Reply to Washingtonians say $3 million = "wealthy", $720K = comfortable"

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[quote=Anonymous]I added up your budget items and I get 15,500/mo.  You said that you take home around 15k/mo so that's definitely a problem long term.  How much longer on your mortgage and HELOC?  Assuming you can pay those off before retirement then at least your expenses drop to $11200.00/mo.  Still, in order to generate that amount passively without drawing down your principal you'd need around 3.4MM (ignoring SS and varies a bit based on which withdrawal model you select).  That amount is totally attainable on your HHI, but not with your level of spending.  I don't know what your ages are, but I don't see how you will ever get there with only 1 or 2 401ks even if they are maxed.  You will need a substantial taxable investment balance unless you can dramatically reduce your spending.  Maybe a better scenario is to get a handle on the spending now so you can attack it from two fronts.  Lowering the spending now will enable you to save more and will also bring your target amount down since you won't have such a high monthly spend in retirement.[/quote]

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