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$1m is not enough to retire on by itself. I have a large family and our expenses are around $100k/yr. I want to stretch the $1m as long and as far as I possibl
by archeantus 6y ago
$1m is not enough to retire on by itself. I have a large family and our expenses are around $100k/yr.
I want to stretch the $1m as long and as far as I possibly can. Looking for tips/suggestions on how I might do that.
- djd20 6y agohttps://www.bogleheads.org/ https://www.bogleheads.org/ - this is a pretty good resource. While this is more of the journey to get to the point where you can retire, it would probably make sense to follow some of the advice above from a longer-term perspective, as you are aware you cannot retire off of the amount you currently have. The key to stretching it is reducing your living expenses obviously, and after taking a break finding some form of income to supplement what you already have. Moving somewhere cheaper tends to be top of the list, and could go well hand-in-hand with the taking a break bit.
- TechBro8615 6y agoI would be curious to see a breakdown of 100k of expenses.
- jpmoral 6y agoThe 100k/yr would be the first thing to look at.