I heard 5MM isn't what it used to be the other day at work. 200k per year. Isn't what it used to be haha
$5MM isn't what it used to be. You'd have to have $40MM in today's dollars to have the same relative wealth as $5MM in 1960.
But that's beside the point, as anyone in their right mind could retire with much less than $5MM today.
Not it a person was into frequent vacations to resort areas, big trucks, ski-boats, constant shopping, etc. I think this is why some people think a $1M isn't enough. They don't want to slow their consumption. In fact I suspect they think they'd have more time to shop and spend so they would need more money than they make now.
Thinks the joys of freedom to do as you like, hiking, a bike ride, joy of washing the car or weeding the garden aren't good enough. Got to have a high profile flashy retirement...
I had a great time yesterday just being at home taking care of a few things and reading a book. Got a great night's sleep too. My cost? Close to what my utilities cost me b/c I didn't spend anything else.
"....I told my dad on Saturday night after dinner about our plans. He was very happy. He said at least I listed to my (late) Grandpa and I have the same attitude as he did. FWIW, my dad was laid off a few years back and drove my mum and my grandma crazy, luckily his old employer called him back. He has a relaxing desk job, and he's from the mindset where if you don't work, what else do you do?"
These people blow my mind. And then I look around at the people I know who spend much of their retirement watching TV.