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> There’s a surprisingly large amount of middle class Americans who will retire millionaires This seems like a serious bug in the system, doesn't it? Why woul
by enriquto 5y ago
> There’s a surprisingly large amount of middle class Americans who will retire millionaires
This seems like a serious bug in the system, doesn't it? Why would old people retire as millionaries while young people struggle working long hours and can barely save anything?
- closeparen 5y agoOld people can’t work. They’d better be rich enough to sustain their lifestyles on investment income, otherwise they’d just die.
- thebean11 5y agoThe bug is working people struggling not middle class people having livable retirements
- mtberatwork 5y agoCompounding interest...if you start early enough and take advantage of employer contribution matching, etc. But most people in the US won't retire as millionaires, let alone even retire. Unforeseen life events often cause people to dip into retirement savings and in some cases wipe out any gains. Also, once in retirement, life in the US can still be quite expensive. For example, Medicare and all the additional supplemental insurance(s) you need is absurdly expensive for retirees. Everything in the US is "out of pocket".
- greedo 5y agoBecause the lack of effective pensions require you to either work til you die or live off Social Security. Most people don't want to do either, so they direct a significant amount of their earnings to 401ks and the stock market. The fact that young people struggle really doesn't have much to do with this.