I was once told that no one needs more than three million dollars. This was 1997 so figure another million or so for inflation for today's figure. The man who had said that had actually in the military too.
Of course that was all nonsense.
Ignoring the socialist / communist aspects of it, it is still very inaccurate.
If someone is content to work a "9 to 5" then wishes to come home to an apartment or small house and watch T.V. until bed, he does not even need that much. If he intends to do that in his retirement, he should target around one million dollars in today's figures. That would comfortable give him enough for rent, food, cable, etc.
If he is going to take care of someone else - e.g. a wife or a parent - he will need about $400,000 more. Add a bit to that if there are extra medical bills involved.
If he is going to pay for private tuition for his children, live in a house on a golf course, and take an annual trip across an ocean, he should work to get at least two million if the house is already paid.
If he is going to fund a private space expedition, well then, he will need a bit more.
A Dying Spider
8 years ago