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Reply to ""$5 Million is a Nightmare... the Poorest Rich Person in America.""
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[quote=Anonymous][quote=Anonymous]I have to admit that we are at $5M and related to the dark humor from this scene in Succession. We know we're in good shape, especially in our 30s, but we don't feel like $5M is enough to retire on and are still ambitious to achieve more in our careers and financially. Part of this is because we are in a VHCOL where we hope to stay, and our current net worth and salary barely gets us an old condo that needs a lot of updates. We're also in a high achieving peer group from college and work, and we feel just average among (successful!) peers. Rich people problems, I know. [/quote] Because $5M is not enough to retire on if you are only in your 30s and want to stay in a VHCOL area. If you have kids, you can assume $250-300K for each to attend college. You are in your 30s, so health insurance/medical will be $20K per year until you turn 65. You would have to adjust your lifestyle and move somewhere cheaper to get by[/quote]
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