When I first started writing about FIRE (Financial Independence Retire Early) in 2009, my main goal was to first survive the Global Financial Crisis. If I did, then I would find some way to permanently change my life for good.

Back then, the FIRE movement was a bear market phenomenon. Plenty of people were getting laid off from their jobs. Partially due to pride, some of these folks said they retired early. Others said they were digital nomads.

Whatever they called themselves, many proceeded to try and make money online in order to supplant lost wages. I was impressed with the human’s spirit to adapt, even if some of their stories felt a little disingenuous.

I took notes as I planned my own escape from the corporate grind while chronicling my journey on Financial Samurai. Mainly due to luck, I survived seven rounds of layoffs.

1H 2021 turned out to be a raging bull market! The S&P 500 closed up 14.4%. At the beginning of the year, I had predicted an 8% rise in the index. However, my original year-end target price of 4,088 was quickly breached by early April.

Then, after 1Q 2021, I upgraded my year-end target to 4,200, and it was breached again on May 6. Now it feels like we’re just running up the score. Let’s really cherish the good times. We deserve it.

In this 1H 2021 Financial Samurai review, I’d like to highlight some things I’ve learned about investing, family, and business. I also want the review to provide a glimpse of life during the pandemic for future generations.

According to Credit Suisse, the global number of millionaires expanded by 5.2 million to reach 56.1 million in 2020. That’s a 9.8% increase in the number of millionaires since the pandemic began.

As a result, an adult now needs more than $1 million to belong to the global top 1%. But to be in the top 1% in America, an adult needs to have more than $10 million.

When it comes to wealth, everything is relative. Therefore, let’s take a closer look at the millionaire data by country.

One of the sad realizations I’ve had post-vaccination is that my life won’t really change. Although my family has some financial security and no bosses to report to, I’m not sure we will truly be free unless our loved ones are also free.

The first thing I did after getting my second shot was try to plan a trip to Honolulu to see my parents. I haven’t seen them in 15 months and they are in their 70s. I know I will miss them when they are gone.

Yet, when I proposed the idea to visit two weeks after my second shot, my parents were hesitant. To them, it felt too soon, despite being fully vaccinated themselves.

“What about the variants?” my mother asked.

Although I was bummed, I completely understood her hesitancy. It’s hard to change our precautionary behavior after more than 15 months of being so careful. For many, the lockdowns have been traumatizing. It will take time to return to normal.

Therefore, despite having the freedom to fly there before the summer rush, I will stay here in San Francisco with my family like someone with no time off. I was originally planning to go alone for 5-8 days to catch up and reset the clock. But now a video chat will have to suffice.

Although being a millionaire sounds nice, it’s not that impressive anymore thanks to inflation. In order to be a real millionaire, you will need to have a net worth of at least $3 million, not $1 million.

If you retired today at 65 with $1 million, you may be able to spend $40,000 a year (4% withdrawal rate) for 25 years. But you might also run out of money before you die as well. In a low interest rate environment, it’s only natural to expect lower risk-adjusted returns. After all, the risk-free rate is under 2% today.

Back in the 1990s or earlier, when the risk-free rate was closer to 5%, achieving a $1 million net worth was fantastic. Almost everything was cheaper back then. Can you imagine being able to go back in time and buy real estate at those prices?

Or how about being able to pay college tuition prices from the 1980s? If you had a $1 million net worth back then, you were pretty much set for life! Further, think how much your $1 million would be worth now.

Today, if you are a $1 million millionaire, you should still feel good. However, it’s not like you’re popping Crystal in the hot tub on your luxury yacht in the South of France – not that that’s what everybody wants to do of course.

Are you wondering when to take Social Security? The answer is a little more complicated than it seems. Officially, you can start your retirement benefit at any point from age 62 up until age 70. Your benefits will be higher the longer you delay taking Social Security.

But perhaps Social Security is something that none of us should rely upon in retirement. After all, the system is underfunded by about 30%. The eligibility age will likely have to be raised or benefits will likely have to be cut to make the system whole.

Mentally, I’ve never counted on Social Security being there for me. Instead, I’ve been focused on the new three-legged stool in retirement: personal pre-tax retirement accounts, personal taxable retirement accounts, and personal hustle. In other words, the three legs all consist of you supporting yourself.

It’s very hard to count on the government for retirement support when the government has a difficult time managing its own budget. Further, the government is always changing who is eligible for benefits and who isn’t. Therefore, focus on what you can control.

As a personal finance writer since 2009, I believe the best age to take Social Security is at age 66. Now let me explain my rationale.

Now that I’m focused on retirement once again, I’ve been doing a lot of planning for what’s next. One of the key items on my pre-retirement checklist is ensuring I have the right asset allocation. As I was reviewing my various portfolios, I realized that I could have been a 401k millionaire by 40 had I stayed at my job!

Based on my recommended 401K By Age post, I firmly believe all of us will be 401k millionaires by 60 if we max out our 401k. With many employers offering company matching or profit sharing, becoming a 401k millionaire should be an inevitability for most people.

Let me share with you how I could have been a 401k millionaire and what happened to my 401k once I left my job in 2012. This will be an interesting case study for those of you who are thinking about retiring, joining a startup, or becoming an independent contractor.

We’ll also review how much money you should have by age in taxable investment accounts if you want to retire early. Because at the end of the day, it’s best not to touch your 401k before 59.5.