He clearly does not have enough money as all he does is whine about the cost of things.
This one I get. I would love to retire tomorrow but it would not be a wise thing to do. Sadly we were behind the 8 ball when it came to retirement savings and 10 years ago we had zero. 6 years from this month we will hit our goals and be the right age for SS and we will bail on the job market, and this country, and retire outside of the US
Don't feel bad. I make a pretty good living and I don't have any kids and I save a ton and even I don't feel like I will ever have enough. MAYBE if my dad leaves me $400,000 I will feel like I have enough. But even then. Let's say I have $1 million dollars and I retire at 62. What am I going to get in social security $1500? Let's just call it $1500 a month. What about healthcare? I'm sure healthcare will eat up all my social security. So I have to wait till I'm 65.
Then let's say I get 5% a year on that million dollars. That's $50,000 a year. That's $4000 a month. OK I guess I'll be okay then but my biggest fear is that an old folks home will eat up my dad's $. So then maybe I'll only have $600,000 to live off. That's $30,000 a year to live off or $2500 a month.
I guess I'll be okay if ss pays for my healthcare bills. But what are my other bills? Condo dues, taxes, cable, internet, car costs, all the costs of having a boat. Even though my bills are pretty low still I bet I pay $1500 a month when it's all said and done. So that leaves me $1000 a month. What if I want to travel, get a gym membership, or an emergency expense happens?
And I'm single with no kids. If it's this tough for me, how do the rest of you who have kids save anything?
P.S. I also have the benefit of a rich brother. He has vacation homes in Up North MI, Greece and Florida. The three places I love to go. So I should be able to retire on a budget and still have fun.
I hate the people in Florida at his vacation home who are retires and on a pension and stuck there year round when the rest of us go north for the summer. I don't want to be so broke I can't go anywhere.
Another thing that scares me is inflation. It may seem like $1 million dollars should be enough today but who knows in 2032 when I turn 62 or 2035 when I turn 65.
And who knows what's going to happen to my 401K and other investments between now and then. Russia invades Ukraine and stays in it for 20 years will my stocks ever rebound?
This is why pensions were better than 401K's provided the company never goes bankrupt.