I live in NJ and have net investable assets slightly above $1 million. My financial adviser says this is 96% of what I need to make it to 100. Have never voted for a Democrat in the 34 years I’ve lived here. Think some people are confusing income and assets on this forum. In your later years you need to have this many assets if you want to maintain your life style in old age in a high tax state. Moving is difficult although we’ve discussed it often. Inertia, family and friends make it hard to move, so we stay and pay.
You must have good genetics, good health, and a healthy lifestyle, or the money does not make much difference.
Not surprising that your financial advisor focuses on the money, but money alone is nowhere near 96% of what it takes to reach 100 years old...
I may be misinterpreting your post. Please correct me if I am.
Also, "maintaining your lifestyle" is a very slippery, indefinite standard.
It can be easily managed by being a little stoic and starting with a frugal, low-cost, satisfying life, or living a wasteful, high cost, unsatisfying life, or anywhere on the map of which those two are at opposite ends.
In the DC suburbs, Our grown children can’t afford to live here so they move to CO ,NC, and SC and FL. The parents seem to follow in a few years.The housing in these booming trading states is getting too expensive for the parents now ironically.
1. Having a financial advisor is usually very bad for you financial health.
2. Congrats on getting to that milestone -- now dump that drag on your resources.
3. Head over to this site and learn how to do it on your own Bogleheads
Bogleheads are devotees of Jack Bogle who popularized the idea of low cost index investing. This has been demonstrated to beat almost every financial advisor on the planet.