Retiring With $1,000,000 in Your 50s (Is $1M Enough?)

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Title	:	Retiring With $1,000,000 in Your 50s (Is $1M Enough?)
Lasting	:	6.53
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I hope to have the 3 mix bucket withdrawal nestegg ready when I retire in 6 years Maxing out my ROTH 401k since my company started offering it 2 years ago Going full steam ahead!
Comment from : Richland Zee

Should you use expenses instead of income? Why would I need to generate the portion of income in retirement that I currently put into my 401k?
Comment from : GTRrocker

$1 million would be great today but by the time I retire in 20-30 years the dollar will be worth 30 of its value today if I'm lucky I'll need $3-5 million at retirement to provide the value of $1 million today brMake sure not to set your retirement savings goals too low
Comment from : GetInTheSpace

My wife and I are 54 year old RN's and we have a net worth of 25M, living on a budget of about 70k take home and 135k gross income The difference automatically goes to health insurance, taxes, savings, and about $4083/month to investments for retirement We are debt free including the house and cars, have a six-month emergency fund, and we try to live below our means
Comment from : Educated Wanderer

During the Covid Crash I was picking up Dividend KINGS like Crazy Dividend Kings yielding 4 and 5 so 40 or 50K and your Money Grows with the Stock Market and Every year you get a Pay Raise To Top it off, if your Married you get 83K Tax Free, thats right Capital Gains Baby Screw selling selling your Stock let the JNJ, PG, CLX, and PEP Work Hard and Fund your Retirement
Comment from : Sean

Right on track Thanks guys Out in 3 years at 55 2M plus and a full pension Life is sweet You guys are so right The hard work was done decades ago and now the growth more than exceeds our income every year now Even if we stopped saving it would still grow more than our expenses every year It is amazing how you shift from growing to maintaining to legacy planning as you reach certain milestones For us the 1M mark was that first step and now we know it will never be less than that 2M is starting to look normal but we know 3M and beyond are not far away
Comment from : Ray Anderson

Love the projections guys
Comment from : Money Talks with Jonathan Thomas

I retired at 58 May 2020 with $5m That includes everything: House 20, Gold 10, Cash 10, Stocks 50, Commodities 10 Its the diversification that helps me now GOLD, Cash, and Oil are holding up very well right now, while Stocks are getting crushed Im not sure about my house, but Im not moving so Anyway, I got to where I was by investing in great companies when they were cheap, really cheap And it seams to me that some of these companies are having a fire sale right now
Comment from : Eric Anderson

If you invest a million wisely and net a measly 10 a year, you can retire no matter what age $100k a year will buy you a nice life
Comment from : masterjbrown

Folks, you can do it! Putting some in the kitty early and often really compounds
Comment from : habba dabbado

Reaching one M at the end of the usual working age of say 65 or 70 is probably more than the average American does so should suffice,but the earlier in your working years this benchmark is reached the better as you still have more working years available to add to it and to buffer against the possibility of losses Would be well to have as much of it as possible in Roth,and remember that at present the real value of ONE static M is declining fairly fast due to the nasty inflation
Comment from : David Powell