Lol, what do you waste your money on? You could retire on a 1m investment account easily.

Stay jealous commie.

I'm speaking as a young person, though. I'm 26 so I was assuming 50-55 years of spending.

$50k a year might be comfortable in certain areas but we're specifically discussing the context of a wealthy person that will have a far more costly lifestyle. If you're quite well off you'll get through $50k in a few months.

For most normal folk, as you get older your "needs" lessen.

For example, as you age you find that having the latest and greatest car, computer, smart phone, etc., no longer seems as important as it used to.



/e Ofc, this isn't the case with people in the public eye. But for everyone else, their needs usually lessen.

This post was edited by Ghot on Mar 31 2020 12:41pm

One thing to keep in mind though is that there's no taxes when spending from your bank account. Withdrawing 50k per year this way are equivalent to earning ~80-100k on a regular job.

When you have a lot of money you become accustomed to having expensive stuff. Those habits continue in retirement.

As a young person, that's fair. I'm well into my mortgage, which is obviously my biggest expense. Even as it currently stands, I can afford to smoke cigars daily, chase them with bourbon, etc. No, I can't dine out every night on caviar and Dom Perignon, but I also don't feel the need to. If I did it all the time, I suspect the enamor would be lost. $50K and no mortgage? I'd be perfectly fine.

lol 50k? give me enough to buy a half cow per year and keep the lights on and i'll do the rest.

But I like my nice house.

This post was edited by Skinned on Mar 31 2020 01:11pm

I would only feel comfortable retiring if I could go holidaying for a good portion of the year, have a holiday home, buy a few patek's, etc.

I'm not rich, it's just a semi unrealistic goal I've got. I could have a really good career and not crack 3 or 4 mil come age 60...you've got to have equity to be rich, not just have a good career.

This post was edited by dro94 on Mar 31 2020 01:12pm