LinkedIn User Breaks Down Why $10 Million Isn't Enough for Retirement

[Json]

Exactly

So what is this dude selling?

And if whatever bills are paid, what else you doing that you need more than 40-50k a year?

Gotta account for eventual GMB status

 

[O.T.I.S.]

Gotta account for eventual GMB status

Her ass better be getting a retirement check too then

 

[Ahadi]

Retire in NYC crehs lol

 

[ORDER_66]

Its bullshyt if you able to get 10M after taxes there should be no reason you cant retire ANYWHERE in america without that cushion under you. The only way you couldnt is that you are a RECKLESS SPENDER blowing all the money on crazy shyt... I know what I would do if I had $10M tax free...

 

[the elastic]

I know what I would do if I had $10M tax free...

Buy the car in your avi

 

[WIA20XX]

millions of people do it with far less

If you mean they stop working and live on Social Security, I'll agree.

Is the math mathing?

Not Really

I'm just gonna go with his housing #, but I think he's dead wrong. You're not finding a SFH in NYC for less than a million.

This is 1.3M

512 W 167th Street, New York, NY 10032 | MLS #3502515 | Zillow

This is a 4 bedroom, 2 bathroom, Single Family home. It is located at 512 W 167th Street, New York, NY.

www.zillow.com

And it's deep in Washington Heights. (well maybe not too deep, I ain't been up there in years)

1.7M if you want to be in Harlem

314 W 138th St, New York, NY 10030 | Zillow

314 W 138th St, New York NY, is a Single Family home that contains 3536 sq ft and was built in 1901.It contains 7 bedrooms and 1 bathroom.This home last sold for $1,595,790 in September 2017. The Zestimate for this Single Family is $1,557,700, which has decreased by $7,413 in the last 30...

www.zillow.com

Otherwise, you're getting an apartment/condo - which is co-op/condo/HOA fees.

But

When I do the math and make different decisions.

5.6M capital put into a typical municipal bond fund (Municipal/City Bonds are not federal taxed at all.)

Today, typical muni bond return is 4.42% - 247,520 per year, and you own your house.

So even in super expensive NYC, you're still doing a quarter of a mill with a house.

30 years out, assuming 3% inflation, that 250 will only be worth 150 - but that's still plenty of money, even in NYC. And at 70, it's prolly just you and your wife, and taking the grand kids occasionally..

 

[degu9089]

This math is atrocious
You would still have nearly 100k a year of spending money for 30 years after all living expenses

You could invest $5 mil. Off the $6.4 mil. Remaining and have the $1.4 mil. As a buffer. If he invested conservatively that’s still almost $120k a year. With a house paid off, that’s great.

 

[The Intergalactic Koala]

I hate anecdotes like this because it's always mansplaining and cactastic hyperbole babble. 10 mil, hell 900,512 dollars is enough for anybody that have common sense in this country.

Its just the panic and nonmathing bullshyt to keep pearls clutching and talking points to further fukk the middle to low class, because the 1 percent got to eat despite having an unlimited Buffett with a curiosity tax

 

[ORDER_66]

Buy the car in your avi

Strong maybe

 

[desjardins]

Say $10 million is not enough to retire on.....then show how it's enough to retire on
and that's with $25k a year to do whatever you want with.
You could always just leave NYC too, still buy that $700k house then just rent it out for $2-3k (and up as years pass) and go move to St.Thomas for another couple hundred thousand and live off the NYC rental income

 

[the elastic]

Say $10 million is not enough to retire on.....then show how it's enough to retire on
and that's with $25k a year to do whatever you want with.

Greed is good

They don't want their spending budget to be the same as a minimum wage annual salary

 

[BaggerofTea]

This is the white persons version of a scammer. He panders doom and gloom but wants you to invest in some shyt he’s selling.

Buy his program

Buy his books, etc.


And who tf would want to retire in NYC? For 10 million, I’m building a crib somewhere overseas if Im retiring.. or moving to a retirement friendly community

Also needing to have side income

lol cacs invented scamming

 

[concise]

I'm just gonna go with his housing #, but I think he's dead wrong. You're not finding a SFH in NYC for less than a million.

This is 1.3M

There are single family houses for less than 1M in all 4 of the other boroughs.

 

[O.T.I.S.]

Its bullshyt if you able to get 10M after taxes there should be no reason you cant retire ANYWHERE in america without that cushion under you. The only way you couldnt is that you are a RECKLESS SPENDER blowing all the money on crazy shyt... I know what I would do if I had $10M tax free...

And by the time you retire, everything should be paid off before you even touch the 10.

And why tf would any person retire in NYC? Unless you got business there maybe.

NYC is like the 3rd most expensive city to live, behind some shyt in Cali and some shyt in hawaii. Might as well go to hawaii…

But fukk all that, too many beautiful other places to retire in the world with far less.

 

[WIA20XX]

There are single family houses for less than 1M in all 4 of the other boroughs.

I agree. They can definitely live on less. My family does.

But when you look at the map, these people making a 10M exit aren't trying to be in Canarsie at the end of the L line. (That's where my fam is now)

All the "cool" areas of Brooklyn are more than 750k (in some cases a lot more, and have been a lot more for decades).

They don't want to actually live in Real NY, they want Friends/Sex and the City/Seinfeld.