Quote:
Originally posted by Hugh R
I'm 51, and I've tried to put money away every year since I graduated from college in 79. In retrospect I should have saved more. My net worth (2/3rds of which is in my house) is about a million, If I retire in aboout 15 years, it may be kind of tight, the stock market has been kind of flat for the last 10 years (as measured by my portfolio and the S&P and the Dow). I won't be eating dog food, but all I can say is save and invest more if you can.
|
There are ways to do it with a million. Take this scenario:
Sell your house here in SoCal. Cash out a nice, smaller home in St. George or Cedar City for $250k. Beautiful area to retire in. Take $500k and buy a 6-plex in Salt Lake City. Live off of the $5k-$6k your rental property is generating. You still have $250k left in reserves for an emergency. As time goes by and costs increase, your rental income will increase also. This scenario doesn't afford you a slip home in Key Biscayne, or constant globe-trotting, but isn't retirement about slowing down and being happy with your cup of coffee and the sunrise? I'm a big proponent of living to the hilt while you can pay for it, then slowing down when you're ready.