[Laker14]

Originally Posted by manaboutown

The way I heard it is "You can pick your friends and you can pick your nose but you can't pick your friend's nose."

That was good information to have way back when I was trying to survive 5th grade, and it's still true now as I live my retirement dream. Thanks for the reminder.

[Two Bills]

Originally Posted by Laker14

I remember my dad putting water in the empty ketchup bottle, and shaking it up so we'd magically have more ketchup......

I am pretty sure Dad was one of Monty Python's Four Yorkshiremen

"You had watered ketchup? and he thought he had it hard. When I were a lad............................."

[fdpaq0580]

100% depends on you, your expectations, willingness to adjust our lifestyle, ability to know what you need vs what you want. "Comfort" means a lot of different things to a lot of different people.

[manaboutown]

Guess I'll have to pass on this. Rolls Royce Phantom EWB. https://www.ogaracoach.com/new/Rolls...EaAidNEALw_wcB

[CoachKandSportsguy]

Originally Posted by Rainger99

According to this video, if you are 65 plus, you are in the
top 50%, if you have a median net worth of $281,000;
top 10%, if you have a median net worth of $1,900,000
top 5%, if you have a median net worth of of $3,200,000
top 1%, if you have a median net worth of $16,700,000.

The numbers are from 2019.

Meaningless unless you are competing for some meaningless trophy on your street with the size of your assets and house. .

[Stu from NYC]

Originally Posted by CoachKandSportsguy

Meaningless unless you are competing for some meaningless trophy on your street with the size of your assets and house. .

Can I get a virtual trophy?

[Shipping up to Boston]

Originally Posted by CoachKandSportsguy

Meaningless unless you are competing for some meaningless trophy on your street with the size of your assets and house. .

Are you saying they're 'compensating'...SG?!

[ElDiabloJoe]

I'm having a hard time with this (original post) claim. 1.46M?!? Okay, is that all in cash assets to be drawn down over time? What about net worth and home/2nd home values? How about the future stream of pensions? If I have a pension of 4000 / month, and I'm 55, that would be $1.44M over the next 30 years. How is that figured into how much one needs to retire "comfortably?"

[rsmurano]

IMO, the $1.5M is over and above your house value. You don’t make money from your home while living in it, so the house is only good if you want your net worth to be higher.
I didn’t pay off my homes until I was financially secure in investments mainly because I was making more money on my investments compared to paying off my home loan. Some days, I would make more in the market than the yearly cost of a mortgage.
I buy new cars every 2 years, when I was working and in retirement, why should I change when I’m retired. So if your expenses are a couple thousand less every year, what happens if you buy a new $50-$60,000 car? You know you will have too at some point.

Also, renting is like throwing your cash away. Your rent is covering the owners mortgage and all expenses plus a profit. The difference is, the owner will reap gains when they sell and the renter walks away with nothing. If you think the sky is falling in the real estate market, you are wrong. I know friends in TV that has just sold for $200,000 profit in only 1-2 years. Location location location.
If you pay off a mortgage with little in savings, if you ever need extra cash for an emergency for example, your options are taking a secured loan on the house or do a reverse mortgage, which neither are good choices.
$1.5M is way less than what you need in investments without adding in your home.

[Laker14]

Originally Posted by Two Bills

"You had watered ketchup? and he thought he had it hard. When I were a lad............................."

Luxury.....