A million dollars in assets isn't that much money anymore. Most joe sixpacks are going to be lucky to get a 4% real return long term, so that's only 40k a year. I can't image retiring, having a ton of free time but no money to spend living the life of leisure. At least the successful traders here will probably never stop working and continue to trade their accounts at least part-time.
so if you have no money to spend , it is not worth having free time to do things that you like, the most important thing in lfe is good health without good health nothing else matters and that does not take much money
I believe India is a better place to retire with $1 million because there are number opportunities, just in case.
How is an income of $50k in retirement anything close to poverty-spec? You'll have a fully paid off home, grown kids so you don't have to pay for them anymore, and you are too old to party, get wasted, and blow $$$ on drugs and girls. Please explain to me how a fat 65 year old couch potato millionaire with no mortgage payment blows though $1k a week?
I've been in the Fairholme Fund for my long term retirement account for quite a while and the 5 year average is just under 9% and just over 13% this year. That is a $90K return on a million. If you live in a reasonable area that is about $1.8K a week and more than enough to comfortably live on. I recently found a nice home on 20 acres in Hawaii with cable, high speed internet and wired phone for $300K. The choice to live in high dollar real estate areas come with the consequence of high costs. I can live anywhere and travel to the metro areas when I want and do not have to suffer those high living costs. This is the great thing about trading.
I retired several years early when offered the chance to quit the corporate jungle and go of and do what I really wanted â trade. What I found was too much of what I read about financing retirement was way out of line with reality. A big part of their assumption is that you will maintain the same buying habits in retirement that you had in your working days. This turned out to be way off base. For example when working I ran thru cars at a fast pace because of the long commute. Now I wear out keyboards and drive way less. There is a big difference in cost. Then there is the new car. I have no need of getting flashy mobiles anymore. My 4 wheel drive is 10 years old in great shape. I have the money to replace it but it is stashed in CDâs until I really need new wheels. Then there are the assumptions about debt. They expect many people have 30 year mortgages or kids still in college. That is BS. Like me most retired people carry almost no debt. It is just not prudent. Another problem I have with these so called âexpertsâ who put out this retirement financing propaganda is they have a vested interest in getting people to save more. The recent report saying people needed $2 million came to my attention on yahoo under Fidelity Live Long investing sub section. Just try finding well written independent retirement assessment from a neutral source with nothing to sell you. Believe me its hard to do. They only areas that I have found in-line with estimates are the cost to maintain heath and taxes.