There is no magic number you need. $3m will get you some lifestyle. You could retire at 40 with only $300k if you want to live the lifestyle that means (move to very low cost of living area where you walk to groceries). And there is a good chance social security will continue to provide a minimal income once you reach whatever age.
captainlezbian@lemmy.world 8 months ago
Not enough income to live indoors, but income nonetheless
bluGill@kbin.social 8 months ago
I know places in the us where it is enough. Towns with populations of 500 are generally cheap. Not much to do in them.
captainlezbian@lemmy.world 8 months ago
You’re right. In a 1 bedroom in a rural city in a low cost of living state living as a freegan who never needs anything like medications you might be able to live off that.
I for one think that the situation with social security is that my parents and grandparents took one of the best things my country ever did, robbed it blind, and pissed all over it. Fuck. That. Shit.
And yeah I’m prepared to work the rest of my life until I get too old to work and then die homeless. That’s not what people should live like. We had something beautiful and let it fall into disrepair
bluGill@kbin.social 8 months ago
I said you could. That you wouldn't want to is my point.
BenadrylChunderHatch@lemmy.world 8 months ago
Let’s say optimistically that you die at 70. That’s 30 years living on 300k, so 30k per year on rent, food, utilities and medical. You could live indoors for that amount in some parts of America in 2023. But what about in 2053? Inflation could have a huge impact on your cost of living and if you’re already living close to the bread line it’s hard to find savings anywhere. You could put your money in stocks but likewise you’re at the mercy of the market. It might be fine but if the market tanks when you’re 65 you could be in big trouble.
agamemnonymous@sh.itjust.works 8 months ago
$300k ÷ 30yr = $10k/yr