$10M over 50 years - $200k/yr or $16k/mo
House in a rather expensive place - $5k/mo
Food, travel, other things and especially projects can eat the rest $11k/mo
If you mean the lucky few of us who can "retire" at 30-40 and enjoy 50 years of retirement - that's such a statistical anomaly that it might as well not exist.
>>Food, travel, other things and especially projects can eat the rest $11k/mo
And also yeah, that is wildly wildly off. Again, if you want to have such an absolutely extravagant lifestyle to spend $11k a month on food and travel then sure - you probably do need $10M. But it's nonsense to say "you need $10M to retire in a big city". Clearly millions of people don't.
Also, your numbers assume you earn nothing in retirement, which is unnecessarily pessimistic.
Also, $11k a month for "food travel and other things" seems like quite a lot to me. I mean sure someone can spend $11k a month on "projects" but that doesn't mean that's something we as a society necessarily need to support.
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.
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.