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BooksNCats11 t1_j0qgcaj wrote

Reply to comment by Generic_Commenter-X in The 10 states where $1 million in retirement savings will run out the fastest—Hawaii is No. 1 (VT is 10) by DaddyBobMN

Electricity and heat are around $400 per month year round here. That's nearly $50k in just 10 years time. And that's IF prices don't go up. If you manage to live 20yrs post retirement that's 1/10th of your money in just heat and electricity.

Planning on $100/week for groceries (that's the low end right now honestly for 2 people) that's another 10th in 20 years.

Gas, phone, repairs on the house (roof cost like $15k), insurance etc etc etc it's not a surprise to me at all that people could get through a mil real fast.

And that's not counting potential medical bills that come with old age....

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Generic_Commenter-X t1_j0r2fyk wrote

It doesn't cost $400/month if you have solar panels. They're everywhere around here and not just on million dollar houses. I see them on ramshackle trailer homes with a quarter of a million dollar excavator sitting in the back yard. If you're sitting on a million dollars, you install solar panels once and you're done. For heat, you install heat pumps; and you're done. So, we can tick those off your list. As for groceries... I don't see the price of those varying all that much from state to state, so groceries aren't the issue. Besides, at $100/week, that's easily paid for through passive investment income.

Gas? Why would anyone in retirement with a million dollars be paying for gas? I know plenty of customers, not millionaires, who have installed solar panels and charge their EVs for free. So check that off your list.

Phone? That can cost as little as $20/month if you don't need data; and why would someone in retirement need data for roaming? Repairs on a house? Usually that's a roof and roofs nowadays are good for up to 60 years. These people aren't going to live for another 60 years, so that's a one time expense.

I personally know plenty of retirees with less than a million who are doing just fine and did just fine with half that amount. They didn't live extravagantly but within their means.

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Eagle_Arm t1_j0r4kp3 wrote

Aww yes, the retirement to dream of.

Don't do anything. Don't do house upkeep, repairs, or replace old equipment.

Especially don't have hobbies. Just sit in your home and die.

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Generic_Commenter-X t1_j0s7cdw wrote

You really don't have a clue do you? I work with stock brokers and I'm literally telling you that I know people, lots of people, who had half a million twenty years ago, when they started retirement, and have three quarters of a million or more now. But nah! You go ahead and natter on about "upkeep", "repairs", and "old equipment".

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Eagle_Arm t1_j0s9uve wrote

So you work 'with' stock brokers? But you're not a stock broker, so easier to say you know other people successful with money, but you aren't yourself?

So they took the money they had and knew how to reallocate their investments into more money? Not something the average person is doing now is it? So you're saying they did their job....to make more money? Fascinating!

Continue to make generalized statements about doing solar and having it solve all your problems or getting a cell phone for $20 a month......ya ok....it's me out of touch. Who knew forecasting about actual realities and how life is still expensive after retiring is a crazy idea? Maybe people shouldn't save money for the years when they can't really work! Have you heard about the grasshopper and the ant?

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