My numbers are like this:
$10M over 50 years - $200k/yr or $16k/mo
House in a rather expensive place - $5k/mo
Food, travel, other things and especially projects can eat the rest $11k/mo
The 50 years is wildly off. Even taking the average male/female lifespan most people don't enjoy more than 20 years of retirement. And sadly in my family I think the average is much closer to 10 years.
If you mean the lucky few of us who can "retire" at 30-40 and enjoy 50 years of retirement - that's such a statistical anomaly that it might as well not exist.
>>Food, travel, other things and especially projects can eat the rest $11k/mo
And also yeah, that is wildly wildly off. Again, if you want to have such an absolutely extravagant lifestyle to spend $11k a month on food and travel then sure - you probably do need $10M. But it's nonsense to say "you need $10M to retire in a big city". Clearly millions of people don't.
Well, for starters I don't think most people's retirement lasts 50 years. Even if you retire fairly early at, say, 50, that's taking you to 100 years old.
Also, your numbers assume you earn nothing in retirement, which is unnecessarily pessimistic.
Also, $11k a month for "food travel and other things" seems like quite a lot to me. I mean sure someone can spend $11k a month on "projects" but that doesn't mean that's something we as a society necessarily need to support.
50 at least is not "wildly" off. Somebody could retire at 50, at it would be strange to have money run out by 100 - what if the person would live longer?
We can have something earned from the money, but pension money have to be conservative, so the upside could be limited.
$11k a month for "food travel and other things" - healthy food isn't unfortunately cheap, neither is good travel - but those other things could be even more expensive. You might want to start an enterprise, and you'll need seed money. You might support a cause, or run a non-profit, or do other things which are noble but not easily rewarding in monetary sense.
Yes, we as a society probably can't - not don't need, but can't currently - support this. But it doesn't mean people shouldn't aim for this.
Frankly, I don't see strong evidence against so far.
>>50 at least is not "wildly" off. Somebody could retire at 50, at it would be strange to have money run out by 100
Who retires at 50? But even ignoring that, I had to check the numbers - in the UK at least, only 0.02% of people live to 100, the chances are "wildly" against all of us in that regard. Sure it might happen - I wouldn't plan for it.
>>$11k a month for "food travel and other things" - healthy food isn't unfortunately cheap, neither is good travel - but those other things could be even more expensive. You might want to start an enterprise, and you'll need seed money. You might support a cause, or run a non-profit, or do other things which are noble but not easily rewarding in monetary sense.
Your assertion was that you need 10M to retire in a big city, the need part is what I'm challenging. If you want to lead a rockefeller lifestyle in retirement - sure. But that won't apply to 99.9999% of population who just want to live out their life in peace and comfort. Let me put it this way - I don't know anyone who makes $11k/month in their regular working life, the idea that you'd have that during retirement is almost....absurd? Who outside of rich elites has "seed money" during retirement? I think we're thinking of completely different social groups.
So no, unless you're part of the 0.00001% you don't need 10M to retire in a big city.