There are 13 million millionaires in the USA

[MillCreek]

http://www.businessinsider.com/heres-how-many-american-millionaires-there-are-2017-1?utm_source=feedburner&amp%3Butm_medium=referral&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29&utm_content=FeedBurner+user+view

Hmm, so if I add up the retirement plan, house equity and cash on hand, I am a millionaire. 

[RoadKingLarry]

Filthy, greedy, oppressive 4%ers.

[K Frame]

http://www.businessinsider.com/heres-how-many-american-millionaires-there-are-2017-1?utm_source=feedburner&amp%3Butm_medium=referral&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29&utm_content=FeedBurner+user+view

Hmm, so if I add up the retirement plan, house equity and cash on hand, I am a millionaire. 

Same here.

[Ben]

I'm surprised that it's that low of a number. To retire these days without counting on a pension (or probably social security), you need over a million dollars in your retirement account if you want to have around a $40K/yr income without eating away your equity.

[230RN]

Inflation works wonders.

A mil in 1970 would equate to what, almost 4 mil today?  Just guessing at that.

So turning it around, today's millionaire would only have been worth, say $250,000 back then.  Again, guessing.

Fun thing about one of my favorite millionaires:

"At the beginning of the [Beverly Hillbillies] series it was stated that Jed Clampett got $25 Million for the oil on his property. By the end of the series his net worth was mentioned as being $95 Million!"

The series ran for nine years.

Another fun thing was Ellie Mae.

[Fly320s]

A million dollars aint what it used to be.

[TommyGunn]

Inflation works wonders.

A mil in 1970 would equate to what, almost 4 mil today?  Just guessing at that.

So turning it around, today's millionaire would only have been worth, say $250,000 back then.  Again, guessing.

Fun thing about one of my favorite millionaires:

"At the beginning of the [Beverly Hillbillies] series it was stated that Jed Clampett got $25 Million for the oil on his property. By the end of the series his net worth was mentioned as being $95 Million!"

The series ran for nine years.
Another fun thing was Ellie Mae.

Didn't anyone ever tell you?  "It takes money to make money!!"   

[charby]

If the market does what is supposed to do over time I'll be there in 17 years.

[HankB]

If you have a good, professional level job all your life, you SHOULD be a millionaire by the time you're in your 50s or 60s. (Barring things like health issues, emergencies, or disasters, of course.)

Things like stock & 401(k) balances are a little harder to include, since it's not REAL money until you cash it out - and then of course, Uncle Sam and maybe your state, or even your city - will want their cuts. Sometimes it may really pay to move, if you can, before cashing out.

And as already pointed out, a million isn't what it used to be. 

[MillCreek]

If you have a good, professional level job all your life, you SHOULD be a millionaire by the time you're in your 50s or 60s. (Barring things like divorce, health issues, emergencies, or disasters, of course.)

I have read in my legal journals that divorce is the leading cause of pre-retirement distributions from retirement plans.

[Monkeyleg]

My brother is a millionaire, but you'd never guess it.

Back in the early 90's, I took my salary and figured how much I'd need at retirement to be able to draw that amount every year for ~25 years. It worked out to $1.2 million in 1990's dollars.

[sumpnz]

Depending on rate of return, without any additional contributions, I should be there in my retirement funds in 12-16 years.  If you include the equity in my house that might be a few years earlier.  Include continuing contributions and that'll chop another year or so off that timeline.

I also have, as long as I stay at my current employer, a pension coming to me.  With spousal SS benefits, if you assume SS doesn't meaningfully change (though it must) and that the pension doesn't get changed (actually likely to stay as is for quite a while) I would only need maybe a couple hundred thousand in IRA's to supplement that income.  However, I choose to assume I won't get any SS or pension.  To maintain my current level of spending (but subtracting mortgage P&I), assuming 3% inflation, I'd need $3.05million by retirement to replace that income.  I'm on track to be reasonably close to that.

[Ben]

and that the pension doesn't get changed (actually likely to stay as is for quite a while)

Given that mine is a fed.gov pension, I'm actually looking at it as the most stable leg of my retirement income tripod. I'm not going to start drawing on it for at least a couple of years (it'll still be early, so I'll take a percentage hit). Still, I am looking at it as an analog to an annuity.  I'm using it as a "basic survivabilty" income. If the TSP and my Vanguard stuff goes to hell, and social security implodes, and real estate goes to hell, I've got it figured that my pension would still let me live in a doublewide on an acre in the desert (or Mississippi), pay my basic living expenses, and keep me from having to get a job when I'm 70. :)

It would be a worse case scenario, but it comforts me to know that worst case, I would still have a roof over my head, basic expenses covered, and food on the table. Everything else investment-wise is gravy with decent discretionary income on top of the basics, and lets me live anywhere from a middle class income to a gadabout income, depending on what the markets and the economy do.

[charby]

Depending on rate of return, without any additional contributions, I should be there in my retirement funds in 12-16 years.  If you include the equity in my house that might be a few years earlier.  Include continuing contributions and that'll chop another year or so off that timeline.

I also have, as long as I stay at my current employer, a pension coming to me.  With spousal SS benefits, if you assume SS doesn't meaningfully change (though it must) and that the pension doesn't get changed (actually likely to stay as is for quite a while) I would only need maybe a couple hundred thousand in IRA's to supplement that income.  However, I choose to assume I won't get any SS or pension.  To maintain my current level of spending (but subtracting mortgage P&I), assuming 3% inflation, I'd need $3.05million by retirement to replace that income.  I'm on track to be reasonably close to that.

Where I'm at also, with my pension and ssd, I'll make close to my pre retirement income. I have a traditional ira, Roth ira and a couple 403/453 accounts so I can enjoy my retirement.

[dm1333]

Given that mine is a fed.gov pension, I'm actually looking at it as the most stable leg of my retirement income tripod. I'm not going to start drawing on it for at least a couple of years (it'll still be early, so I'll take a percentage hit). Still, I am looking at it as an analog to an annuity.  I'm using it as a "basic survivabilty" income. If the TSP and my Vanguard stuff goes to hell, and social security implodes, and real estate goes to hell, I've got it figured that my pension would still let me live in a doublewide on an acre in the desert (or Mississippi), pay my basic living expenses, and keep me from having to get a job when I'm 70. :)

It would be a worse case scenario, but it comforts me to know that worst case, I would still have a roof over my head, basic expenses covered, and food on the table. Everything else investment-wise is gravy with decent discretionary income on top of the basics, and lets me live anywhere from a middle class income to a gadabout income, depending on what the markets and the economy do.

You would still be better off than a good portion of the rest of the world.

I have no debt, have to retire in 3 years from .mil, and am looking at houses and property to retire to.  Given the choice of a mortgage free single wide or a place with a mortgage I'll take the single wide (as long as it is relatively liveable) every time.  I can always renovate or build a new house on the property.  The goal is to be off the power grid, on a well and with enough land for a big garden and some chickens and rabbits.  Then I'll find whatever crap job I can and bank as much of my pension as possible.  And start writing my manifesto!   

[zxcvbob]

Ignoring my home equity, I'd be a millionaire (barely) if I hadn't spent an embarrassing amount of money sending my daughter to a private college (that she dropped out of after 4 years without graduating )  With my home equity, I might be worth $1MM now, but I don't think my house is really worth that much.

[Ben]

You would still be better off than a good portion of the rest of the world.

I have no debt, have to retire in 3 years from .mil, and am looking at houses and property to retire to.  Given the choice of a mortgage free single wide or a place with a mortgage I'll take the single wide (as long as it is relatively liveable) every time.  I can always renovate or build a new house on the property.  The goal is to be off the power grid, on a well and with enough land for a big garden and some chickens and rabbits.  Then I'll find whatever crap job I can and bank as much of my pension as possible.  And start writing my manifesto!   

Wherever you retire to, we'll have to get together for a beer as I see we think alike. :)

Zero debt is a huge factor. In retirement, I'll take the 1000 sq ft paid off place over the 3000 sq ft place I only own 20% of every single time.

And yeah, even in my "worst case" I'm still better off than about 70% of the world's population (as are our EBT holders, if I can throw politics into this).

[MillCreek]

Zero debt is a huge factor. In retirement, I'll take the 1000 sq ft paid off place over the 3000 sq ft place I only own 20% of every single time.

As of right now, I owe around $ 150K on the house.  The monthly PITI mortgage is around $ 1250, and I throw in an extra $ 500 for principal reduction every month.  I hope to retire in about 5-7 years, so I plan that when I get to within 1-2 years of actual retirement, I will just write a check for the balance and pay off the mortgage.  Having said that, many of my neighbors are retired, and they all have 30 year mortgages for their house payments.  Many of those same neighbors have guaranteed pensions, so perhaps that factors into their decision. 

[MillCreek]

Ignoring my home equity, I'd be a millionaire (barely) if I hadn't spent an embarrassing amount of money sending my daughter to a private college (that she dropped out of after 4 years without graduating )  

My wife's youngest son did the same thing: he was 85% of the way through for a teaching degree and dropped out after his girlfriend also dropped out of school.  They subsequently got married and seem to be doing well: he manages a Red Robin restaurant and she sells jewelry at a Fred Meyer jewelry store.  My wife and I just bite our tongue about the dropping out; I have discussed some inexpensive online programs to complete their undergrad degrees, but they don't see the need and perhaps they are right.

[dm1333]

Wherever you retire to, we'll have to get together for a beer as I see we think alike. :)

Zero debt is a huge factor. In retirement, I'll take the 1000 sq ft paid off place over the 3000 sq ft place I only own 20% of every single time.

And yeah, even in my "worst case" I'm still better off than about 70% of the world's population (as are our EBT holders, if I can throw politics into this).

I'm down for that!  Deplorables have to stick together.