>I'm curious why most people seem to think $1M is somehow not enough money to retire modestly on
>It's just obvious that you CAN live on 50% more than median wage. Yet at the same time, so many people seem to think this is some absurd proposition.
It is because they have a different definition of modest than you. I know I can live on even less than median wage. I grew up with far less. But my family did not have access to healthcare and good schools or being able to help out family members if they needed support. We were always 1 legal or health problem away from being ruined.
Is living 1 legal or health problem away from being ruined modest? That is a personal opinion. I aim to cover the legal and health risks for me and my family members, so $1M is nothing where I live. I also predict that I need quite a big buffer the way the population pyramid is shaping up, because labor is going to get more and more expensive, along with devaluation of the dollar.
I also think either me or at least my kids (years 2050 to 2100) is going to have to contend with problems due to climate change and access to clean water and air that have yet to materialize, so need buffer for that too.
>It's just obvious that you CAN live on 50% more than median wage. Yet at the same time, so many people seem to think this is some absurd proposition.
It is because they have a different definition of modest than you. I know I can live on even less than median wage. I grew up with far less. But my family did not have access to healthcare and good schools or being able to help out family members if they needed support. We were always 1 legal or health problem away from being ruined.
Is living 1 legal or health problem away from being ruined modest? That is a personal opinion. I aim to cover the legal and health risks for me and my family members, so $1M is nothing where I live. I also predict that I need quite a big buffer the way the population pyramid is shaping up, because labor is going to get more and more expensive, along with devaluation of the dollar.
I also think either me or at least my kids (years 2050 to 2100) is going to have to contend with problems due to climate change and access to clean water and air that have yet to materialize, so need buffer for that too.