I am not retirement age yet. However, non of my siblings who are retired have a million dollars. No where close. They are living there best life! California property taxes are not high if you bought your home years ago. Also, Prop 19 allows people 55+ to transfer the property tax base of their existing home to a new home anywhere in California. No state taxes on social security. They enjoy there healthcare. California is a big diverse state. You can live in big cities, really small cities or more rural areas. Not every city in California is extremely expensive. I thought I would need to leave California to financially retire. However, after really doing my budget I realize I don’t. If I retire somewhere else it will be for other personal reasons.
Parents are retired in California and doing fine. Able to spend time with grandson and spoil him. They have a small mortgage but it is at super low interest rate.
I'm retired in California. It's would be hard to live off $1 million in California using the 4% rule. But it's doable. You can't live in the High Cost of Living areas but you can get by in a trailer in the woods or desert. I get buy because I live frugally off my pension and prune bits off my investments for middle class luxuries like travel and toys. I do have the luxury of a great relationship with my landlord so my rent hasn't gone up in 10 years. But if that ended I could still get by (though I'd probably be looking to move to a red state to save money).
You'd have social security as well with the 40k/year, so potentially between like 60-80k/year if you actually use the 4% rule.. Better withdrawal strategies than to just use a SWR strategy unless you just want to keep it as simple as possible. Probably not a good idea to retire early there with only 1$M though
@@Lolatyou332 I did retire early. Indeed, I retired early with only $650k. But that was 10 years ago. The portfolio tripled since then. I'm not old enough for social security.
@@dantheman6607 Basically what you're saying is you have $2 - $3 million dollars or more. Which is not what Josh and I are getting at. Imagine NOT owning your house and trying to live off that 401k portfolio while the paying (insane rent) or (not so insane) mortgage, California and Federal taxes and the Bay Area's insane cost of living and you'll understand why it's hard.
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I am not retirement age yet. However, non of my siblings who are retired have a million dollars. No where close. They are living there best life! California property taxes are not high if you bought your home years ago. Also, Prop 19 allows people 55+ to transfer the property tax base of their existing home to a new home anywhere in California. No state taxes on social security. They enjoy there healthcare. California is a big diverse state. You can live in big cities, really small cities or more rural areas. Not every city in California is extremely expensive. I thought I would need to leave California to financially retire. However, after really doing my budget I realize I don’t. If I retire somewhere else it will be for other personal reasons.
You mean like whacky do politics 😂😂😂
Parents are retired in California and doing fine. Able to spend time with grandson and spoil him. They have a small mortgage but it is at super low interest rate.
I live in California. Having a million helps. Two million is even better. But it’s not necessary so long as your house is paid for.
I'm retired in California. It's would be hard to live off $1 million in California using the 4% rule. But it's doable. You can't live in the High Cost of Living areas but you can get by in a trailer in the woods or desert. I get buy because I live frugally off my pension and prune bits off my investments for middle class luxuries like travel and toys. I do have the luxury of a great relationship with my landlord so my rent hasn't gone up in 10 years. But if that ended I could still get by (though I'd probably be looking to move to a red state to save money).
You'd have social security as well with the 40k/year, so potentially between like 60-80k/year if you actually use the 4% rule.. Better withdrawal strategies than to just use a SWR strategy unless you just want to keep it as simple as possible.
Probably not a good idea to retire early there with only 1$M though
@@Lolatyou332 I did retire early. Indeed, I retired early with only $650k. But that was 10 years ago. The portfolio tripled since then. I'm not old enough for social security.
You can !! I live in the SF Bay Area and own my house. I have a pension and 7 figure 401K it’s doable
@@dantheman6607 Basically what you're saying is you have $2 - $3 million dollars or more. Which is not what Josh and I are getting at. Imagine NOT owning your house and trying to live off that 401k portfolio while the paying (insane rent) or (not so insane) mortgage, California and Federal taxes and the Bay Area's insane cost of living and you'll understand why it's hard.
@@EricDaMAJ I agree there’s no way I would make it on what I have if my house wasn’t completely paid off and my property taxes aren’t too high.
Caffeine huh?, yeah that explains it...
😝
You're just now saying this josh? Lol
you realize I'm being sarcastic I hope