We spoke to retirees around the country with savings in that ballpark. Most never expected to be multimillionaires but were diligent about saving from early on in their careers.
Shemwell stopped flying after 28 years working for Southwest Airlines, but travel remains his passion.
He has four trips planned this fall, wanderlust that costs him about $3,000 a month. He spends another roughly $9,000 a month on expenses such as property taxes and home and car insurance.
The Myers spend $5,000 annually on property taxes. Each month, they spend around $700 on food and $1,000 on health insurance.To maximize his monthly benefit, Jay Myer says he’ll wait to take Social Security until age 70.
An immigrant from Taiwan, Hwu said he and his late wife came to the U.S. in 1979.
After studying surgery for five years in Chicago and completing a fellowship in colorectal surgery in Michigan in 1986, Hwu moved to Southern California, where he and his wife raised three children.
Hwu gets $2,700 a month in Social Security benefits, which he started taking at 65. He receives about $130,000 a year in pension payments and earned about $300,000 from his per diem work last year.
Travel is his big splurge, at $100,000 a year. Other expenses come to about $4,000 a month, not counting his mortgage payments.
Bob Frey graduated from West Point, received his master’s degree while on active duty and then his veterinary degree with an Army reserve scholarship and the GI Bill.
He spent 26 years as a reserve officer, retiring at age 60. He maxed out his retirement plan contributions starting in his 30s.
The Freys, despite their wealth, generally avoid its trappings. Bob said he hasn’t bought a new sports coat in about 20 years.
Living in Bozeman, Mont., the couple said they don’t have much use for formal clothes and would rather knock around in jeans and sneakers.
The Freys value travel and allocate about $35,000 a year to seeing the world. They also enjoy separate trips with their friends.
Pat regularly travels to Europe and the Galápagos Islands with a friend. She skips Bob’s hunting trips.“I have no desire to sleep in a tent and carry an elk out of the woods,” she said.
Cover photo by Jack Thompson for The Wall Street Journal
Photo Editor: Rachel Mendelson
Produced by Brian Patrick Byrne
