I've heard this brought up as a kind of second round of white flight. The middle- and upper-class (primarily) white population is once again moving out of urban centers because telecommuting is something that these high-salary jobs afford them. I think it will rebound a bit (but not much), as moving from urban to suburban is a very difficult transition, but its even harder going the other way once you've adjusted. I…
> and live off a VERY modest retirement (WELL under a million saved/invested) for the next 40 years Do you mind sharing how much? I'm curious why most people seem to think $1M is somehow not enough money to retire modestly on. If previous trends continue, you could easily live on >$4K after taxes per month indefinitely. That's almost 50% higher than median wage (after taxes). Median wage = ~$41,000. Even with $0 stat…
>It's just obvious that you CAN live on 50% more than median wage. Yet at the same time, so many people seem to think this is some absurd proposition.
It is because they have a different definition of modest than you. I know I can live on even less than median wage. I grew up with far less. But my family did not have access to healthcare and good schools or being able to help out family members if they needed support. We were always 1 legal or health problem away from being ruined.
Is living 1 legal or health problem away from being ruined modest? That is a personal opinion. I aim to cover the legal and health risks for me and my family members, so $1M is nothing where I live. I also predict that I need quite a big buffer the way the population pyramid is shaping up, because labor is going to get more and more expensive, along with devaluation of the dollar.
I also think either me or at least my kids (years 2050 to 2100) is going to have to contend with problems due to climate change and access to clean water and air that have yet to materialize, so need buffer for that too.