Most people worry about having enough money to retire. But what if you had so much that the real question was how to spend it all?
I asked ChatGPT to design a retirement budget for someone with $1 million to blow every year, and the breakdown shows exactly what ultra-luxury living actually costs when money isn’t an issue.
This isn’t fantasy. It’s a real spending plan for people with $30 million to $40 million in net worth who can sustainably pull 3% to 3.5% annually without running out of cash.
Housing Eats Up Nearly One-Third of the Budget
The biggest chunk goes to real estate at $300,000 per year. That covers property taxes, insurance, HOA fees and maintenance on a primary residence, plus another $100,000 for a second home or luxury rental in places like New York, Paris or Los Angeles.
The final $50,000 pays for upgrades, new furniture and seasonal refreshes. This assumes both homes are owned outright with no mortgages eating into the budget.
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Travel Costs More Than Most People’s Entire Annual Salary
ChatGPT allocated $220,000 annually for travel and experiences. Two to three international trips in first class run about $120,000. Another $45,000 covers four to six domestic luxury getaways.
Private tour guides, curated experiences and villa rentals add $30,000. Premium credit card fees and travel concierge services tack on another $25,000.
Getting Around Costs Almost Six Figures
Transportation costs $90,000 per year. Leasing or managing the depreciation on two luxury vehicles runs $45,000. Insurance, maintenance and detailing add $20,000. Private car services and chauffeurs for when you don’t feel like driving cost another $25,000.
Food and Entertainment Hit $150,000
Fine dining and wine account for $70,000 annually. A part-time private chef or regular catering services cost $40,000. Events, hosting dinner parties and club memberships round it out at $40,000.
For context, that’s enough to eat at Michelin-starred restaurants multiple times a week and still have a chef on call at home.
You Need Staff
Personal staff and services run $75,000 per year. Housekeepers cost $35,000. A part-time personal assistant adds $25,000. Concierge and lifestyle management services for handling the details cost $15,000.
At this level of spending, you’re not doing your own laundry or booking your own reservations.
Healthcare Goes Beyond Insurance
ChatGPT built in $85,000 for elite preventative care. Concierge medicine costs $30,000. Executive health screenings and advanced diagnostics add $20,000. Personal trainers, Pilates instructors and bodywork sessions run $25,000. Wellness retreats and recovery technology cost another $10,000.
This is healthcare focused on staying healthy and catching problems early, not just treating illness when it happens.
Looking Good Costs $60,000
Fashion, jewelry and personal care get a $60,000 budget. Clothing and tailoring take $35,000. Jewelry and watches add $15,000. Grooming, beauty treatments and aesthetics cost $10,000.
Culture and Giving Back
Theatre, opera and premium sporting event tickets cost $20,000 per year. Art collecting, hobbies and lessons add $15,000. Philanthropic events and charity galas run $10,000.
Family support and gifts account for $30,000 annually, with another $25,000 going to charitable donations.
The Boring but Essential Stuff
Financial planning, legal fees and tax strategy cost $40,000 per year. Wealth managers and advisors take $25,000. Estate planning, tax optimization and trust management add $15,000.
When you’re managing this much money, professional help isn’t optional.
Built-In Flexibility
ChatGPT included an $80,000 buffer for spontaneity, inflation and once-in-a-lifetime opportunities. This is the “yes fund” for when something unexpected comes up and you don’t want to worry about whether you can afford it. A dream!
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This article originally appeared on GOBankingRates.com: I Asked ChatGPT To Plan a $1 Million per Year Retirement Budget — Here’s What ‘Unlimited’ Really Buys
