Quote:
Originally Posted by XutvJet
It's pretty crazy (and a bit amusing) to read the huge numbers people are throwing around in this thread. $5M+? Really? On average, Americans have around $140K saved for retirement and ~10% of retirees right now have $1M or more in assets/savings. That means the vast majority of 40-60 y/o's in this country aren't even close to $1M in savings/investments/assets. You best be saving a mountain of money right now if you intend on retiring in the next 10-20 years with $5M+  |
I think you're forgetting we're in a BMW forum - we don't represent the majority of Americans to begin with.
I actually have plans (and contingencies) in place for retirement based on conservative - likely - ambitious goals. My "likely" goal has me with $5M by age 60 based on investments into 401k + individual investment accounts which I've been tracking and adjusting for since my 20s. I'm currently 37 and I've settled that by age 60, being completely debt free and with $5M in investments, we should be able to live off mostly interest/returns assuming low-risk index fund returns without much difference in our standard of living. This is all not including additional income from sources like social security, real estate investments, etc.
So yeah, I don't think the $5M figure is crazy just because it doesn't represent majority of Americans.