OH YEAH MIKE!!
We can all burn through the dough!
Some of us are pretty lucky. I MAKE more than I can spend... well -- I can spend it with the best of 'em... but most people would be damn lucky if they retired with 500K --- and even luckier if they had 1MM... and trying to live off the interest - and Social Security if you only have 500K is going to be a long tough haul. Even 1MM is only going to earn 50 or 60K -- and that's GROSS so you've got 20% taxes out of that... So then most folks are going to be dipping into that capital for little things like the roof on the house - or the 50th Wedding anniversary -- or the loan to the kids for a house downstroke...
With INFLATION - property taxes go up almost every year - auto insurance - medical insurance - just STUFF.... and suddenly what seemed like a massive amount of dough - isn't.
My buddy lived off his union pension - and SS.... and it was TIGHT! He had to watch every nickel if he wanted to be able to do anything other than just pay his bills. BUT == BIG BUTT == he'd invested in land many years ago -- and just sold it. That was his piggy bank. Now -- he's a comfortable guy and invested for dividends he can now sport an extra 7 or 8K per month gross... pretty dang nice for a guy that was just getting by. The point is -- I don't car how you do it - land - rentals - stocks - savings - whatever.... ya got to have some for down the road. Ya don't have to be Charlie or Greg. We're the exception. But ya gotta get busy and do SOMETHING. There's no magic bullet.
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