Where you do live and what is considered rich?

[jacko]

I live in Los Angeles, and housing is very expensive. I'm fortunate to own my home with a low mortgage and a good interest rate.
However, living costs are ever increasing a 2,500 square foot home in the SouthBay area of Los Angeles County is now $2 to $2.5 million dollars to give you an idea. Rental housing is even more crazy, like a 2 bedroom apartment rent might be $3,000.

how much money do you think you all think you need to retire these days?

 

[Lynx]

I live in Los Angeles, and housing is very expensive. I'm fortunate to own my home with a low mortgage and a good interest rate.
However, living costs are ever increasing a 2,500 square foot home in the SouthBay area of Los Angeles County is now $2 to $2.5 million dollars to give you an idea. Rental housing is even more crazy, like a 2 bedroom apartment rent might be $3,000.

how much money do you think you all think you need to retire these days?

Shoot... To retire? To know that for certain, I would have to know how many years I have left. Also what inflation will do during those years. And what my health will do in those years.

The best any of us can do is try to save enough and hope it lasts as long as we do.

 

[Lynx]

I would recommend getting out of Los Angeles though. At least when you retire. Living there in your golden years is a very tarnished brass way to live.

Come over to Tennessee when you retire. We are friendly and the cost of living is dirt cheap. Well, relatively.

 

[Magenta]

I live in Los Angeles, and housing is very expensive. I'm fortunate to own my home with a low mortgage and a good interest rate.
However, living costs are ever increasing a 2,500 square foot home in the SouthBay area of Los Angeles County is now $2 to $2.5 million dollars to give you an idea. Rental housing is even more crazy, like a 2 bedroom apartment rent might be $3,000.

how much money do you think you all think you need to retire these days?

It is much the same here, though the 2.3 million dollar house would be in a suburb.

Rentals are crazy expensive here also = one bedroom apartment, at least 2K a month.

 

[jacko]

I would recommend getting out of Los Angeles though. At least when you retire. Living there in your golden years is a very tarnished brass way to live.

Come over to Tennessee when you retire. We are friendly and the cost of living is dirt cheap. Well, relatively.

eventually I plan to move to South America with brother who lives in Columbia. But my parents live nearby and they are in their 80s and my kids are still young so maybe after they move out of the house and are in college. That's another 8 to 10 years and my wife should be retired as well.

 

[Tall_Timbers]

However, living costs are ever increasing a 2,500 square foot home in the SouthBay area of Los Angeles County is now $2 to $2.5 million dollars to give you an idea. Rental housing is even more crazy, like a 2 bedroom apartment rent might be $3,000.

I'd say the 2-2.5 million for a small home is crazier than a 2 bedroom apartment renting for $3000. Just the interest on the home loan absent insurance and basis and upkeep is more than the apartment rental. I'd take the apartment.

When I was a kid if a person had a million bucks they were considered wealthy. I figure an equivalent figure today is 30 million. Anything less than that and you may be better off than most but you're not rich. If I had 30 million dollars I wouldn't live where a tiny house costs 2.5 million. I'd find a lower cost of living area and live large and comfortably.

To retire, a few million might be enough to get me through my remaining years. I don't need to be rich, just comfortable.

 

[Tall_Timbers]

eventually I plan to move to South America with brother who lives in Columbia. But my parents live nearby and they are in their 80s and my kids are still young so maybe after they move out of the house and are in college. That's another 8 to 10 years and my wife should be retired as well.

I lived in Santander del Sur, Colombia, for a couple of years, not too far from the town of Barbosa which is on the Panamerican highway. The only problem with Colombia is the rule of law being absent... but then I guess that's been lost in the USA too. Maybe we'll see a little rule of law return to the USA beginning at the end of January next year.

 

[seantspence]

Long Beach, California but I grew up in Orange County and went to high school in Villa Park, California. When I graduated high school in 2006, Villa Park had the highest earners per household in the United State. When I was born I’d consider my family rich when my grandfather was alive. Our old house in Spyglass Hills, Corona Del Mar, Newport Beach, California is now worth around 16mil. We live a lot humbler life now in comparison.

 

[NightTwister]

I escaped from California in 2000 and never looked back. I had planned to retire here in Colorado, but unfortunately it's becoming more like California every year.

 

[seantspence]

I escaped from California in 2000 and never looked back. I had planned to retire here in Colorado, but unfortunately it's becoming more like California every year.

Every time I leave California to visit another state, it’s like the weight of the world falls off me and every time I take that plane ride back, the weight of the world come right back on me. I always wanted to leave but I think God has me here for a reason, to fight the good fight. I’m willing to suffer until death if it’s God’s will for me.

 

[Karlon]

we live in the saratoga n.y. area. in my opinion, rich is at least $3,000,000.00 (net). we are supporting 3 houses; the 1 we mostly live in, the vacation home on the lake & a 3rd home. taxes are quite in n.y.

 

[jacko]

we live in the saratoga n.y. area. in my opinion, rich is at least $3,000,000.00 (net). we are supporting 3 houses; the 1 we mostly live in, the vacation home on the lake & a 3rd home. taxes are quite in n.y.

Yeah, 3 million in NYC is a lot different than 3 million in Wyoming.

 

[jacko]

Long Beach, California but I grew up in Orange County and went to high school in Villa Park, California. When I graduated high school in 2006, Villa Park had the highest earners per household in the United State. When I was born I’d consider my family rich when my grandfather was alive. Our old house in Spyglass Hills, Corona Del Mar, Newport Beach, California is now worth around 16mil. We live a lot humbler life now in comparison.

Why did your parents move? Newport is pinnacle of So Cal.

 

[jacko]

I'd say the 2-2.5 million for a small home is crazier than a 2 bedroom apartment renting for $3000. Just the interest on the home loan absent insurance and basis and upkeep is more than the apartment rental. I'd take the apartment.

When I was a kid if a person had a million bucks they were considered wealthy. I figure an equivalent figure today is 30 million. Anything less than that and you may be better off than most but you're not rich. If I had 30 million dollars I wouldn't live where a tiny house costs 2.5 million. I'd find a lower cost of living area and live large and comfortably.

To retire, a few million might be enough to get me through my remaining years. I don't need to be rich, just comfortable.

Average net worth by age
Age of head of family Median net worth Average net worth
45-54 $246,700. $971,270.
55-64 $364,270. $1,564,070.
65-74 $410,000. $1,780,720.
75+ $334,700. $1,620,100.


Huge difference in the median vs average due to high net worth individuals.