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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Because everything is so much more expensive now. For example, food price has doubled since the pandemic. Your one million dollar at retirement translates only to $40k per year, which isn't much as you can imagine.[/quote]

Doubled? In 4 years? Definitely gone up a lot but let's not go crazy here. Got a gallon of milk yesterday for $3 and 12 eggs for $1.50.

[b]And you need to hit a retirement calculator before you say $1 million is $40k/year. The money will grow, of course.[/quote][/b]

No, this is accurate.  The rule is that you can withdraw 4% of principle.  So that is 40K the first year.  True hopefully a little more each year after, but not a lot.  The best estimate on 1M is 40K per year for the first ten years of retirement.[/quote]

You’d be crazy to use 4% rule if you don’t have pension. 3% max or lower.[/quote]

[b]Wait do you all think you are gonna live past 95?[/b]

Also I assume social security will not be as generous when I retire (probably around 20 years from now?), but it won't be zero.[/quote]
Not an unreasonable assumption for me given my family history. I am a healthy woman and the women in my family back at least 3 generations have made it to their 90s.[/quote]

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