[quote=bearishgurl][quote=flyer]Per the trend of this thread. A stat that still amazes me, is how few people have a million+ in net worth–especially in CA–where the “appearance of wealth” is so highly prized.
As a native, that’s why, IMO, CA tends to be a somewhat of a revolving door–few can sustain it here (in the lifestyle to which they have become accustomed) through retirement.[/quote]
Well, flyer, that depends on the lifestyle to which one has been “accustomed to.” I see PLENTY of retirees who have been “sustaining themselves” in SD County in retirement for decades.
Prop 13 allowed them to stay in their homes (modest or not) and pay just a few hundred annually in property taxes. Defined benefit plans (often 3 or more per hshld), along with SS and savings, have enabled most of them to travel some and assist children or grandchildren with college expenses and buying homes.
Many of them have more than $1M in net worth or even in cash but they don’t need it and will likely never use it all … yes, these people live in ALL areas of SD County.
You must know that you can’t really judge a person by their house, neighborhood or vehicle they drive, especially a senior citizen :)[/quote]
I agree with you BG, many retirees, and those of us who have been here for many years really don’t have many, if any, financial concerns–regardless of where in the city we live–and I definitely wasn’t judging anyone.
Per your examples, my MIL pays less than a thousand a year in property taxes for an ocean view home in Sunset Cliffs, and I could cite many others, just in our family alone.
My point was that most financial professionals suggest that, going forward, a million+, or the equivalent in pensions, etc., as you mentioned, will, most likely be what many will need to comfortably retire in the future.
At this point in time, the stats reveal that only about 5% of the population fall into this category, so that does make one wonder about the “appearance of faux wealth” we see all around us.
