Are any of you planning to retire with less than 1 million USD in your account?

[UncleTomFord15]

By around 2045-2060 the bare minimum you will need will be atleast 2 million.

 

[KillerPups]

I just bought a 1M house
Ain't no way i'm retiring when i'm supposed to

What i'm really worried about are my kids and their future

Sometimes I wonder if kids was a bad idea, love my kids but their lives won't be easy at all.

why won't their lives be easy? it's your job as a parent to make their lives as easy as possible and sound like you have the financial resources do so so

 

[Starman]

@Roger king doesn't even have a bank account

I remember the check cashing place as a teen.

By around 2045-2060 the bare minimum you will need will be atleast 2 million.

A revolution should start before then.

Retirement is a beautiful idea, I can't imagine we lose it without MAJOR disruption.

 

[KillerPups]

What do you mean by this? Your 401k should be keeping up or beating inflation.

People who started investing in the 80s will have an equivalent of 1 million and thats 40 years of inflation.

they're poors if that's all they have in 40 years

 

[⠀X ⠀]

That’s the demon talking. No matter what time period you in, a million is still gon be a million. There was a time when a $200,000 house was considered mansion level. Now, not so much. But there ain’t no average person alive who wouldn’t be on cloud 9 if he had $200,000 liquid. Or easily accessible.

That demon that spoke to you is very common in black communities. Don’t be seduced by it.

It’s just the truth. Yeah it’s better than nothing, but when you’re relying on that money to last you until you die, you better be realistic about it.

 

[Stuntone]

Yes. As long as your home is paid off, u can retire. My bills are under 1500$ right now. Half of that is my Suv and insurance.

 

[Traveler]

Right now I'll have 10k to 11k a month in retirement income not including 401k. 401k will easily be over 1mil maybe 1.5 when I turn 62. I'll retire at 57. Not bad for shytty planning and late start

 

[Ezekiel 25:17]

Right now I'll have 10k to 11k a month in retirement income not including 401k. 401k will easily be over 1mil maybe 1.5 when I turn 62. I'll retire at 57. Not bad for shytty planning and late start

What's your advice on this? It sounds like you have a high salary, that I can't really fix right now, but I'm trying. I'm at a late start myself and playing catch up. Paying off this debt is the current goal, if I can do that I can probably put in another $500/month towards my 401k.

It seems like a lot of black folks just don't have the tools to pass around amongst each other, especially if you family was lower class.

 

[DeuceZ]

What do you mean by this? Your 401k should be keeping up or beating inflation.

People who started investing in the 80s will have an equivalent of 1 million and thats 40 years of inflation.

I mean the purchasing power of 1mm in the future. Won't be like 1mm now

 

[Mrhateeverything]

Retire . Most the upcoming gens working till they die

 

[Ezekiel 25:17]

I mean the purchasing power of 1mm in the future. Won't be like 1mm now

But your investment accounts should be keeping up or beating inflation. Now if you just putting cash under your mattress, then yeah it will lose value.

This is why we need financial education in the black community. We are seriously lacking.

 

[Shadow King]

I need to figure out how to get to 8 figures in 30 years...

 

[chineebai]

You could retire with less than that in like the Philippines

 

[Shadow King]

That’s the demon talking. No matter what time period you in, a million is still gon be a million.

No.

Which is why the red pill community isn't living in reality...a two household income matters. Even if you have less than 1 million on your retirement accounts, I would hope your spouse's account has something decent.

Goal is to live off of the intrest of your accounts as you withdraw and not the principle. In addition to social security from both spouses and hopefully a paid off home which is typically the highest monthly expense most people have, is the best and sustainable way to enjoy retirement stress free.

Red pill is closer to reality than not because the vast majority of women as part of their nature do not want to operate as financial equals in a relationship, therefore trying to prioritize a woman's tax returns as a prerequisite is a futile exercise.

Yes, many women operate as financial equals or close to it out of necessity/pragmatism, but marriages are laden with emasculating and undermining tactics and habits because of it.

The point is to stand on your own square and not have to plan for a woman's financial contribution to running a household as a necessity.

 

[El_Mero_Mero]

I've seen some threads on reddit about this topic, but honestly I didn't do much research yet. If I find any interesting ones, I'll post it here.

There are also some posts on Google that talk about retiring with less than a million in different US states. Most of the ones on Reddit however, talk about retiring in South America.