this post was submitted on 20 Sep 2024
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it's fucking insane to me that there was no such thing as a billionaire in those days, and now it's like if you're "just a millionaire" you're just small potatoes
Eh, Rockefeller is traditionally considered the first US billionaire, which precedes the creation of Batman by a bit of time. It is wild that we've gone from becoming a billionaire being a first to commonplace in 100 years.
"Just a millionaire" isn't just small potatoes, it's genuinely suggested to have a couple million in assets in the US to be able to survive old age comfortably. Like bare minimum to be comfortable and not in a shitty home where you're possibly suffering elder abuse and possibly separated from your wife/husband/loved ones.
So many of us are so so so fucked. We need you more than ever, Batman.
From my BIL accountant the rule of thumb is 20x your yearly target. Want to life off of 100k? You need ~2mil in investments to be able to take 100k out every year and (more or less) keep the 2 mil (this is based on long term market averages so ymmv)
Usually 4%/x25 has been considered the rule-of-thumb (and that's based on a study that considered dying broke okay; not based on capital preservation). x20 would usually be considered fairly aggressive (although that depends if you are including other things like SS benefits if you are in the US).
Given the super-high CAPE ratio currently, even 4% would be be aggressive if you want capital preservation. Something like 3%/x33 would be more geared towards that.
Ya you're right. I misremembered. It was 2.5 mil which would be 25x. Either way, the other person's point stands it takes literal millions to retire