This is an astounding level of bullshit even from a country that gives its full throated support to anyone with a net worth in the 7 figures or greater.
A million bucks isn't worth a million bucks anymore. $1,000,000 might net you $75,000 in yearly interest, before taxes. What kind of purchasing power is that going to be at retirement?
$33/hr. was an unimaginable amount of money to me in 1998. What's that look like when I can't work anymore, say in 2040? How about when a loaf of bread goes from $.50 to $5.50? That's how I know you're a child.
FWIW, retirement studies would suggest a 4% withdrawal rate the first year, and increasing for inflation each year after. There are some other ways to go with this, but it's a good starting place.
FWIW, retirement studies would suggest a 4% withdrawal rate the first year, and increasing for inflation each year after. There are some other ways to go with this, but it's a good starting place.
It's ok. I'll take that pesky $1,000,000 and earn that paltry $75,000 in annual interest for doing nothing. It's ok. I'll allieviate you from the stress of thinking how worthless it is to you. Yes, I'll allow that.