I used to think that retiring with a monthly income of at least $10,000 a month would ensure a comfortable retirement. I’m not so sure now.
Yep, I retired four years ago, my wife retired two months ago.
There is NOTHING like retiring into an out-of-control inflationary environment. It’s our worst nightmare come true.
I guess it depends on where you live, but $5,000 a month should have been a comfortable retirement. I guess it depends on how one would define "comfortable". Regardless, high inflation is going to be a problem for retirees not sitting on a decent investment pile or don't have a sizable fixed monthly income (SS, pension, annuity, etc.).
10k a month should be more than adequate provided one does not retire too early and or does not take debt into retirement. Living within means in retirement is crucial for a happy one. I am retired on far less than 10k a month. We vacation a few weeks away, eat out often. We do that on no debt and vehicles 10 years old.
Better double that in your mind.
It should in most of the country considering median HH income is ~$6k/month and is still paying mortgage/rent. $10k a month with a paid off house you can travel the globe several months a year in most of the US.
Try about $2000 instead. How in the world could a working person have a retirement fund of $10000/ month ?????