Discussion in 'The Pub' started by Laelaps, Dec 4, 2017.
Not a chance. Maybe we'll get there in a decade.
About a week. Don't ask me how I know...
Soooo...if you sold your million+dollar home, realized your gain and downsized for cash with no mortgage, you could easily "get by" on $80K generated by the $1 million principle. If the principle managed to appreciate....which is not impossible in a rising market with proven performers in interest and dividends, you can do even better.
The objective of most retirees is be debt free with minimal tax liabilities...to travel and have fun rather than be a slave to a big, expensive estate.
Try managing your every day health issues....its amazing how some folks take their health for granted.....there is more than 1 millionaire in my family and the majority spend their time trying to get thru their day, hopefully having 2 or 3 good days out of 7.
$10,000 monthly for everyday caregivers is a reality for many in my community...oh boy....retirement.
I understand...and don't want to be in that position....but...
I've got several friends well into their 70s that are constantly on the go with wanderlust. I have a close friend couple, both early 70s and her mother is 101 and still partying. Genes. Another good friend of mine's mother held on for 2 years with a heartbeat and no life to speak of My ex mother in law is 84 and walks like she's 30. My current mother in law is 84 and wobbles like a penguin, overweight, with rebuilt knees and early stages of dementia...and she hates it. It's hard to watch and experience. I'd rather die in my sleep and be a bother to no one.
I'm thinking of moving to Mississippi!
Health care is the big wild card. YOu can be broke in a day and not even know it.
So is living in the average home (what your link mainly deals with) living like a king? Again, not trying to be a dick, but there's a big difference between the median and royalty. I honestly don't think I could live in Scotland in the same way I can live in Arizona in retirement...and I would love to spend several years with my home base in Scotland. It will take considerable downsizing in housing to make that happen though...which we might do.
My dear Chilicat, I think you are trying at least a little and you know it You really need to be less pedantic, it's not a good colour on you. Anyway, would I actually be able to live like our tax-scrounging "royalty" on a million? Of course not, taxpayers aren't topping up my bank account every year Regardless, £1million would lend me a very, very, nice lifestyle indeed. While I can't speak about Scotland vs Arizona, I do know that I already enjoy a very good standard of living. I pretty much have everything I want in life right now so a million in the bank would allow me to be pretty damn extravagant.
As to the original question of how long I could live off a million? I could retire right now and never work again very easily. If anyone wants to donate that million, just PM me for my bank details. I'd be very happy to prove it
Assuming one doesn't have to burn through the money like Brewster....
I have no dependents...so if I have 1mil after tax, I'm immediately distributing 500k throughout the market, in dividend-paying blue chip stocks across a variety of sectors. As for my picking method, that's my business...but the goal is to minimize risk, protect existing assets from inflation and (slowly) build long term growth while providing some extra liquid cash for living expenses.
I feel confident in projecting my million would outlast me, even while living a comfy life of leisure.
I hear Glasgow has some of the best Indian restaurants in the world ... would love to give that a try
This just makes me point back to an earlier post of mine. Asking folks if they could live off a million is like asking Gibson or Fender. It's going to be all about personal choices.
That is one of my concerns ....
I will be eligible to retire with a decent pension at 56 ... and our retirement savings are looking pretty good right now ... so it will be tempting to drop out of the rat race as soon as possible ... and 56 is young enough that I should have a good number of healthy years left. I will also be able to keep my current health insurance after retirement.
but then the longer I work the better my retirement benefits will be so hanging on a little longer is also tempting ... but the longer I wait the more likely my health or my wife's will become an issue
We have indeed! One thing my wife and I always find is that we can't get decent Indian or Chinese food no matter where we travel outside the UK (barring India or China I assume). My sister in law moved to Canada 14yrs ago and constantly complains about this. You'll be spoiled if you visit Scotland
I am 58 and have declining health the past several years to a point it is getting very difficult to work and manage my health issues......who knows for sure....but, be honest with yourself, at age 55 things have already started adding up for many, though it often hasn't revealed itself!
Depends on your lifestyle......i have relatives that are extreme tightwads in most respects and rarely leave the house or farm unless necessary, partly why they have assets, they dont spend much at all....otoh, my oldest brother is 75, fairly healthy and has well over 300 stamps in his passport (thanks to frequent flyers miles with his job paying for a lot of his family travel) but slowing way down with travel in recent years.
Yep, I'm not massively material though I do like my guitars, watches and motorcycles etc. but I don't need 50 of each. Just a few nice pieces and I'm sorted for all of them already except the bike right now. I'll spend most of my disposable travelling if my health stays with me.
No decent Chinese food in Canada? Seriously, that is really funny.
I don't know, but I'm willing to give it a go for "science" if someone will give me the money.
Come on people. For science!
I've had great Indian foot in Detroit and Toronto. I don't eat much Chinese food (more Indian or Thai), but I'll bet a lot of money that some here have found good Chinese food in the US and/or Canada.