No. of Recommendations: 1
the $30K in income that I hear is close to median retirement income requires at cool million dollars at current rates.

Minor quibble. How many retirees have no SS or pension income at all? To get $30k in income, I bet most seniors get at least $12k in SS income (that's the median amount, IIRC) and so only need to generate $18k from their portfolio, pension, and/or part-time work.

My mother currently has $468k in her IRA, maybe $10k in taxable savings, and collects $20k in interest & dividends plus $16k in Social Security for an income of $36k--which is greater than the median. And she lives quite well--owns a 2300 sq ft home in a very nice neighborhood, goes to the movies pretty often, has lots of DirecTV channels and 2, 42" flat screen TVs--and an Apple computer, eats out whenever she likes wherever she likes, gives $100 per birthday and Christmas to each grandchild, donates to favorite charities, buys some new clothes every season, keeps up with home maintenance, and gets regular medical, dental and vision care. I don't think she'd live any better on twice the income.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement