4 ms·
"When I first met him in 2012, he estimated he had set aside about $2 million for his and his wife's retirement" Two million is, like, the opposite of broke fo
by egypturnash 6y ago
"When I first met him in 2012, he estimated he had set aside about $2 million for his and his wife's retirement"
Two million is, like, the opposite of broke for the vast majority of Americans. But this is Forbes.
- brewdad 6y agoUsing the 4% rule, $2 million gives you an income stream of $80,000 a year in retirement. Comfortable but hardly lavish.
- epylar 6y ago$2 million in retirement savings puts him above 90th percentile for retirements savings for any age. The maximum 90th percentile I can find is $619,000.00 at ages 60-64. https://dqydj.com/retirement-savings-by-age-united-states/ https://dqydj.com/retirement-savings-by-age-united-states/ If he's broke, then at least 90% of retirees are broke.
- longtimegoogler 6y agoI think cost of living should be factored into this though. San Francisco is one of the most expensive cities in the world. 2 million is meager to try and retire in SF. You are correct that he clearly isn't broke.
- triceratops 6y ago> If he's broke, then at least 90% of retirees are broke. Maybe that should tell you something about the state of retirement savings in this country.
- lucaspm98 6y agoMost people are some combination of financially irresponsible and uneducated. Honestly, with the numbers you have here I have to lean towards irresponsible regardless of whatever difficulties the middle class faces. Even at a median wage just doing the absolute bare minimum of saving 5%-10%, not even factoring in 401ks, would leave you well past this given the last few decades of market returns.
- mulmen 6y agoI mean, I am just some rando engineer and I intend to retire with way more than that in the bank. That's a modest retirement savings and compared to what he has given away is "broke".
- zelly 6y agoHe gave away all his money and that's still not enough for you?