Trump claims $465,000 in retirement savings makes someone ‘rich’
https://finance.yahoo.com/markets/options/articles/trump-claims-465-000-retirement-080000465.html
Posted by lurker_bee
Trump claims $465,000 in retirement savings makes someone ‘rich’
https://finance.yahoo.com/markets/options/articles/trump-claims-465-000-retirement-080000465.html
Posted by lurker_bee
9 Comments
Great. Leave him with that much in his account, so he can still be rich, and then have him donate the rest of his wealth to help the struggling working class pay their gas bills.
Not responding to him at all, but…
Some people think there is no point in even saving if they don’t get to $1M. But $465,000 really is a great number for many people. Average social security is $24,000/year. $465k lets you withdraw $23,000/year for life and not run out of money, effectively doubling your retirement income. Many many many seniors wish they had that.
Well yeah if that’s what you keep in your checking account.
Dumb dumb dumb dumb
If you max out your IRA which is about $7500 00 to 8500 depending on your age, you can easily surpass that number in 25 to 30 years.
This is about $600 a month. If it’s taken out before taxes, then you learn to live on less, and you never miss it.
I realize not everyone can do this because lots of people can barely make ends meet, especially with inflation, but if you can then you will be happier when you are 60.
25 years goes by really fast.
Assuming a 7% annual growth portfolio and 3% inflation, one can start with an initial $17,400 withdrawal and increase it by 3%. They will never run out of money.
It ain’t poor. The median retirement savings of an American household at 67 years of age is $200k. The mean retirement savings (skewed by the wealthy) is $609k.
If you own a home free and clear that is a great position for retirement.
That is 5 years of take home pay as a teacher
This is why pensions are and always have been better. They represent substantial savings. Beyond Social Security I have over $2500 a month in pensions. I don’t know what that equivocates into a 401(k) balance but it’s a fuck of a lot. And I also have a 401(k) so there.