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This person was talking about saving 1 million and wasn't talking about social security being involved.
Wow, you and your wife must be wealthy to contribute that much.
I understand he didn't mention ss but it does greatly cut down the need for a million
But it's 450 a month @ 8% for 35 years. When you include employer contributions and accelerated savings ability later in life to catch up it's not that far fetched. People just don't put the effort forth
I wouldn't consider us wealthy but we certainly earn more than most and are in wealth building mode
My point is it's just not going to happen for the majority of people. Instead of telling people they need to save this much money. People should be told to prepare to live off of social security, because that is closer to reality for most people.
Geez stop making people feel like losers for not saving enough. When you haven't saved much money like myself all this does it make someone feel like dirt. When in fact the majority of people are in this situation.
Change something, create a plan and do something to live off of more than ss
I understand he didn't mention ss but it does greatly cut down the need for a million
But it's 450 a month @ 8% for 35 years. When you include employer contributions and accelerated savings ability later in life to catch up it's not that far fetched. People just don't put the effort forth
I wouldn't consider us wealthy but we certainly earn more than most and are in wealth building mode
The self employed don't have employer contributions. You are wealthy compared to most in America and compared to most of the world you're rich.
My point is it's just not going to happen for the majority of people. Instead of telling people they need to save this much money. People should be told to prepare to live off of social security, because that is closer to reality for most people.
Only by choice. The reality is most people can easily save at least $1 million by the time they retire. The fact that they choose not to is their concern.
Quote:
Originally Posted by kbt1766
Geez stop making people feel like losers for not saving enough.
I'm not. I don't care how much people do or don't save as long as they don't start crying to me or the government over their life choices.
Quote:
When you haven't saved much money like myself all this does it make someone feel like dirt. When in fact the majority of people are in this situation.
Move. America isn't built for the poor. Canada and Australia are nice.
I can tell you young people that you can have nothing or be in the negative wealth category in your 30's and still be a millionaire or multiple millionaire by mid-50's as I and others have done. But you have to keep your head to the grindstone, spend less than you make, and constantly seek to earn more.
I can tell you young people that you can have nothing or be in the negative wealth category in your 30's and still be a millionaire or multiple millionaire by mid-50's as I and others have done. But you have to keep your head to the grindstone, spend less than you make, and constantly seek to earn more.
This forum is a weird place, it seems like there are more wealthy people here than in the real world.
You'd have to increase your income somehow. It may take a while to find that job opportunity, and some people may be stuck in low wages long enough that they'll need to delay retirement to have $1 M in real terms.
I think its highly unrealistic to think a majority of people will ever save a $1 million for retirement.
Financial planners can play with numbers all they want too. Its not going to happen. If you have the bad fortune to have your money in a mutual fund and it gets hit with a series of downturns in the stock market, its even more unlikely.
It just goes to show that it is absolutely critical that this country maintains social security. If taxes have to be raised, do it. If the retirement age has to be raised than do that. However, don't agree to any plan that involves abolition or phasing out.
The self employed don't have employer contributions. You are wealthy compared to most in America and compared to most of the world you're rich.
If you are self employee and can't afford 900.00 a month maybe you should build more business or look for another line of work
Most Americans are terrible with money so being better off than most isn't an accomplishment.
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