“What does it take to be considered wealthy in America?
Apparently the answer after interviewing 1,000 folks across all ages and states is $2.4 million. Using a 3.5% withdrawal rate, that would throw off $84k a year to live off. We’ve already established that with some planning you can pay zero federal taxes on your money, so you’d be free to spend every single dollar of that amount.
Interestingly, there’s a divergence by generation on how much it takes to be considered wealthy. Millennials think that number is $2 million, while Generation X and Boomers believe it’s closer to 30% more.”