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Reply to "Retirees living off their investments in expensive resort towns"
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[quote=Anonymous][quote=Anonymous]Middle class people often have higher income on retirement. By time I retire I will be doing 401k for 45 years. RMDs start at 72. Could be 3-5 million by then. By then people have no mortgage or dependents so a no income tax state is needed. [/quote] This is probably true for me, but I don't consider myself middle class—being able to max out a 401k every year, buy a house, and pay off the mortgage seems beyond middle class. I expect I'll have more disposable income later in life. We stretched to afford our house, maxed out 401ks, and saved aggressively in 529 plans. By the time my youngest goes to college, nothing will be left to save for or pay off. [/quote]
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