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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Another total joke are these people who think they need to fund three generations before they retire: themselves, their kids, and their grandchildren. I’m not working extra so that the two generations after me don’t have to. It’s fine if you have good fortune and want to share the wealth, but this is not “saving for retirement.” [/quote]

+1, some people are trying to build true generational wealth. That's fine but a different goal than OP's question about how much you need to maintain an UMC lifestyle in retirement.

The funny thing is that because a lot of people will automatically spend more if they have more, a lot of people who amass small fortunes by the time they retire will squander most of it (on vacation homes and subzero refrigerators and first class plane tickets). Meanwhile you could save a more modest amount, live a perfectly nice retirement on 100-150k a year, and wind up leaving a paid off home and a good chunk if change to kids if you don't wind up with major LTC costs (which lots of people don't-- neither of my ILs wound up in LTC unless you count the 6 months my FIL spent in hospice before he died (paid for by Medicare and the VA). My dad spent 2 years on LTC but so far my mom hasn't needed it (she's 85 and lives in a condo in a retirement community but it's very economical ). [/quote]

It's not "squandering" on vacation homes, subzero and first class tickets if you plan to spend on that.  For some of us, those items are just a "drop in the bucket".  If you have $10M+, why wouldn't you splurge on things that give you pleasure?   Sure I don't need a subzero, but it's an awesome fridge, keeps food fresher (with 2 compressors) and we can easily afford it.  Same for business class travel.  Don't have to have it, but I can't take my $$$ with me when we die.  Kids don't need $10M+ each, so why shouldn't we enjoy it
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