Reply to Can 29yr old live off $1.5 million w/working?

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Reply to "Can 29yr old live off $1.5 million w/working?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This board truly has no clue what the lifestyle of the average American is like.

Of course he can retire with 1.5mil and a paid off house!  Of course it’s possible to squander it, but it’s also possible to live a nice, quiet, fulfilling life.[/quote]

If he lives 60 more years, that's only 25k a year or basically 2k/month, in today's money.  With this money he has to pay taxes, insurance, and upkeep on a home, plus maintenance and eventual replacement on a modest car. Plus food, clothing and healthcare. Even for a "nice, quiet, fulfilling life." I think your confidence is unfounded. [/quote]

Never understand why DCUM people can’t understand buying bonds.

You buy $1.5MM of risk free bonds at 5% and you make $75k per year without touching the principal.

Many people can live on that per year.[/quote]

This.

Once people understand this, it's like a lightbulb going off. [/quote]

The average DCUM type doesn’t understand that 75K is the current MEDIAN American *household* income.  Bunch of book smart idiots acting like 75K is poverty wages for a single man WITHOUT A MORTGAGE…[/quote]
You also don't seem to understand that the average person making $75k also has some type of health insurance and will be collecting some social security at some point.

A 75 yr old today can easily live off of $75k because of medicare and they don't do or eat much.

A 29 yr old may say they have a simple lifestyle, but they are going to want things, unlike a 75 yr old.  As a PP mentioned, home maintenance, property tax, etc.. will eat up some of that $75K.

29 is very young.  Who the heck knows what inflation will be like in 30 years when they are 59, still not able to get medicare and start getting middle aged illnesses. That $75k/yr is fixed and won't go far in 30 years, and especially if they need medical care.

People who earn $75K now may make more later. They have the potential to increase their income and get social security.   OP's brother does not.

OP's brother is clearly not thinking about retirement. Most 29 yr olds cannot fathom what a 59, 69, 79 yr old's life is like, and how much it will cost to live in 30+yrs.[/quote]

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