Would You Say In Order For You To Continue In Your Lifestyle You Would Need One Million Dollars To Retire?

August 18, 2024 8:13pm CST
Prices are going up like crazy. Everything costs a lot more than it used to, anywhere between 5 to 10 dollars more than two years ago. Do you believe we will need at least one million dollars to continue to live comfortably?
5 people like this
6 responses
Kayla Tsukino
@kaylachan (69661)
• Daytona Beach, Florida
19 Aug
I don't think so. Now that would pay down some debts for sure, but no. I don't think that that's going to do much good. We might be able to live off it for a couple years, but then something would come up. And we wouldn't be able to keep up. Especially if inlflation continues to rise like it has been.
3 people like this
Jim Bauer
@porwest (90823)
• United States
19 Aug
I can assure anyone here who happens to be curious, that $1 million is not enough to retire on.
1 person likes this
LindaOH
@LindaOHio (178568)
• United States
19 Aug
I think people of today should shoot for a million to retire. Have a good week.
2 people like this
LindaOH
@LindaOHio (178568)
• United States
20 Aug
@porwest It's been enough for us...but you'd have to have long term health care insurance for sure.
2 people like this
Jim Bauer
@porwest (90823)
• United States
20 Aug
@LindaOHio It is certainly better than nothing, I say. But for most people it's just not going to generate the needed dividends for income or have lasting power. It depends on a lot of factors, though.
1 person likes this
Jim Bauer
@porwest (90823)
• United States
19 Aug
It's not enough.
2 people like this
Judy Story
@jstory07 (139697)
• Roseburg, Oregon
19 Aug
That is right or you need to live in a house that is paid for and have a good retirement from your work.
1 person likes this
The Horse
@TheHorse (218794)
• Walnut Creek, California
19 Aug
No. Where I live (the US) inflation is going down. At least for now. I am doing fine.
1 person likes this
Jim Bauer
@porwest (90823)
• United States
19 Aug
Inflation may be going down, but it does not mean prices are. Inflation has already happened. All we can do now is curb it and hope our paychecks catch up, but the higher prices are here to stay.
1 person likes this
PsalmOneCares
@everwonderwhy (7340)
•
19 Aug
@beesure11 Nah. Never retire from earning and working. And learn to take it easy when necessary.
Jim Bauer
@porwest (90823)
• United States
19 Aug
One million isn't enough to retire on. It hasn't been for a very long time. It's worse now, but it's simply not enough. In order to retire comfortably one needs at least $2 million or more.