I am certainly not a millionaire, but here is a question for those of you who have compounded a neat sum like that. Under today’s circumstances, how do you keep your lifestyle? I take it that once you’ve had a good run, it’s your life not the number that holds interest for you.
A million dollars isn’t what it used to be. Don’t get me wrong, I’d rather have it than not have it. Still, $1 million on its own will only get you about a $40,000 (plus or minus) per year lifestyle if you want that money to last for a few decades, given both inflation and the market’s uncertainty.
That said, retiring with $1 million is still a reasonable goal, particularly when combined with Social Security, Medicare, independent kids, and a paid-off house.
Regards,
-Chuck
1 Like
Quicken’s Net Worth by Year Calculator indicates that I had become a Millionaire sometime prior to 2011. I didn’t get around to retiring until 2013 after my 68th birthday. Other than not going to the office every day, there was no change in my lifestyle. That change didn’t occur until my wife died in 2019 when I sold the house and moved into my Mom’s condominium’s guest bedroom.
My Mom died in 2022 and my siblings decided that I would inherit her condominium plus $862.00 when the proceeds were finally distributed in 2025.
As a Disabled Vietnam Era Veteran, I can’t claim any improvement in my lifestyle as a result of being a millionaire. The VA Healthcare System keeps finding more and more things wrong with me. The only good thing about this arrangement is the $2297.96 VA Disability Compensation and $4016.00 Social Security benefit I receive each month in addition to my pensions from employment. That doesn’t make up for being confined to a wheel chair due to service connected disabilities and connected to an oxygen concentrator because you’ve been diagnosed with COPD.
5 Likes
You tell it like it is.
1 Like