individuals. If I retire at 55 compared to 70 I’d need much more to feel good about retiring at 55.
Do you need $1.46M to retire? It depends...
The current FU number is $2.5M per person due to inflation.
Is it $1.46m per person or per couple? I guess it must be per person. Also, I assume they don’t intend to leave any significant inheritance to loved ones. And this $1.46m is additional to social security. Say $2.5k a month. Yes I guess that can give a decent total of about $7.5k a month to spend. Assuming 4% returns. And 2% annual increase. Yes. Reasonable view of what’s needed.
1.5 million was about the right amount for me, but I live in Switzerland which is quite pricey
Interesting
I need 3 million to not move the goal post.
hello
Does depend....what's your expenses?...hopefully zero debt...part of country you're living in...
Well, some of the expenses will be hard to budget, such as medical insurance. We have more than 2 x of $1.46 million, zero debt, paid off house, 2 pensions, low cost part of country, but still working to make sure we have enough.
@@MKF1205sad
Âge 78. Still have $3.5M. Many have so much more
Many have so much less!!!
Yes. Perception of what’s needed certainly does depend on who our friends are. If many of OUR FRIENDS have so much more, we might think we need much more too. 😊
Guess your saying we can trust yous guys. How much?