Being a millionaire isn't what it used to be.

[raccoon]

Anyone who is conscious and over, say, 10 years old, knows that prices have been going up, up, up, for decades. You all remember, or have heard your parents/grandparents talk about, how much cheaper things used to be.

When a hospital room was $21.00/day. When gas was .25 per gallon. When it cost $.50 to get in the movies. Heck, the first apartment I ever rented was $85.00/month, in a medium-sized SC city, and it wasn't in the 'hood.

You could, I'm sure, reel off a lot of similar examples. Sure, a million isn't to be sneezed at; I'm not a millionaire but wouldn't mind being one.

So, "millionaire next door," or wherever s/he is....doesn't mean that much any more.

[spinbaby]

1. A million isn't enough to retire on

Or so I read in one of those financial columns recently. This probably explains the spate of articles recently about how much people love working past retirement age.

[Xithras]

2. Depends on your lifestyle.

If you make $75,000 a year and need $50,000 a year to maintain your lifestyle, you'll be broke in 20 years. Retire at 60 with a million in the bank, broke by 80 and signing up for MediCare. And that's without even calculating in medical expenses. A single heart attack at 70 requiring a bypass and hospitalization would shave many years off that figure.

[Warpy]

3. Well, it is, but only in combination with Social Security

and the prospect of paying one's house off quickly. A million in equities will allow you to live reasonably, although not well, and if you want to travel it's going to take income from a part time job to finance it, good luck on finding any sort of a job in this economy.

[SoCalDem]

4. A paid off home is the secret to a successful retirement

If oldsters have to pay big-time rent or make a house payment, they are "screwn".

If you live in a relatively "normal" area, the taxes on a paid for home will be far less than rent or a house payment, and no matter how much retirement income one has, they still have to live somewhere.

A reliable car, and a pair for home makes things a whole lot easier...even if your main source of income is SS.

[Javaman]

5. Well heck, if you don't want the million bucks, I'll take it. nt