Worth $4 Million -- and Unable to Retire

[Herman Munster]

http://finance.yahoo.com/focus-retirement/article/103668/Commentary:-Worth-%244-Million--and-Unable-to-Retire?mod=retirement-post-spending

I got a call from a newly "rich" executive. Having worked 60-hour weeks for years and now ready to retire at 55, he sold his business for $4 million. He was ready to live out his dream life and live off that tidy nest egg. The problem is, to do so--on $4 million--he must cut his standard of living.

It's the plight of the "mMillionaire" -- the middle-class Millionaire.

Mansions and yachts are out. The mMillionaires who want to retire before age 65 or 72, find they must live in three- and four-bedroom homes and drive mid-priced four-door sedans and mini-vans.

They are your neighbors--millionaires who live middle-class lifestyles even though they may have millions in liquid assets.

These mMillionaires have between $2 million and $10 million of investable assets, beyond their homes. Many have sold businesses or inherited money, yet few believe they can retire and continue living the high life.

The key question facing the mMillionaire is, "Can I continue to live the way I am living for the rest of my life?" The answer for most of these millionaires is "no."

[mike_c]

1. .

:nopity:

[eleny]

4. .

:rofl:

[Nay]

30. LOLOL! My first thought. Cue the violins.

[Mojorabbit]

2. If you retire fairly young

with a million and no other income and the dollar keeps dropping and prices for basics keep rising you could be in trouble esp with inflation. I know a lot of elderly who thought they had enough when they retired in the eighties and now they are scraping as things have become so much more expensive. Heck, in the seventies I rented a two bedroom apartment for 250 a month and live pretty good. I bet that would be impossible to find now.

[hfojvt]

20. yeah 4% of $1,000,000 is only $40,000

I live on $14,000 a year while saving for full retirement, so I can see how having only 2.8 times my income would be a terrible hardship. Especially compounded with the lower tax rates. What lower tax rates?
For example, I could buy 10,000 shares of NSTAR for about $350,000 and make $13,000 in dividends. Unlike my current wages, I would pay no FICA taxes, and would not have 4% taken out for my retirement. And the tax rate on dividends is only 15% instead of the 25% it is for wages over $30,000.

[mainegreen]

28. 6% of 4 million is 240,000/yr

If you can't live the high life on 240,000 a year (and you can) then you are a moron.
If you can't get 6% a year on 4 million than you are also a moron.

This story is bullshit.

[BadgerLaw2010]

37. Agreed on both points. This is either incompetence or gross lying about assets.

Most people who say they have X money usually aren't calculating it correctly. Your house is not an investable asset - you live there. Your money-losing small business is not an asset, it's a liability that you should sell, and it's not worth nearly what you think. Debt is not wealth. Your cars are worth nothing. And so on.

If someone actually had $4 million in investable assets without knowing how to get at least 6%, they're either a lottery winner or someone who inherited money from a rich grandparent. Not parent, since a parent that can make that much would usually pass on basic investment sense.

[pnwmom]

76. I have a friend who works for a woman with Alzheimer's.

My friend is part of a team of women giving 24-hour care to this woman in her home. All the salaries, social security, and workman's comp adds up to more than $200,000 per year and this doesn't include the costs of maintaining the home or other personal costs of the retiree. She's not living the high life -- just someone with Alzheimer's whose son is determined to keep her in familiar surroundings and doesn't care if any of her estate is left for him when she dies.

[sarcasmo]

34. I have never made more than twenty grand my whole life.

I could live quite nicely on forty grand. These rich fucks just make me sick.

[tkmorris]

3. If he can't make 250-300k per year off that

Then he's doing it wrong. 250-300k will buy an awful lot of retirement. How much was this guy used to making a year anyway?

[pnwmom]

10. That would be a substantial income if you were young and healthy,

though you would have to pay taxes on it which, depending on where you are living, could take away close to half. Then there's the issue of premiums for health insurance for him and his wife, which at their age could be substantial. And if either or both of them were to need long term assisted or nursing care (which is not covered by the government), that kind of income could start to seem pretty minimal.

In other words, an income that might be great for healthy 55 year olds could be much less so for chronically ill 70 year olds with another decade or two of rising expenses to look forward to.

[sandnsea]

13. Curiously

Is there ANY income that you would consider "enough", because I haven't seen one thread where you haven't defended the "struggle" of the wealthy, no matter how much wealth they have. It's astonishing really.

[pnwmom]

15. I'm not defending the struggling wealthy.

You quote me as using the word "struggle." I'd like to see that post. Because I would never compare the financial management issues of the wealthy with the struggles of lower and middle income people. And I'm a Democrat in large part because of the party's position on the social safety net, and because I believe in progressively higher taxes for wealthier people.

But, with regard to the current thread, I think if people don't think realistically about money, they're much less likely to be able to save enough to manage without help from their children or someone else some day.

Right now, we're helping an elderly relative financially at the same time that we're putting our kids through college. I want my own children to be able to take care of their children without having to worry about my financial needs, too.

Do you know how much assisted living and/or nursing care can cost per year -- per person? If you were to retire early, do you know what health insurance premiums would cost and what costs would be covered? Those are costs that anyone should be thinking about when they're planning their retirement.

My husband and I are not close to being able to retire, and I have no idea what is "enough" as a general rule. For one thing, wouldn't that vary widely depending on where you were living and where the rest of your family was living? And how healthy you were and what sort of longevity you could expect? And whether you could obtain decent health insurance until Medicare kicked in? And how old your children were and whether they were still dependent on you? (Many people in their 50's and even older still have dependent children.) And whether you were helping to support relatives in an older generation, too?

[sandnsea]

16. If $4 million isn't enough

And less than 1% even get to that point, then nobody is going to be able to do any of what you're talking about anyway. So that isn't thinking very realistically about money. It also isn't very realistic to think that the majority of the workers in this country are going to be able to do anything you're talking about because our economy doesn't work without low income people to generate income for the "struggling" millionaire middle class. Most working people I know lost everything to medical bills in their old age. They worked and struggled and never took a vacation, saved and saved, and then gave it all to the medical industry and ended up in Medicaid funded nursing homes anyway, even with all their Medicare supplements and long term care insurance. That's reality.

[pnwmom]

21. I agree with you that medical bills, and caregiving bills, suck everything up.

I'm just saying that that even happens at very high income levels. One of my friends happens to work in a team of women providing 24-hour care to an elderly woman with Alzheimer's. None of them are nurses, but the costs of their salaries, plus social security, plus workman's comp, adds up to more than $200,000 a year. And that doesn't begin to count the other costs of keeping the house going in order to keep this woman in her familiar surroundings. It wasn't until my friend got this job that I began to realize how much at-home care cost. As expensive as decent nursing home care is, it's a bargain compared to keeping someone with severe dementia at home.

You put the quotes around "struggling" again, as if I had ever used that word with regard to the wealthy. I'm still waiting for you to show me when I did that.

On edit: And no, I don't feel sorry for that family. The woman has an estate large enough to manage her care, so there's nothing to feel sorry for her about -- except for her Alzheimer's, which is a terrible disease no matter how well off you are. And I'm impressed with her children that they're not stinting on her care in order to leave a bigger estate for themselves some day.

[BadgerLaw2010]

36. $4 million should generate $400,000 gross a year in investment income, at least.

If someone can't live on that, they're being a moron.

[mainer]

43. investments that regularly earn 10% per year? I don't think so

If I could get 10% a year on my savings, I'd be ecstatic. Maybe some years, you can get that return. But right now, I'd be happy with 6%.

[pnwmom]

74. Safe investments for a retiree that regularly generate 10% after-tax income?

Or even before-tax?

Tell me what they are and I'll be sure to pass the tips on to the retirees I know.

(I'm not holding my breath.)

[BadgerLaw2010]

84. High end mutual funds and select big cap DRIP stocks. Too much fear of stocks in this thread.

The individual in this case supposedly has $4 million in investable assets. I suspect that's "total" assets and not liquid money, but since he says it is investable, let's take him at his word.

Even with only $2 million in mutual funds and DRIP, that would generate $200,000 gross income. The other $2 million in "safe" 5% yield would generate an additional $100,000. Even in a bad stock year, that's more than enough to support an upper middle class lifestyle.

You can easily get 12-15% returns out of top mutual funds and a cluster of DRIP stocks that historically advance about that much per year. And these are not risky investments. The only "risk" of a 5-star mutual fund or Wells Fargo going belly up is total economic disaster of some sort, in which case I suspect quite a few of those "safe" bonds will also be slammed.

Getting returns of 10% or greater does not require buying small-cap growth trash and rolling the dice. You want 20%+, yeah, you're going to be assuming more risk. But you do not need to for 10%.

Fear the stock market if you want, but don't whine when your returns suck in comparison.

[lumberjack_jeff]

91. The article said he sold his business for $4m.

This implies that his investable assets are at least that much.

[Marrah_G]

49. One line really stuck with me

"Right now, we're helping an elderly relative financially at the same time that we're putting our kids through college. I want my own children to be able to take care of their children without having to worry about my financial needs, too."

That is EXACTLY what drove my parents to make sure they could be financially independent even if they lived until 100 or more. They planned for nursing home care, bought a condo in a retirement community and made sure everything would be accessible even if they were 90 and using a walker or wheel chair.

They grew up in the depression and are still as thrifty as ever while still managing to work part time and travel a bit.

[lumberjack_jeff]

46. Where in the USA would $250k of unearned income...

be taxed at an total tax rate of 50%?

Here in Washington, I could expect to pay, depending on how much crap I buy and how opulent of a house I chose, about $50k tops, or about 15-20%

A chronically ill 70 year old can depend on Medicare.

[pnwmom]

75. I know people in NY who pay that much, federal, state and local

combined. And how could you pay only 15-20% of federal tax on that income in Washington? That kind of income makes you eligible for the top federal tax rate, not the minimum.

And you're not familiar with Medicare if you think a chronically ill 70 year old can live on it. Medicare only covers acute nursing home care of a limited duration -- not long term assisted living or nursing home care. Those month costs (which can be enormous) must be paid for out of your pocket or through a long term term insurance policy -- which most people don't have.

[hfojvt]

79. those are working people though

Kansas City has a 1% tax, but I am sure that is only on wages. Investment income would not be subject to FICA taxes. Nor would it pay the top rate. Capital gains and dividends are both taxed at a top rate of only 15%. Many state income taxes are fairly flat. The top rate in Kansas is 6.45%. Then it can also be taken as a deduction on Federal taxes.

The top rate does not start until taxable income of $311,950. Because the rate is only paid at the margin, the tax rate for a couple with $174,700 in taxable income is only 22.3%. With about $30,000 in deductions and exemptions gross income would be $205,000, making the tax rate only 19%. That's for interest income. If the interest comes from tax free municipal bonds, then it will be tax free. If the income is from capital gains or dividends then it will be taxed at a lower rate. If it is part of a Roth IRA fund, then it will also be tax free. And so on. There are plenty of ways to lower tax rates, if you have the money.

[lumberjack_jeff]

90. Then you are unclear about the differences between earned income and unearned

The top tax rate on long term capital gains, such as those on stock held for more than one year, are taxed at 15% marginal rate, If one only sells enough shares to stay in the <40th percentile of income, the marginal rate is 5%.

Making unearned income even more lucrative is the reality that one doesn't pay social security tax on unearned (dividends, capital gains, interest) income.

Also, don't confuse marginal rate with total effective tax rate. A person in the 15% tax bracket does not pay 15% of his or her income in taxes.

A retiree can move from NY if it's so oppressive, and I very much doubt the legend of a person (NY resident or otherwise) paying half their income in taxes. Citizens for Tax Justice did a study in 1995 and their conclusion is that the top 1% of income earners in NY paid about 9% of their total income in state and local taxes.
http://www.ctj.org/whop/whop_ny.pdf

As someone else pointed out, it is unrealistic (and bad form) to say that a person "can't live" on that which 95% of the population will never reach.

[pnwmom]

93. Why did you put quotes around something I never said?

"As someone else pointed out, it is unrealistic (and bad form) to say that a person 'can't live' on that which 95% of the population will never reach."

I disagreed that the top tax rate is 15-20%. You are certainly right about capital gains, but not every retiree is making substantial amounts of capital gains. And I said that Medicare does not pay for long term nursing care for chronic conditions, which is true.

[lumberjack_jeff]

96. You're right. I should have quoted that $250k/year "might seem pretty minimal."

I find it a distinction without a difference.

A retiree gets;
Pensions (which aren't germane to this discussion as it is about the ability of someone with $4m in investable cash to survive)
Social security (ditto)
Interest
Dividends
Capital gains

None of the above are subject to social security withholding. Much interest is tax-exempt and dividends generally have preferential tax treatment and the top marginal tax rate on long term capital gains (just about all gains from equity funds, stocks or sales of real estate - in short, most investment income) is 15%. It's mathematically impossible to pay 15% (or more) in federal tax on ones total LTCG income.

In summary, working is for suckas.

[Mike03]

5. That's excessive, in my opinon

I am a bit in that ballpark, somewhat, but I'm more than a decade younger than he is, and I simply don't buy any damned things except what I need. My portfolio is diversified, but I carry a huge amount in cash/money market accounts. But that does not mean I'm not terrified of deflation of he U.S. dollar.

The main point is that an amount of money is not as much as it sounds, especially now that the dollar is dropping like a fucking stone.

I would be interested in an investment advisor who thinks in a forward way about the numerous crises that face us.

Especially investment advisors who understand which sectors will benefit over the next five or six years.

[sandnsea]

6. Hillary's middle class

Fucking millionaires who can't figure out how to live on a few hundred thousand a year, or dare to call it "middle class" when they do. :crazy:

[DefenseLawyer]

7. What a crock

Cry me a river.

[Mike03]

8. Maybe his lifestyle is just extravagant

The one good thing about having SOME money is that you can decide how and when you want to go before the shit really hits the fan. In my opinion, that is the only real value of wealth: you decide.

[napi21]

9. Well just damn! That's just too damn bad, huh?

I'm not going to reach across my desk for a tissue to wipe any tears for him! For God sake, sell the damn multimillion $$ house and move into a high end retirement community! You'll have a golf course in your back yard, most likely don't want to worry about house or yard maintenance anyway, and if I can afford a Mercury Marquis on $30,000 a year (and it's paid for and so is my house) this nitwit can afford a nice Lexus or Lincoln or whatever his preference is. NO he won't be able to buy a private Lear Jet, but he sure can live a nice lifestyle!

[Quantess]

11. Maybe they should learn money management skills. (end of message)

[nosmokes]

12. If they're looking for sympathy it's in the dictionary somewhere between

shit and syphilis.

[truebrit71]

56. ROFL!!!

Nice one! :rofl:

[shadowknows69]

14. Oh my heart fuckin bleeds

give me 5 million in assets I'll find a way to "get by"

[ima_sinnic]

17. if he can't live a nice retirement on that, he''s incredibly stupid

... my heart just bleeds for the poor fuckin dumbass greedhead who is without resourcefulness.

[nightrider767]

18. The Arrogant White Person Syndrome

What a laugh.

4 million not enough?

There's this big speck of dust orbiting the sun we collectively call the earth. It's really a rather nice place, I've grown quite fond of it. I'd invite some of America's new-rich to come on down and pay us a visit sometime. Sure, we're a rather dirty, ordinary lot. But you might really find life on the planet's surface quite interesting, even if it was only in a quaint way.

:hippie:

[Sugar Smack]

19. Plight?

Bless his heart.

[RiverStone]

22. Awwww, poor millionaires...

I'm sorry, but I can't fathom where in the world your coming from on this.

I've dedicated my career to public education - no way will I ever retire a millionaire. Though I have also chosen to live simply and yet comfortably. All these millionaires need to do to live care free is down size and I'm sure they could manage, if they know how.

My small 3 bedroom house (with 2 kids) is 1,200 sq ft. No mini vans, but I bike a lot - no huge investment portfolios, but I have the pretax 401K set up for state employees. I have a garden and live in the woods under the stars. I LOVE where I live --- it's peaceful and I'll stay here. I chose a service profession - I knew going in I would not be rich (financially anyway).

I don't know what the fuck the "high life" is the article refers too - but they can have it. Was it worth 60 hour work weeks for years? I can't make that judgment, but I know I never missed one of my kids home soccer games or school plays.

The best things in life are not things....

I'm rich with the other stuff. I'd wish that for anybody (millionaires included).



peace~:)

[JCMach1]

23. Exsqeeze me? Even a modest 4% return on a safe investment

would net them income of $160,000 per year.

Cry me a river!!!

They could up that significantly with a good investment advisor!

[B Calm]

24. They can always supplement their retirement income by being a greeter

at Walmarts.

[earth mom]

25. I know a couple like this-nice people-but they don't really get how the other half are REALLY living

which is paycheck to paycheck and even that doesn't usually stretch as far as it needs to!

[TomClash]

26. I have a solution

Get a job - you're only 55.

[Kiouni]

27. They say you need over 2 mil to retire now at 67

so this doesn't surprise me. I'm 23 and I put a lot into my 401k but from what I read its not enough and I should open a roth IRA too. This is unreal, I just want to blow my money on hookers and weed like everyone else!

[shadowknows69]

29. I think you can get a tax deduction on the hookers

if you work for the government

[HeeBGBz]

31. Ooh, my heart bleeds...

Pfffft

[charlie]

32. "The key question..."

"...facing the mMillionaire is, 'Can I continue to live the way I am living for the rest of my life?' The answer for most of these millionaires is 'no'."

Well, duh. That's been the answer for most everybody, since forever. Most expect their lifestyle to ratchet down a notch toward subsistence. It ain't a problem, unless you're spoiled rich or stupid.

[Vinca]

33. OMG, I'm sobbing. I can barely pick myself up off the floor.

IS THIS GUY FREAKING NUTS?????????????:mad: If I had 4 million dollars, not only would I be set for life, I'd be planning how to give much of it away.

[BadgerLaw2010]

35. My father advises people like this, millionaire-on-paper small businesses. Most are messes.

-- Overestimation of value of business.
-- Overestimation of value of house.
-- Enormous "consumable" expenses (trips, fine foods)
-- Very significant amounts of debt somewhere, usually house.
-- House and/or business compose most of the assets and are therefore illiquid.
-- Business is a money loser, so it is not returning income.
-- Value includes other property, such as land, that cannot be easily liquidated for perceived value.

If someone actually had $4 million in investable assets, they should be able to live extremely comfortably just off the yearly return. As far as $10 million...lol. If you can't figure out how to get by on ~ $1 million a year in investment income, well... :nopity: :nopity: :nopity:

[Contrary1]

38. I'm all broke up...

My husband, also 55, would very much like to take early retirement, mainly because he is just worn out. Back problems, which prevent him from getting a decent night's sleep. Arthritis, which causes his working hours to be unpleasant.

We have lived frugally the last 35 years, put two kids through college, paid off the mortgage, and did without extras.

Two weeks ago, he was offered an early retirement package. We would have about $200. a month left over to live on after paying for health insurance.

So, after much thought (about 5 minutes worth), his decision was that he can't take it and "continue living the high life" we have become accustomed to.

Yeah, I'm all broken up.

[HughBeaumont]

39. HUH?

In Ohio, here's what you can get:

Really Nice House - $400,000 PAID.

Halfway decent car that can get you from A to B - $20-30,000 PAID.

Groceries - let's guesstimate $400-500/mo, maybe less since there are no children in the home.

Since you have no mortgage or car note, your only expense would be utilities such as cable, cell, electric, gas, etc, which should be about $1000-$1500/mo.

After all is said and done, you're left with a paltry $3.4-3.5 million, which you can easily get $300,000 per year in investment income off of in a non-risky instrument.

If they cannot live on that . . . someone needs to seriously re-assess their priorities. A person's lifestyle doesn't need to rise with your salary. That's a misconception everyone seems to have.

[A HERETIC I AM]

42. Which "non-risky instrument" is yielding 9%?

Seriously. I really am curious how one can "easily" get a low risk 9% yield.

[nightrider767]

44. I'd look at a well run, established mutual fund

I'm a high risk guy myself, but I know their are a plethora of well run conservative funds that you can easily bank on 9% per year. So on one hand the statement is true.

Course on the other hand, if the Market falls on it's a-s-s, or we run into a recession, well then, the 9% certainly ain't gonna happen that year.

Northing's a given in the Stock Market that's for sure.

[HughBeaumont]

45. With 3.5 million, a lot.

Most Index funds, foreign investment funds, growth & income funds, etc.

The 3.5 million investor has a ton more options than us Joe Cubeslaves.

[A HERETIC I AM]

51. There's a huge difference between total return and yield.

You wrote;

you're left with a paltry $3.4-3.5 million, which you can easily get $300,000 per year in investment income off of in a non-risky instrument.

$300,000 of "Income" means yield not total return. Sure there are plenty of investments that have had growth rates and returns of much higher than 9% but that is not YIELD. Yield is interest payments or dividend payments. Total return numbers that are tied to "index funds" can hardly be considered "non-risky".

I'm not trying to be a pain in the ass here because i have to retire someday too, and if i could find an investment vehicle that was low risk and had a 9% yield, i would be really happy!

The fact is, there is nothing that one could truly consider low or non risky that has that kind of income potential. You most certainly can find mutual funds or other well managed investments that have had those kind of historical returns, but as soon as you start investing in equities, you expose yourself to a higher level of risk.

Triple A Corporate paper is barely yielding 5.75% and a 30 year Treasury pays 5%. Suggesting someone could take three hundred grand of income from $3.5 million in a non-risky way seems to me to be a bit of a stretch.

[nightrider767]

63. Well by that standard it certainly can't be done

But there's risk in everything, from corporate paper, to T-bills, to life itself. Even if we lowered the target to 5% per year with T-bills, that's certainly not risk free.

It's a part of life that even the wealthy have to deal with. :evilgrin:

[HughBeaumont]

65. Well, Okie doke, Mr CFA . . . let's say $150k a year.

Which can still be attained with that kind of money in an index fund (which, if you choose the correct one is hardly what I'd consider "high risk" . .. come on. Even in downturns, the one in my 401k doesn't lose money). That's still an assload of yearly income for everyone who thinks conversations are contests where everyone has to be right at all costs.

You can't live off of 150k, even factoring in time value of money, then your lifestyle is simply too lavish or you live in New York or San Francisco.

3.5 million a year also opens you up to a few money market funds that Joe Schmoe cannot get into that I'm sure are yielding at least 5-8%.

[LondonReign2]

71. Errr, I don't think so

Sorry, but an index fund is just that -- it takes the index. Actually, if it is passively managed, it tracks just below the index because of expenses. So to say an index fund doesn't lose money in a downturn is mathmatically incorrect.

Of course, the are index funds that track an incredible number of varied indices, so you could very well have an index fund (say one that tracks China) go up while others (say one tracking the US dollar) go down, but I don't think you are appreciating the true risks of equity investing.

Not to say you shouldn't invest in equities-- I certainly do-- but claiming a 9% no-risk return? Ain't happening.

[A HERETIC I AM]

73. NOW you're talkin'

$150,000 income from 3.5 mil - no prob. You could get $175,000/yr from the aforementioned Corporates and Treasuries at VERY low risk. Now

As far as the rest of your points, well......never mind.

BTW, "Chartered Financial Analyst" is not one of the designations or licenses i hold. I hold several, but CFA is not one of them.

[MazeRat7]

78. What Virginia, there is no Santa Clause ?

:hi:

MZr7

[A HERETIC I AM]

81. Lol...There is, but he has hairy palms and a green skin tone and looks like this....

hey dude!:hi:

[nightrider767]

86. Dear God!

Give the Grinch some gray hair and ears, and we got one spot on George Bush look-alike!

Spooky..... :beer:

[BadgerLaw2010]

85. Sure, if you're a total bond monkey who wants *no* risk short of US bankruptcy.

You can argue that the broad, quality stock market is too risky to be predictable return, but history makes you a liar. Individual stocks, sure, but that's why you don't own just a few individual stocks.

Buy some damn mutual funds or build your own and stop whining.

[A HERETIC I AM]

87. !?! Lol....Whining? I was whining?

No, actually i was taking issue with a specific statement. One that was demonstrably inaccurate.

Shit fire, i could take that guys 3.5 mill and get him an average of 10%/year returns and take 2.5% for myself without batting an eye. I could do it in my goddamned sleep. I was merely attempting to differentiate between yield and gains/returns. That ok with you, Squire?

In the future, however i'll make sure i run every post i respond to by you so as to make sure i avoid "whining".
(Inserted then removed further snarky comments here)

[nightrider767]

88. Ahh,,,, The Love....

I can feel it flowing..... :popcorn:

[Mojorabbit]

50. The problem which I tried

unsecessfully to get across in an earlier post is the devaluing of the dollar and what it will purchase.
You used to in the seventies be able to buy a house for twenty to thirty thousand, gas was cheap, groceries cost a whole lot less, insurance premiums were less, etc.

If what you can buy for a dollar now is so much less imagine what it will be in another thirty years. Probably not much if things keep going like it has been. I know many elderly people who thought they had enough to live very well a couple of decades ago who had a rude awakening.

[Solly Mack]

40. I'll spend my day working up some sympathy

You betcha...cause I have nothing better to do

[NC_Nurse]

41. Gimme a break.

Maybe it's time he took a good look at his "lifestyle". What's so wrong with a house that FITS the size of your household?
Was he planning to take in several foster kids? I doubt it somehow....

I can't imagine bellyaching over only having a FEW millions....my heart pumps peanut butter for him. :eyes:

[Marrah_G]

47. My parents are like this

They have acquired alot of money (through vacation rental properties and hard work), enough to retire and never have to live on social security, planned extensively over the last 40 years for it. They still live well, but not extravagantly and my mother is still thrifty as ever, doing her clothes shopping at the thrift store she volunteers at. Yes... someone worth a few million who volunteers at a St. Vincent De Paul thrift store.

My father also still works, though not as a public high school teacher as he did for 45 years. Now he works at the Marina making far less at a zero stress job. He just likes to work, he always has.

[Burma Jones]

54. I think I like your folks

If a HS teacher winds up with a few million bucks, more power to him.

[Marrah_G]

60. He is a very intelligent man

[gollygee]

48. So what are non-millionaires supposed to do?

Whoever wrote this article missed the real issue. The vast majority of people don't have any real savings at all. If even millionaires can't retire, what are they going to do?

This is all complete bullshit.

[KansDem]

57. Easy. Non-Millionaires are suppose to cut the grass and clean the houses...

...of McMillionaires. Even when they're retired, because if you can't retire comfortably, it is because you didn't work hard enough all your life. Only McMillionaires who have worked hard all their life can retire comfortably.

Do I really need the sarcasm smilie?

[HughBeaumont]

66. Get body-bagged out of the cubicle.

As corporate collateral damage.

Anyone who thinks I'm kidding hasn't seen two people die on the job like I have.

[Vilis Veritas]

52. They're my neighbors?

Man, I need to dust off my ski mask...;-)

No Fear.

[Burma Jones]

53. Is the guy paying Alimony?

If he was working 60 hour weeks for years amassing wealth, I wouldn't be surprised.....

[KansDem]

55. The term should be "McMillionaire"

"Mc" could stand for "middle-class" and embrace the "McMansion" culture:

McMansion is a slang architectural term which first came into use in the United States during the 1980s as a pejorative description. It describes a particular style of housing that, as its name suggests, is large like a mansion, but is cheaply and hastily built, often in large neighborhoods at a time with almost no difference between individual structures, similar to the producing of food at McDonald's fast food restaurants.

In addition to ubiquity, almost every reason to poke fun at McDonald's has been applied metaphorically to "McMansions". These criticisms include the deviation from traditional local or regional architectural style; a gaudy, sterile, mass-produced appearance; and perceived negative effects on nature and neighborhoods.

Wikipedia

But perhaps Yahoo Finance didn't want to make that comparison for fear of offending...McMillionaires

[sandnsea]

58. These millionaires are NOT middle class

and if these people are the middle class Hillary and similar Dems are concerned about, then are they saying the other 80% of the country are the poor?

[AlCzervik]

59. omg i'm lighting a candle and starting a fund for him.

boofuckinghoo! Waaaaa, i can't live the highlife anymore!

[Sammy Pepys]

61. Well, he is trying to retire a bit early...

He's facing 25-30 years in retirement, possibly more. And a reduction in in income is an expected part of retirement. You're supposed to plan on having only 70-80% of your annual pre-retirement income available to you per year.

Did all of his retirement assets come solely from the sale of his business? If it did, I'm inclined to think he may have been living a little high on the hog during his working years instead of putting it into an IRA or some other investment.

[WinkyDink]

62. Yeah, sure. We're 2 retired teachers, and WE live in a 4-bedroom suburban house. GMA*B.

[pitohui]

64. ask me if i give a flying happy crappy

honestly if i got a call like that i would hang up on the rude boastful fool and not speak to them again (unless they were actually dying and i thought i might inherit something)

honest people work 60 hour weeks too, and they don't end up with $4 million dollars

[Greyskye]

67. sounds like his money is going up his nose

Why else couldn't someone live on that much money?

:nopity:

[Lydia Leftcoast]

68. Aw, poor whining crybabies!

especially considering that someone who retires from a life as a hotel maid or a WalMart worker will have NOTHING but a few hundred dollars in Social Security.

I have trouble feeling sorry for anyone who can afford ONLY a 3 to 4-bedroom house and ONLY two vehicles, something that sounds like an unimaginable dream to the working poor. :eyes:

[kineneb]

69. several DUers can teach him how to live on much less

Me, Bobbolink, Willy50 (hope I got your names right...memory issues)

we manage to live (not well) on SSDI and SSI.

What is that ass whining about? He will have enough to live well for the rest of his life...

unless he develops a chronic disease...

then he may be joining us after he spends all of his money on health care...

[KamaAina]

70. Three-bedroom homes? *Minivans*?! Oh, the humanity!

:sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm:

What's next? Must they turn in their filet mignon for flank steak -- or (shudder) hamburger?! Will they end up vacationing in Florida and not the French Riviera? What is this world coming to?

:sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm:

[lovuian]

72. I think there is a old saying your as rich as what you can live

without

[DaveJ]

77. Maybe they need a charity organization to help

Plus, nobody should say a word about raising their taxes anymore.

Poor souls. :cry:

[Ilsa]

80. Yeah, Ted Haggard had started a fund to help support

himself and his wife to the life they had become accustomed to when they were riding high. Now they are nobodies and can't pay their bills.

[DaveJ]

82. Reminds me of that scene from "The Jerk"

When the Texas millionaire asks Steve Martin for charity because the leather seats on his jet were becoming cracked.

The article really should have mentioned, at least dedicated one line, to the problems the rest of America has to face.

[Deja Q]

83. Oopsie-doodles. Now think of the people they underpay, then whine

how overpaid they are when they offshore jobs to people who have a record of not being able to do the job right...

:hide:

[Richard Steele]

89. Fuck 'em. nm

[Fox Mulder]

92. Oh boo hoo!

God forbid if they have to live in three or four bedroom homes or drive mid-priced cars.

Give me a break. :eyes:

[Momgonepostal]

94. Quick! Someone put together a telethon for these sad wretches!

That reads like an Onion article. :eyes:

[cherokeeprogressive]

95. 3+ here and already retired. I GUESS it depends on what your definition of

standard of living is. Mine isn't so narrow minded. Your last line: "Can I continue to live the way I am living" says it all.

We contribute to charity. We work in the shelters feeding those less fortunate than us on holidays such as Thanksgiving and Christmas. THAT'S what makes us feel like we've really arrived.

We don't want to live the "high life". We just want to live a life free from financial concerns, and to be able to help others who are less fortunate than ourselves. I think we've accomplished both.