Because with the expected inflation, you will in the future have to pay too much for everything That is why you need $1MM
I eat less, buy fewer clothes and very rarely drive more than a 5 miles radius of my house.. I'm F**cked better get used to 'paper or plastic young man?'...Oh wait I still haven't checked my powerball ticket..... we need to get that fire alert thing going
is this why americans are so stupid about saving for retirement? â¢61 percent indicated they believe God has determined the direction and course of their lives. â¢32 percent agreed with the statement: "There is no sense in planning a lot because ultimately my fate is in God's hands." http://www.livescience.com/culture/belief-in-god-americans-100310.html
probably the best thing for retirees without funds is to go to the good/nicer areas of very low cost countries. The medical/prescription/dental/glasses/etc. costs are way lower, and so is rent, taxes, food, car repair, etc. On $12,000 of annual social security payments, you could do well, and even hire some help (cooking, cleaning, home health aide)... One example, but there are many http://www.retireinphilippines.com/ I had a loose alternator belt on my car the other day. I called a repair shop. Two Filipinos came to the house and tightened the belt for P100. That is just over $2.00. Recently I had a brake job on all four wheels performed for P1600 (About $33 USD). Last week all my lights quit working because the column mounted switch broke. I had all the wiring rerouted to a new switch and 5 bulbs replaced for P1000. ($20.57). rent a huge three bedroom house about 5 minutes from the Dumaguete airport and 15 minutes from down town. The rent is $211.00/per month or P10,000. I don't own a car and don't need one. The motor cabs are big and plentiful.
i don't know if i agree any more. when the reserve currencies fail dollar pound etc the purchasing power against others will fall. this means this lifestyle would not longer sustain. it will not be a choice in a few years we will be poor too.
A family member has quite a lot saved up due to a rather Spartan lifestyle, but is currently relying on TX state teachers retirement to live on. I wonder how long that will last.
I personally think 1 million USD is considerable capital, plenty of people never reach that landmark, particularly debt free, as in net worth 1,000,000.00 Perhaps a better question is what to do with the 1 million and how to invest it because the former is not very probable especially in this world we live in. No Heat
You can also retire in Croatia on the coast which has cheap rent. My uncle has a house on the Adriatic coast in Omis, Croatia (about 15 miles south of Split) and he rents it for $200/month. There are plenty of bargains to be had in other countries especially in beautiful Croatia. Here are some links with pictures of Omis... http://www.stanici.net/omis-s-imbera.jpg http://www.chorvatsko.cz/stdal/pict/omis_8.jpg http://static.panoramio.com/photos/original/255826.jpg