3M is 60 years of 100% savings with a 50k income. What, are you planning on living 60 years after you retire or something?
All I need is enough for property taxes plus a little more. Honestly I could do it on 300k, this is some "everyday working American" media outlet spin.
Realistically you're looking at around $150k per year with three million, which seems like a lot but we also have to remember there will be 40 to 60 years of inflation before Gen Z can retire, and very possibly decreasing rates of home ownership which will further hurt them financially.
I plugged it into an inflation calculator and by the time I'm supposed to retire (42 years from now) and assuming a 2.5% average inflation per year, $150k will be worth $53k in today's dollar, which is like just above struggling middle class in a lot of the country.
Edit: That $150k is worth $43k after 20 more years too, and god forbid I should live any longer.
Worth noting that the amount you need to cover from your own savings is only the stuff not already covered by social security. Which should put required savings in the $1-2 million range, which is not that much higher than estimates I heard as a mid to youngish millenial (and it makes sense that near the borders those figures should be similar).
Decommodification or bust. I retire when I get a commie house and a sizeable garden/permaculture project. I lived for a couple years of the past decade on less than 5k a year. 150k (in 2020 dollars) on top of a house and land and gear and comrades down the street, and I'm permanently set, come hell or high water.
3M is 60 years of 100% savings with a 50k income. What, are you planning on living 60 years after you retire or something?
All I need is enough for property taxes plus a little more. Honestly I could do it on 300k, this is some "everyday working American" media outlet spin.
Realistically you're looking at around $150k per year with three million, which seems like a lot but we also have to remember there will be 40 to 60 years of inflation before Gen Z can retire, and very possibly decreasing rates of home ownership which will further hurt them financially.
I plugged it into an inflation calculator and by the time I'm supposed to retire (42 years from now) and assuming a 2.5% average inflation per year, $150k will be worth $53k in today's dollar, which is like just above struggling middle class in a lot of the country.
Edit: That $150k is worth $43k after 20 more years too, and god forbid I should live any longer.
Worth noting that the amount you need to cover from your own savings is only the stuff not already covered by social security. Which should put required savings in the $1-2 million range, which is not that much higher than estimates I heard as a mid to youngish millenial (and it makes sense that near the borders those figures should be similar).
Decommodification or bust. I retire when I get a commie house and a sizeable garden/permaculture project. I lived for a couple years of the past decade on less than 5k a year. 150k (in 2020 dollars) on top of a house and land and gear and comrades down the street, and I'm permanently set, come hell or high water.
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