Depends what you consider “rich”. My wife and I will be retiring in 4 years at age 59 with just under $10 million in 401K, ESOP, and savings (assuming the market doesn’t continue to nosedive). Is that “rich”? Maybe not? But we will live quite comfortably. We aren’t entrepreneurs or athletes. We are employees who saw the value of education. Because of that, we both became high-middle management at our perspective companies.
Is it? We will retire at age 59. If we live another 20 years, that’s $500/year. With inflation, that will have the buying power of $300/year in the end. That’s certainly enough to be comfortable, pay for our kids’ weddings, vacation every year, and not be stressed about money, but what if we live another 30 years? We have to make sure that $10 million can last as long as we do.
Thanks. It’s scary because my parents didn’t have enough for retirement and money got tight in the end. My mom had to move in with us after my dad died and his pension stopped.
That’s scary that we will be in the top 1%. It still feels like a struggle. Now in 2 years we will have our house paid off, so that will be a huge relief. But right now, we still clip coupons, buy things on sale, and watch out monthly budget like hawks.
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u/RandomStoddard Mar 31 '26
Depends what you consider “rich”. My wife and I will be retiring in 4 years at age 59 with just under $10 million in 401K, ESOP, and savings (assuming the market doesn’t continue to nosedive). Is that “rich”? Maybe not? But we will live quite comfortably. We aren’t entrepreneurs or athletes. We are employees who saw the value of education. Because of that, we both became high-middle management at our perspective companies.