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Money and Finances
Reply to "Do I Need to Save More for Retirement?"
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[quote=Anonymous]If you do nothing else, you don’t withdraw any of that money, and returns are normal, in 20 years, roughly, you will have around 5M in 401K, 1M in brokerage, and a paid off house? What other income sources will you have? What other expenses will you have, such as college? How do you want to spend your retirement? It is clear you will have your house and you will be able to afford more than basic expenses. The question is what do you want to have then or what does retirement look like for you.? I have been touring independent living facilities for my mother who is in her 80s. It will probably be about 10K/month for a 1 bedroom apartment at a nice place and if she needs memory care at some point it is going to cost around $15K/month. The point is this stuff is not cheap and the price will go up. [/quote]
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