Got a close buddy with Miami ties

gtphd said:
Most people have over a million at some point. So you’re just pointing out the most popular vehicle.
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Definitely not most, but some-

In 2016, there were 9.4 million individuals with net worth between $1 million and $5 million, 1.3 million individuals with net worth between $5 million and $25 million, and 156,000 households with more than $25 million in net worth, the report says.

At the same time that there is a record number of millionaires in the U.S., the middle class is shrinking. The percent of American adults who are considered middle-income fell from 55 percent in 2000 to 52 percent in 2014, according to a 2016 report from the Pew Research Center.

And increasing numbers of Americans are living paycheck to paycheck. One in three say they couldn't come up with $2,000 if faced with an emergency like an urgent home repair, medical crisis or car accident. Meanwhile, even affluent two-income households report feeling pinched.
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gtphd said:
I said at some point in their lives. Run that same analysis for people over 60.
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Maybe most tech grads. Maybe even most college grads. However, most Americans never even come close to sniffing $1,000,000. Even if you include property holdings in their net worth.
Median-Net-Worth-Quintiles-Married-Couple-by-Age.png
 
BainbridgeJacket said:
Maybe most tech grads. Maybe even most college grads. However, most Americans never even come close to sniffing $1,000,000. Even if you include property holdings in their net worth.
Median-Net-Worth-Quintiles-Married-Couple-by-Age.png
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I have my daughter on the path I should have taken. 10% of her earnings set up to go into a low expense indexed fund tied to the S&P 500. She's 23 now, so if she does what I told her to do and keep her hands off of it, she should be pretty well off in her retirement - provided all goes to plan. Plus, I have some life insurance that will get her another few hundred grand when my time comes.

I should be somewhere north of the millionaire mark - I have a pretty sizable chunk in my 401K. I definitely would be above it without my tendency to get divorces. Still, I worry even having around a million to retire on - it just doesn't seem like that much. My plan is to retire at max SS and see how far I can go with the SS and touch as little of the 401K money as I can. All of my money is tied to the S&P, btw. I just don't guess at it. I figure if the market crashes, there are bigger problems in the world than just my 401k - the drain will probably be circling anyway. I will start pulling it out when legally obligated to do so and move it to other investment options.


You know, when I answered this question, I thought it was in an off topic part of the board....this is a pretty weird tangent for football
 
JJacket said:
If you have $5 million and the other 4 of us have nothing, the average retirement savings of the group is $1 million each
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Well no one said anything about average. Mrphd said most. I don’t think most nor the average person has a million at any time point. I’m not looking up data to back my claim up because I feel confident in my assertion and I know that @GTCrew will serve as my affirming source.
 
gtphd said:
How is it possible to retire with less than $1 MM? 401k + house should get most people there pretty quickly.
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I'm not sure why I'm engaging with you, because I know you just say these things to puff up your own sense of superiority over humanity, but there are 10s of millions of people who will never own a house, nor contribute to 401k's in this country.
 
GTCrew4b said:
I'm not sure why I'm engaging with you, because I know you just say these things to puff up your own sense of superiority over humanity, but there are 10s of millions of people who will never own a house, nor contribute to 401k's in this country.
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and more crossing the border each and every day. And after last night who in the hell would still want Richt as a coach. And before you get all puffed up you might want to check your 401K balance this morning.
 
Honestly, how do you retire at today's investment returns with less than $1 million? Assume a 4% ROI and $17k from Social Security, that's a $57k / year income. That's doable for a family of 2. Below $600k in retirement savings and you're living in poverty.
 
gtphd said:
Honestly, how do you retire at today's investment returns with less than $1 million? Assume a 4% ROI and $17k from Social Security, that's a $57k / year income. That's doable for a family of 2. Below $600k in retirement savings and you're living in poverty.
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I suspect some here are disgraces to their GT degree.
 
gtphd said:
How is it possible to retire with less than $1 MM? 401k + house should get most people there pretty quickly.
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I don't count my house. Sure, I could sell it, but I'd have to go somewhere
 
gtphd said:
Honestly, how do you retire at today's investment returns with less than $1 million? Assume a 4% ROI and $17k from Social Security, that's a $57k / year income. That's doable for a family of 2. Below $600k in retirement savings and you're living in poverty.
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4%? Go big or go home (or just lay down and die)
 
JJacket said:
I don't count my house. Sure, I could sell it, but I'd have to go somewhere
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But do you really want to own a house in retirement? You have to deal with landscaping, maintenance, repairs... there's a reason that when old people sell their homes they go for a significant cut vs the market. Just sell the home and buy a condo or a house with a maintenance plan.

JJacket said:
4%? Go big or go home (or just lay down and die)
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Assume you're near retirement and looking for very low risk. Where are you investing for more than 4%? 4% might be generous right now.
 
gtphd said:
But do you really want to own a house in retirement? You have to deal with landscaping, maintenance, repairs... there's a reason that when old people sell their homes they go for a significant cut vs the market. Just sell the home and buy a condo or a house with a maintenance plan.



Assume you're near retirement and looking for very low risk. Where are you investing for more than 4%? 4% might be generous right now.
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I guess you are right about the condo. Me and Myrtle and some of the other grey haired babes can work some hook ups. I suppose a few of your moms might live there too

As for the 4%, screw that. Volatility. Am I eating prime rib or am I buying instant ramen?
 
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