Is $1 MILLION Enough To Retire?
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1.26 million looks great when using the Dave Ramsey prescribed 7% withdrawal rate 😂
At 4% that’s 50k and assuming 12k of social security 24k between wife and husband. That gets you more than comfortable almost anywhere in the US.
Seven percent is perfectly fine. If we did see a 20-30 percent decline then you just take less that year….peoples are way too conservative these days. Dave Ramsey is right.
Buy corporate bonds, you can get 8% yield, its 100k a year
investing in an index fund gets you 150k a year, and even a lavish spender wouldn’t go above 100k in a year so you’d actually be making money. If you wanna keep up with inflation, spend less than 120k and your money will still grow in comparison to what it was the year prior.
It depends how old you are, and if you have paid for house or not
When was this recorded? 2006? 1.26 is not enough
I already have 1.13 at 32..but I have two kids who I have to send to private school bc we live in a poor rural area.
I mean it’s all cost sensitive. In today’s dollars I live off $20,000 a year because I I’m a single who likes to cook and I have a paid off condo. Which means I only need like 400-500k. Assuming a 5% draw . And that’s not even accounting for social security which is going to give me more than that 20K as is because I would make well above 70k now And since I’m saving most of my money, I’ll have plenty at retirement.
Isn’t just the purchase of health insurance increasingly expensive? I didn’t price it myself, but heard it’s about 4k for a family.
Also if Graham is reading, it might be an interesting video to contrast the numbers generally recommended, because I’ve heard of 4%, never heard of 7%, I’m guessing it’s based on different assumptions, so maybe listing those out is worth a video or at least a short.
4 and 10 is crazy. That’s just being greedy and wanting lifestyle.
exactly? it’s about the life we want. if they want a better quality lifestyle then their number can be different? we are all different we are not the same
Not everyone wants to retire in a shack in Alabama and live off beans and rice.
Perfect example of drinking the Ramsey kool-aid…1.26M is was good in 2017 in Kalamazoo MI. So out of touch
Inflation hit everyone big time. Yep if you want to never eat out or travel you can live off almost nothing
10M… Graham has come a long way since his bagel and coffee days
Graham already has way more than that. Wonder why he doesn’t retire.
Retiring with $1.2m? I don’t even feel comfortable having children until at least $5m, let alone retiring
Kids are not that expensive. Sure, they cost money, but if you are even halfway on track to get 5M by retirement, you can easily afford kids when you are 25-35.
Also why even get that much money stashed away if you don’t live the life you want while doing it?
I am all for being frugal, but not at the expense of living a great life.
George doesn’t understand what a safe withdrawal rate is.
That’s only like 50k a year 😂😂😂
Funny for using Bryan in high medical expenses part
Can I retire if I had $1.26 million? Yes, if it’s just me. Would I retire if I had $1.26 million. No! I’d rather have $1.5-2 million with a paid off house depending on age.
10 million? Looks like Graham now goes to Starbucks to get his iced coffee 10 times a day!
If You’re only planning on living 12 years. You can live off of 1.2 million. Here’s the problem with that whole ideology is it doesn’t take in for account the cost of living constantly raising a 10 to 15% every year.
I.26 will work fine in about half the country but If you live in states like Hawaii, Massachusetts, California, New York, and Alaska you’re gonna need more.
Funny. It’s always a round number.. 😅
I mean; if you wanted to spend 60k a year, that for 15 years would be 900,000.
Then you have to hope that you die in 19 years after you retire 😬 (assuming 65 was your goal)
If you want to retire at say 50; you need closer to 2.1 million; or spend 30k less. Which property taxes alone will likely eat away at least 1/3 of that if you own 1 home that’s paid off