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$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 a
by 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.