Quote:
Originally Posted by Rochard
I see these commercials trying to scare me into saving money for retirement and some say you need $1 million in the bank to live until eight-five or some such non sense.
Looking at my in-laws, they are both in their seventies, their house is paid off, their cars are paid off, and they have no credit card debt. They have $100k cash in the bank, a few investments, have more or less no bills other than the regular power and utilities. They live off of social security, have few needs, and seem to have a positive cash flow every month.
Did I miss something?
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what you need depends on what your expenses are. If you have a small house (paid off) and live modestly, 1mm should be more than enough. If you have multiple homes, travel the world , eat out every night etc....you need a hell of a lot more than that. Also, if the plan is to live off of what one has vs having money to leave to your kids, that changes everything as well.
math is math...if they have positive cash flow every month, they are fine. Assuming nothing changes expense wise or no major medical bills pop up