How???
Hotshot
Joined: Mar 2001
Posts: 13,555
Likes: 79
From: Manhattan, KS
Unless you are extremely wealthy, it is hard to know. There are a number of planning tools to help estimate how much you need. Also, what are retirement plans? Stay where you are, move, have a retirement home, travel some or a lot, work part time, own a business etc.
Hotshot
Joined: Mar 2001
Posts: 13,555
Likes: 79
From: Manhattan, KS
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Hotshot
Joined: Oct 2007
Posts: 18,839
Likes: 92
From: Manhattan Kansas
How do you create more money if a million isn't enough? What if there are huge medical, or unforeseen issues? What if you reach the point where you have run out of money, before you ran out of life, and need to get a job at 90 years old?
Hotshot
Joined: Oct 2007
Posts: 18,839
Likes: 92
From: Manhattan Kansas
How do we know that 1 million dollars is the magic milestone? How does someone say, "that guy is a millionaire, he has it made." and know that the millionaire has all the money he/she needs to survive?
Hotshot
Joined: Mar 2001
Posts: 13,555
Likes: 79
From: Manhattan, KS
Curtis, those are good questions and that is why Social Security was put in place. It is there to give folks at least a minimal amount to live on in old age if other things don't work out. I'm sure most folks don't start out in the early working years with the idea, "I'll just live day to day and then when I'm old I'll just keep on working." Most of us think we will have a business, retirement funds, pension, farm, savings etc. to live on. Unfortunately stuff happens, medical issues, business failures, loss of working spouse, disability, change in government regulations, etc. that put people in a bind. Unfortunately, our congress has seen fit to "borrow" social security funds as if it is an endless piggy bank over the years and now say it is going "broke" because they didn't repay the funds.
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FTE Chapter Leader
Joined: Nov 2010
Posts: 30,595
Likes: 1,236
From: N. IL
How right you are; let's make it 2 million just to be sure.