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... And is $1 million enough to retire on? More than enough. The vast majority retire on less and have comfortable retirements. Despite the narrative, S

by refurb 2y ago

** ... And is $1 million enough to retire on?** More than enough. The vast majority retire on less and have comfortable retirements. Despite the narrative, Social Security pays out quite a lot and isn’t going insolvent any time soon. The average payout ($1,900) is more than double that of Canada ($850). A retired couple would have almost $4000/month in monthly income. Add on top a paid off home, Medicare eligibility, and Social Security, most people retire with a few hundred thousand, which is very comfortable in most of the US.

harimau777 2y ago
The big problem is transportation. Many retired people can no longer safely drive. That means that if they don't live someplace with solid public transportation then their quality of life drops. Unfortunately, all of the places in America with decent public transportation are expensive.
- hollerith 2y ago
  If only there were a service that people who are too old to drive could use to buy a ride where they need to go.
  - db48x 2y ago
    Man, there’s a startup idea right there.
Tempest1981 2y ago
Are you assuming great health? Or rapid death? Nursing home care runs $8k/mo or more per person. And low-end ones can be sketchy... you hear horror stories. That $4k/mo won't be enough as you head into your 80s or 90s. Also consider inflation over 3 or 4 decades.
- refurb 2y ago
  Do you feel an $8k/month private nursing home a luxury? What I’ve noticed is what Americans consider “bare minimum” is pretty luxurious. “I’m not even middle class” means buying a single family home in the most expensive coastal cities, multiple international (Mexico and Canada don’t count) per year, a couple SUVs less than 5 years old, lots of toys, plus $5M when they retire at 55. Of course most people can’t afford that. That’s upper class in the US.
- master_crab 2y ago
  ”Also consider inflation per 3 or 4 decades.” Social Security has COLA (Cost of Living Adjustments). It tracks with inflation over time.

** ... And is $1 million enough to retire on?** More than enough. The vast majority retire on less and have comfortable retirements. Despite the narrative, S

by refurb 2y ago

harimau777 2y ago

The big problem is transportation. Many retired people can no longer safely drive. That means that if they don't live someplace with solid public transportation then their quality of life drops. Unfortunately, all of the places in America with decent public transportation are expensive.

hollerith 2y ago
If only there were a service that people who are too old to drive could use to buy a ride where they need to go.
- db48x 2y ago
  Man, there’s a startup idea right there.

Tempest1981 2y ago

Are you assuming great health? Or rapid death? Nursing home care runs $8k/mo or more per person. And low-end ones can be sketchy... you hear horror stories. That $4k/mo won't be enough as you head into your 80s or 90s. Also consider inflation over 3 or 4 decades.

refurb 2y ago
Do you feel an $8k/month private nursing home a luxury? What I’ve noticed is what Americans consider “bare minimum” is pretty luxurious. “I’m not even middle class” means buying a single family home in the most expensive coastal cities, multiple international (Mexico and Canada don’t count) per year, a couple SUVs less than 5 years old, lots of toys, plus $5M when they retire at 55. Of course most people can’t afford that. That’s upper class in the US.
master_crab 2y ago
”Also consider inflation per 3 or 4 decades.” Social Security has COLA (Cost of Living Adjustments). It tracks with inflation over time.