Reply to How much do you need for an UMC retirement?

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Reply to "How much do you need for an UMC retirement?"

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[quote=Anonymous][quote=Anonymous]I know the answer will depend on a lot of factors, but how much invested do you think would be enough in the DMV area for a couple? When I was given a presentation by a financial advisor in 2010, the answer was $2M, presumably to generate $80k of income per year in retirement at a 4% withdrawal rate. So is it $3M now, or more?[/quote]

80k per year. This poverty level, not UMC. Your financial advisor doesn’t know DCUM.

$2M isn’t enough to retire. The consensus here is that you need at least $20M.
You need that much to continue to support your adult kids and the grandchildren.

After spending lavishly on your kids, fully funding top private colleges, spoiling them, you realize you have raised entitled kids who still need you to provide for them. They have underachieved. You need to buy them a car, pay for their wedding, buy them a house, pay for their children education.

That’s why you need more money in retirement.
The secret is to not raise entitled children. Set you kids for success and you won’t need to support them in your retirement.

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