What age to be a millionaire?

[TN2shot07]

It could be a result of Common Core Math resulting in wrong answers.

 

[RobG]

Back to the $1m question
If you were retiring today, age 60, would you prefer
a) $1,000,000 in the bank with full control of it, or
b) $4800/mo (with COLA ($1800 SS, $3000 pension)

Keep all other things equal- house is paid for, kids are gone and self-sufficient etc. The only decision is based on retirement income, which is actually a decision on risk. You can get a steady stream of income and not think about it or have to invest it yourself and deal with market and rate ups and downs.

How much would an immediate annuity cost to get that $4800/month with COLA?

 

[buckbull]

Lol

I am mind blown there's anyone let alone a majority having that high of a NW before 40.

That's likely a paid off house+500k in their retirement.

The numbers in the poll are so far outside of a standard deviation of 2 that its impossible to have that many millionaires so folks are lying or bad at math.

 

[BigHornRam]

The numbers in the poll are so far outside of a standard deviation of 2 that its impossible to have that many millionaires so folks are lying or bad at math.

Or hunters kick ass when it comes to making money. I'm going with this scenario.

 

[SAJ-99]

How much would an immediate annuity cost to get that $4800/month with COLA?

Sorry, no idea. I would just assume the market is pretty efficient, so if you bought an annuity, which is essentially paying a third party to managed the funds, they assume that risk so would want to be compensated for it.

 

[michigan_sasquatch]

That is tricky, because the correct answer is buried somewhere in the boring world of tax management.

But I’ll play- gimme that million.

Winner winner, chicken dinner. That boring world of tax is the single greatest expense for most Americans.

 

[Mallardsx2]

That is a really nice match!

No wonder our freaking taxes are ridiculously high these days.

 

[Pucky Freak]

Interesting poll results: 63% of HT are millionaires, compared to 9% of the US population.

 

[cgasner1]

Interesting poll results: 63% of HT are millionaires, compared to 9% of the US population.
View attachment 317389

These guys are all full of it. Want proof I’m not a millionaire and debating on setting up a side saving’s account the wife don’t know about to kill a white sheep. If we had so many millionaires among us you would see more dead sheep.

 

[BigHornRam]

These guys are all full of it. Want proof I’m not a millionaire and debating on setting up a side saving’s account the wife don’t know about to kill a white sheep. If we had so many millionaires among us you would see more dead sheep.

You probably don't want to hear what sheep hunts cost 25 years ago.....

 

[cgasner1]

You probably don't want to hear what sheep hunts cost 25 years ago.....

I debated on going the quicker hunt now finance it route for that reason

 

[BigHornRam]

The Bitterroot Peasant Posse circa 2010. Dave Ramsey would have approved of the frugality of this sheep hunt.

 

[Nick87]

You probably don't want to hear what sheep hunts cost 25 years ago.....

Or anything for that matter.

 

[Forkyfinder]

No wonder our freaking taxes are ridiculously high these days.

He's not exactly a ditch digger? I imagine thats part of the only allure to retain/attract valuable skill/knowledge people to work in govt.

Most govt jobs have better benefits, vacation, etc. There wouldnt be anyone interested otherwise.

 

[BigHornRam]

Or anything for that matter.

Very true. In 2000, I sold my 4 bed, 2 bath home in Bozeman, that I built 2 years prior, for $145,000. That sale netted enough to go on 2+ Dall sheep hunts in Canada at the time. Inflation sucks!

 

[Deleted member 28227]

If we had so many millionaires among us you would see more dead sheep.

Wouldn't it be the opposite, everyone's a tightwad on spending and save their money. If there were tons of dead sheep everyone would be broke.

 

[Forkyfinder]

These guys are all full of it. Want proof I’m not a millionaire and debating on setting up a side saving’s account the wife don’t know about to kill a white sheep. If we had so many millionaires among us you would see more dead sheep.

A million dollar networth means people can afford 50k sheep hunts?

A million dollar networth person is hardly well off now. Last i checked - lots of these "on paper" millionares would be apparently broke for paying more than 5 percent of what public land pastures market value is.

A millionaire in terms of dollar networth, with half coming from real estate and the other coming from retirement doesnt have 50k to just grab and burn.

Most of the "millionares" ive met and know, are that way because they are frugal and understand money and time.

 

[RobG]

Reality check. This was 1999. These days a million dollars will only get you 1.1 chicks at the same time. ($4800/month with COLA will get you about 0.7 chicks at the same time, even though they are theoretically equivalent.)


PS, that's only an inflation rate of 2.5% per year.

 

[cgasner1]

A million dollar networth means people can afford 50k sheep hunts?

A million dollar networth person is hardly well off now. Last i checked - lots of these "on paper" millionares would be broke for paying more than 5 percent of what public land pastures market value is.

A millionaire in terms of dollar networth, with half coming from real estate and the other coming from retirement doesnt have 50k to just grab and burn.

Most of the "millionares" ive met and know, are that way because they are frugal and understand money and time.

Difference in afford and finance I doubt most the people I see in these 80k dollar tahoes driving around paid cash on them

 

[TN2shot07]

Difference in afford and finance I doubt most the people I see in these 80k dollar tahoes driving around paid cash on them

I also doubt a lot of the millionaires are rolling around in those