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In the United States, today, a million dollars might be enough to retire on if you're planning to either die young or stay fit and healthy to the very end of your life.
@dynamic According to the Federal Reserve (2019), average retirement savings by age group is: $426k 65-74 years old and $357k for 75+ years old. Median is much worse of course. $164k and $83k respectively. Average wealth is higher; probably due to home ownership.
I'm still seeing articles saying 1 million is enough, but most still assume home ownership (payed off by retirement), which is less attainable. There is also rarely a mention of healthcare costs.
#CapitalismSucks
You inspired me to do my own search. All I could find were retirement calculators that assume that no matter how low your current income is, your retirement costs will be only 70-80% as high. What even is this crap?
@dynamic One thing is that they're built for people with money to invest. They assume average investment profits, and an average draw down after retirement. They also use the bad cost of living metrics employers use to set annual raises, which actually turn out to be pay cuts.
Most of the 'why retirement calculators are wrong' articles list some of those points, but are trying to sell investment services.