Is One Million Dollar Enough?
Depends on what you are asking, right? Want to fund your next dream vacation? Absolutely. What about Jennifer Aniston’s house? A million can get you started. If you want to rely on it to retire? Hell No!
Our retirement system got really f#$%ed up lately. Our parents are probably the last lucky generation to get both social security and company pension. As the traditional pension keeps vanishing and social security running dry in thirty some years, we are on our own, my friends.
So, let’s see how much you need to “live happily ever after”.
A few assumptions first:
- If you make $50,000 a year and still want to keep the same income when you retire
- Annual withdraw rate can’t exceed 5% so you don’t run out of your principle
- Inflation rate is 3% per year
- You retire in 30 years
You need $121,000 yearly income in 30 years to have the same buying power, which means, you need to have a nest egg of 2.4 million dollars when you retire. For those hot shot young consultants out there, 4 or 5 million may not be an exaggerated figure.
It’s better to save now than feeling sorry when you get older. cnn.money.com has pretty cool calculators to figure out exactly how much you need to save/invest every month. Check out the million dollar calculator and the saving calculator.
I think the “pay yourself first” concept is a really effective way to force yourself into the saving/investing habit. Setup auto withdraws, then feel free to spend the rest. Again, living under your means is always the pre-req, yeah?
Hope everybody can retire early and comfy, if not rich.
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