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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They(and I'm not sure exactly who they is) try to brainwash everyone into thinking you need to have the same money to live on when you retire. My mom has had about $75k last for a quite a long time, along with her social security and small pension.
She doesn't live like a pimp, but she gets by just fine.
That said, I'd like to live more comfortably but I don't see myself ever retiring because I love what I do and will do it until I'm physically unable. Also, I have a brand new daughter and I'll be worrying more about wasting money on college in 18 years.