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Most Americans don't make nearly enough to save anything decent for retirement.
Most Americans make plenty, we live better then most of the people in the world except for working a lot more hours on average. Some, I will even allow your most, just have other priorities like building their own home instead of living in extended family units. Buying every new entertainment technology as soon as the CEOs press conference is over. Driving more vehicle then is needed, or just living so far away from work that they have to drive at all....Thinking that childhood education will be the determining factor in life, the difference between living like a king and living better then most of the world thus paying for something given freely...
There are some who still live as if they will work until they drop dead, then there are some who believe that society will step in to insure their security even if they do nothing to prepare
The owners have no intention of having the working people retire before they die. To the owners the only reason people exist is to make ever more money for the corporations. Only the privileged few will ever retire in our future corporatized economy.
Most Americans make plenty, we live better then most of the people in the world except for working a lot more hours on average.
Wow I can barely see you up on that high horse, how's the weather up there?
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Some, I will even allow your most, just have other priorities like building their own home instead of living in extended family units.
You mean buying a home that was built before we were born at a price that's still inflated above its true market value because of government intervention? So should everyone just be renting condos?
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Buying every new entertainment technology as soon as the CEOs press conference is over.
There aren't a lot of people who do this and can't afford it. Excepting the poor of course. Their financial decisions rarely work toward getting them out of the hole they've dug.
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Driving more vehicle then is needed, or just living so far away from work that they have to drive at all....
So your recommendation is to either live close enough to work to be able to walk (where housing prices nearly double, by the way) or to sell our cars and buy cheaper ones? There's a reason that Hyundai and Kia have exploded, the reason is their pricing power.
When our snowballing national debt catches up to us, the working poor will be Billionaires when hyper inflation kicks in.
It doesn't even take that.
Lets say I'm 54 and have 1 million saved up.
In 10 years that will be worth about $700,000 in todays dollars.
My family lives between 90 and 105. So I have 30-40 years after I retire. Lets average at 35 years.
Savings / years left / 12 months in a year = monthly pay out. (inflation is left out since hopefully I have invested wisely)
$700,000 / 35 /12 = $1, 667 per month for the two of us.
If the poverty rate increases with inflation like it is now; the poverty rate will be $1,704 per month.
So, If I have $1,000,000 in the bank for retirement, I can expect to live in poverty when I retire.
As for saving $1M for a 30 year old. Good luck with living on that. (and that is without high inflation or paying the interest on the national debt)
In 10 years that will be worth about $700,000 in todays dollars.
My family lives between 90 and 105. So I have 30-40 years after I retire. Lets average at 35 years.
Savings / years left / 12 months in a year = monthly pay out. (inflation is left out since hopefully I have invested wisely)
$700,000 / 35 /12 = $1, 667 per month for the two of us.
If the poverty rate increases with inflation like it is now; the poverty rate will be $1,704 per month.
So, If I have $1,000,000 in the bank for retirement, I can expect to live in poverty when I retire.
As for saving $1M for a 30 year old. Good luck with living on that. (and that is without high inflation or paying the interest on the national debt)
Explain to me how someone smart enough to save a million dollars is dumb enough to not invest same money to counter inflation and to gain more wealth from it?
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