Ray From Cleveland
Diamond Member
- Aug 16, 2015
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/——/ Nothing is guaranteed except taxes and death, but those who built the wealth have s better chance of keeping it,Good news......
But having $1 million is a 401k does not buy you a guaranteed retirement
It will get you about $25-30 k a year in retirement
Not exactly luxury
At 30K a year, you would go through about $300,000 in ten years when you hit the age of 75. In 20 years, you would only use about 600K at 30K a year. But then again you'd be 85 years old.
I'm excluding what you would also get on SS in addition to the non-stop interest you'd still be getting on the money you haven't used during those years.
I'd say he's doing pretty good.