I moved to the US in 2018 and started my 401K from scratch at that time. Now I have $420K. I heard from multiple sources that “a good retirement amount in the US” is between $5M and $10M to live a comfortable retirement. What is, in fact, a good range to live an Upper Class life in a city like Houston?

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

Based on the ~4% rule, $5m would safely generate $200k / yr and $10m would safely generate $400k per year for withdrawal. Some are saying it needs to be more of a ~3.3% withdrawal rate but either way, those should be comfortable upper-middle to upper class depending on is your debts are paid off (i.e., no mortgage).

like

Okay, fair, SM1. Yes, you still pay taxes, but I think it’s still important for people to remember you’re not trying to “save” anything out of that.

Still a world of difference (at least for me) in how I would feel spending every post-tax $ of 200k “income” vs. how you feel as a 30-40 y/o with an income of 200k.

like

As a retired person, I always get a kick from those articles about a"good retirement amount" since there are so many variables (health, lifestyle, debt, etc.) that determine how much you may need. Also, keep in mind that if you withdraw the often recommended 4% annually but have a fairly aggressive portfolio, you will earn more than that each year and not touch your original balance.

Because I don't have much debt (small mortgage), I haven't touched any investments since I retired over a year ago.

likeupliftingsmart
Recent IconRecent

How did you get it so high so fast?? Would love any tips you have!

like

Curious, with IRS caps, even maxing out contributions plus employer match since 2018 doesn’t usually get you to $420K. Did you roll over from another plan, or are you counting other accounts too?

like

EY didn't offer mega back door conversion until this year. I am also just as curious as I also started in the beginning of 2018 and maxed IRS limit each year. My 401k balance is $300k with an employer match included.

I index my retirement income and assets to gold, not the US dollar. How many ounces of gold a month do I need for a lovely retirement, and how can I have that in 20 years.

likesmartfunny

There is a huge disparity between what people think they need and what they actually need. 80% of couples living off social security plus $250K savings say they are very comfortable.

like

You really should not be retiring if you don’t own your home.

Jesus Christ dude how much money are you making/contributing? I’m at 400k but started working in 2013.

like

EY1 - I actually meant $420K in my 401K.

Having $5K in an IRA today will put you in the top 0.1%, so compared to most people, you can live quite well on that. Your current balance puts you in the top 5% today.

like

How do you have that much money

like

correct me if I am wrong, but that is $200K in real dollars, not adjusted for inflation. Dont know how old this person is, but $200K for when I retire is not the same as $200K today.

like

You need to look at your personal habits and spending to project your own income. You are also missing what age you want to retire. What exactly is “upper class” for you? You have minds? Family? Health needs? What is your monthly expenses today? What is going to be your desired monthly expenses ? Are you planning to do any investment outside of 401 K? What happens if you get fired or not make partner ? 420 K is all you have? Do you have a house? There are a LOT of things you need to figure out yourself


You are projecting a huge range. You are asking if you need $5 million or double of that based on what exactly?

Just retire in Southeast Asia. Just need $2MM to live off the interest of $90k a year.

Yeah most people don’t but it doesn’t stop millions of westerners who retire there comfortably and enjoy life there.

Related Posts

28M (but look maybe 24), PA. Introvert, 5'9, eastern European/dark features. Love to talk philosophy but I can also be silly. Somewhat of a homebody but I do enjoy going out and exploring if I'm in company of friends. If I'm alone I'd rather be home and watch a psychological drama/thriller. LF someone who enjoys a balance of going out and lounging at home.

likehelpful

Help me with likes, can't use DM

like

I’m curious about the enlisted versus officer ratio as well...here’s a way to better survey the group. “Like” your respective group below.

Does anyone else think we should start investing in more light rail systems to cover some of the distribution problems we're having? I think it might be a good idea. Anyone have any thoughts about this?

like

Is it advisable to take the Virtusa Dubai opportunity?? What are the pros and cons ?
YOE :7years

like

One of life’s small luxuries is when your colleagues narrowly miss the closing elevator doors and you get to ride up all on your own 🙏

likefunny

Bain & Company What is a non-cash/ bonus perk from your firm you enjoy? Ie wellness stipend, free News subscription, free apps. Curious what different firms offer. McKinsey & Company Boston Consulting Group Oliver Wyman Strategy& Roland Berger Accenture EY EY-Parthenon PwC Bain & Company

likefunny

Has anyone found a co-founder(s) for their new venture ideas from this group?

like

Hey I am working for a start up company that aims to train people to become a tech sale and get blind referral. I am now struggled to source target users, and I really appreciate if someone could offer some advice please! Thank you!

like

I'm wanting to move into partnerships at my company (SaaS business management software for small businesses) so I am looking for different resources entrepreneurs use to get started.
-small business development centers
-chambers

What associations/organizations have you ask use to start your business?

like

Open ended question: come annual review time, what metrics are you/your team evaluated on?

like

If you've worked at multiple FAANG companies, what's your secret?

like

Serious question… if I am interested in becoming a CTO/CDO one day, what should I do for the next 5-8 years to prepare for this? Are there specific roles in tech that prepares you for a CTO role? I am currently in sales engineering with over a decade in consulting experience.

like

Hi Folks,
Once the medical checkup is done, in how many days will I get my visa for Australia?

like

Is 80k cash + 20k company share a good deal for a junior dev role in the bay area?🙏

like

Manager: “Do that this way”. Manager one month later: “Why did we do it this way? Doesn’t make sense. Fix”

likefunny

Hello everyone! My co-worker and I are preparing for the SHRM certification exam and Hoping to take it in December. I’m looking to purchase the SHRM learning system books from someone that has already taken the exam this year. Can someone point me in the right direction?

like

I am currently a biomedical engineer at @U.S. Food and Drug Administration with over two years of experience. I would like to hear everyone's experience navigating the GS increase (salary raise) as a government employee. Here are some questions for discussion. How long did it take you to be promoted to the next pay grade? What do you think contributed the most to that salary increase? If you transitioned into the private sector, what drove you to make this decision? Thanks!

like

Do y’all admit that you spaced out when called out of blue in a call?

likefunny

If you guys could restart what would you go into? I want to get out of finance, and can go back to get a masters for free, but I dont know what I would even want to do.

like

Additional Posts in Consulting

What is the tuition reimbursement benefit like at your company? I’m in Accenture Operation and there’s no such benefits. (Only strategy and CDO have it). Is it typical?

like

If I need Friday 4-5pm to go to a doctor's appointment, do I need to set a meeting invite to my manager in order not to be fired?

funny

Earned my SAFe 5 Scrum Master certification today! I’m looking forward to the new challenges and opportunities.

Post Photo
funnylike

What is the best consultancy for Media and Entertainment work? Considering a move…

like

Bain & Company What is a non-cash/ bonus perk from your firm you enjoy? Ie wellness stipend, free News subscription, free apps. Curious what different firms offer. McKinsey & Company Boston Consulting Group Oliver Wyman Strategy& Roland Berger Accenture EY EY-Parthenon PwC Bain & Company

likefunny

Am looking at exit opportunities and researching FAANG. Curious to understand why anyone would join Amazon which has the worst benefit of the FAANG? Can anyone share what’s better at Amazon that I am not aware of? Amazon and Facebook on sites lined up in January! So researching now!;)

like

So the “new way of working” is to actually read the online reviews and not ignore them? Genius

Post Photo
funnylike

Would you suggest writing a cover letter when applying to consulting roles? I know it's typically optional... but I'm guessing it's important to show you put in the effort? They just mostly seem like such a waste of time.

like

How is utilization calculated? What happens if we are on the bench?

like

I have a consulting/PE interview on Friday, please recommend consulting books or sites to read. Need to speak consulting language

like

Any idea why EY is not on the list of Vault 50 top consulting firms but it is on the prestigious list?

like

How many consultants do you think travel with THC products, eg edibles, vapes, tinctures?
It’s huge for me getting a good night sleep, have a prescription, and thinking of traveling with it. Wonder how risky it really is.

like

My mentor gave me great advice today : “Every time I talk to you, you are stressed out with work. You care way too much about your job. It’s just a job. Stop letting work impact you so much.”

likeupliftinghelpfulsmart

Anyone have good book recommendations that I can learn from and are entertaining? Trying to survive a 10 hour flight this weekend 🆘🆘🆘

like

EY strategy and transactions corporate real estate: anyone know the salary range for the senior associate role? Would incoming with 4 YOE typically result in the senior associate or director level?

Thank you in advance!

likefunny

At PwC(S&) are evaluations (career roundtables) driven primarily by utilization? How much do reinvest and snapshots play?

like

Any book recommendations about human psychology / thought processes?

like

Do you prefer the grocery store wine section to be organized by varietal or country? Vote for country here

like
like

Does anyone from EY have insight on layoffs? I'm seeing horror stories from other firms but haven't heard anything about EY layoffs. (Manager, FSO-Advisory-Risk)

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal