Is $1,052,689 Enough Money to Retire Comfortably?

Good morning!

I hope this finds you well.

Welcome to another edition of The Matt Viera Newsletter.

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Last week was interesting for me on X (formerly “Twitter”).

As you may or may not know, I am trying to build an audience on Twitter for various reasons.

And, for those of you trying to do the same, you know how challenging it is.

The only way I can describe growing an audience on Twitter is that it is an absolute beast of a challenge (which is one of the reasons why I’m doing it; I love a good challenge).

Well, last week, I posted content that went viral on back-to-back days.

Posting any content on Twitter with a small audience that goes viral on any given day is quite an accomplishment.

Posting any content on Twitter with a small audience the next day that goes viral and does significantly better than the content that went viral the day before is breathtaking.

I’ve been posting content on Twitter every day since 1/1/23. Some of my content performs better than others, but I never posted anything that really caught traction. Last Thursday, that all changed (unexpectedly).

Here’s a screenshot of the post:

When I realized this post was starting to take off, I was initially excited. Then, that feeling turned to a bit of anger. Finally, I was overwhelmed.

As you can see, the post asked a simple question. The resulting comments were divisive, for lack of a better word.

But, the divisiveness probably led to the post going viral.

Some people shared some positive comments, some shared some negative comments, and many fell into the camp of “that’s not enough.”

I replied to some of those comments with, “It’s more than enough for me. I can make that work with my pension living here in NYC when I retire.”

Then it got a bit ugly with the “that’s not enough” crowd.

That’s when I stopped engaging.

I want to set the record straight, even though this post asked a simple question and had nothing to do with me, this is my truth:

At this point in my life, at 52, I harbor no false hope.

Unless I figure out how to increase my income (without compromising my quality of life), I doubt I’ll ever become a millionaire.

My financial goal for retirement is $750,000 without any debt (e.g., no car loan, camper loan, or student loan).

And I doubt I’ll achieve that goal by 2028 without significantly increasing my income.

But, to me it doesn’t matter because I am clear on my financial picture:

• I will have a pension

• I don’t have any credit card debt

• My investment portfolios are relatively strong

• My healthcare costs will be minimal (I am a veteran)

• My monthly essential living expenses are relatively low

• I do have a plan to pay off all my debt (except a mortgage) by 2028

• I do have a retirement account I am currently saving 22% of my pre-tax income into specifically for retirement

If/when we buy real estate here in New York City (most likely a co-op), I anticipate my monthly essential living expenses will stay the same.

If my monthly essential living expenses increase (because of the mortgage), they’ll still be manageable for me.

Plus, my salary will increase regularly until I retire.

It’s challenging for me to convey to anyone what works for me and what I presume will work for me in the future without delving too deeply into the financial details.

And, if I did, I’m convinced most people would still not believe me.

Some of the replies to the above post reinforce that.

Which is sad.

It makes me wonder what kind of situation most people are in, financial or otherwise, to not only doubt but flat out tell me I’m wrong about what I share will work for me financially when I retire.

And, what works for me may not, and probably will not, work for most people.

Haters will hate, trolls will troll, and clearly, some people want to argue.

Is $1,052,689 enough money to retire comfortably?

There are so many variables in that equation for any one person based on their specific financial needs that it is impossible for me to answer.

But, I do know what does and what will work for me.

I know my truth.

All that to say, I encourage you to keep living your truth.

Keep doing what you’re doing that works for you.

I will keep doing what works for me. I have my eyes on my own prize. Keep your eyes on yours.

And be determined to see it through.

For the record:

$1,052,689 is more than enough for me (with my pension) to retire comfortably here in New York City.

And I will live the rest of my life however I want. Period.

Interesting reads:

How Much Do I Need to Retire?

These US cities will pay you up to $15,000 to move there

You can find the collection of financial tools & resources that helped me grow from a 6-figure debt to a 6-figure net worth by clicking here.

Thanks for reading!

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