ilmscore | Prediction Details
"in order to predict what will that million dollars buy you in the future let's start by looking at how much money you need in today's time... assuming that you need $50,000 a year to live a decent lifestyle in today's money... well remember the inflation between 20 and 2023 was about 78%... so I'm going to be generous and say that inflation is actually going to fall for the purposes of this example and you need $50,000 a year today well now we can just project forward how much that $50,000 a year today is going to cost you in 2046 so now let's do the math you work to put aside $1 million when you retire at 65 years old in 2046 and right now you would need $50,000 a year but applying inflation that means you would need closer to $887,500 because now we're applying a 78 or 75% inflation Factor here in 2023 if you had a million dollars and you need $50,000 year to survive you would be able to survive for 20 years assuming your money is are growing here you're going to be able to survive for about 11 and a half years in retirement"
By Minority Mindset | October 9, 2023 | Pending
From video
Is $1,000,000 Still Enough To Retire? 00:01:16 - 00:02:54
Interpreted Prediction
A $1 million retirement nest egg in 2046, with a projected 75-78% inflation from 2023, will only be sufficient to cover approximately 11.5 years of $50,000 annual expenses, compared to 20 years today. This implies a need for significantly more than $1 million to maintain the same lifestyle in retirement.

Prediction Details

Topic
Retirement Savings

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