Quote:
Originally Posted by Unregistered
Stop scaring yourself and others. If it's true, why do I not see more beggars in the streets?
The fact is even retirees can have some income. You can start a small business, rent out a room or a condo, collect dividends from stocks, etc. Insurance will pay for the bulk of your medical expenses.
And if you are smart about it, you won't be spending 5k/mth if you have only 1.2m in the bank. Don't forget that your children would've grown up and won't need money from you. Your parents would've moved on.
Of course, if you wanna plan for worst case scenario, you can always work till you die. Cheers.
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If I could start a successful small business with consistent profits, have so much stocks that the I can survive on the dividend, have enough money to put downpayment for 2nd property and get it rented out at net positive, I would most certainly possess the millionaire mindset, am well on my way to becoming millionaire or am already a millionaire. I wouldn't be worried about retirement if I was so good at making money now.