No. of Recommendations: 7
It's like giving your kid $5 million.
Five's a nightmare. Can't retire. Not worth it to work.
Pretty sure most people can retire quite well on $150K (3%)/year for life. That's well over the median income in every state in the US, and far, far more than social security will pay. I lived well on ca. $150K/year (current value) as a half-time, self-employed contractor in the very expensive SF Bay Area for nearly 20 years, while my assets grew enormously since I didn't need to spend anywhere near that amount.
