Reply to Top 1% of Retirees Have 16.7M

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]99th percentile of retirees have $16.7M of wealth.

[b]95th percentile of retirees have $3.2M of wealth.

90th percentile of retirees have $1.9M of wealth.[/b]

https://finance.yahoo.com/news/super-wealthy-retirement-looks-savings-095900179.html

Does this change the way you think in terms of how much you need to save to retire?[/quote]

Thanks for posting this.  It points out how ridiculous was the recent thread asking if $10M is enough to retire.[/quote]

If you are already in the 1%, which many in dcum are, $10m is not that crazy if you want to continue with the same lifestyle. [/quote]

This 1000%.  If you are living in a 5k Sq ft home with your 2-3 kids, spending $400K/year now on life and the kids, you are most likely planning to maintain a similar standard of living in retirement, most likely with 1 condo/TH and a second home as well.  To do that you need more $$.  Sure you could retire on much less, but most people want to continue a similar standard of living
[/quote]

Actually to maintain your same standard of living, you need far less actual income because your home is paid off, and you are no longer actively saving for college and retirement. So if (for example) your monthly mortgage is $4k, 529 savings is $2k, and retirement savings are $4k, that's 10k/month you are spending now that you won't need to spend in retirement. [/quote]

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