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.