Talk of The Villages Florida - View Single Post - How much money you need to save each day to become a millionaire by age 65
View Single Post
 
Old 09-06-2015, 10:07 AM
tcxr750 tcxr750 is offline
Senior Member
Join Date: May 2014
Location: Cleveland Suburb
Posts: 498
Thanks: 1
Thanked 2 Times in 1 Post
Default

Once upon a time being a millionaire was quite an accomplishment. Back when a new car cost $3,000 and a new house $20,000. Now you can be a millionaire because you bought a house in California 30 years ago for $100,000 and today its worth $1,000,000. I would guess that most comfortable retirements consist of being debt free, having social security,a small pension and cash flow from a modest reliable investment portfolio.
As an aside. If you have a $1,000,000 IRA you take out 4% per year. You get $40,000 and your advisor gets $10,000 per year or 20% of the annual withdrawal. Then at 70 1/2 you have mandatory RMD's that require increasing percentage withdrawals until the $$$ is depleted. Sounds like a good reason to consider a Roth IRA IMO>