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Millionaire Status Now a Requirement?
Old 10-21-2009, 02:14 PM   #1
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Millionaire Status Now a Requirement?

I suppose that I am not really surprised at this since most of us here are not impressed by the "magic million" status that was once our target number, but is now just another number.

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Becoming a millionaire used to be something young Americans dreamed about. Now, according to one survey, it’s viewed as a necessity.
That is, if you’re a young adult who wants to be able to retire.

A new online survey by the Northwestern Mutual Foundation found that 85% of respondents between 18 and 29 years of age said they needed at least $1 million to retire. Nearly half—45%—said they needed $2 million.
Among those 30 and over, 60% said they needed $1 million and only 27% were in need of $2 million.
Have To Be A Millionaire?
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Old 10-21-2009, 02:21 PM   #2
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I see this as good news in some respects. The national debt will be huge, many are saddled with big mortgages, taxes likely will go up, and they are probaly right--if they want out early (whatever early may be) they proabably do need 1 M plus.

The challenge will be to see if they are disciplined enough to save towards that goal. Our daughter is in that 18-29 age group. As a parent, I hope she is paying attention!
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Old 10-21-2009, 02:57 PM   #3
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Pffft. If you're 30 now, what's a million gonna be worth when you retire? Inflation alone kills you. In 25 years, retiring with a million would be like retiring with $375k today. I see it as good news in the fact that 85% of 18-29 year olds realize (hopefully) a million isn't enough. Maybe I'm reading too much into it.

Maybe it's only the 27% (that need $2 mil.) that have their head on straight.

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Old 10-21-2009, 03:42 PM   #4
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With no pension and/or SS, $1M (in 2009 $$$) seems like a bare minimum... But it's one thing to dream about $1M and quite another to actually accumulate $1M. Since we entered the work force in 2000, we have saved on average 36% of our very decent gross income, our investments have returned (amazingly enough) 8% per year on average and yet we are still quite a ways off the $1M mark. There is dreaming and then there is reality (maybe that's why the older folks in the survey have lower expectations).
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Old 10-21-2009, 05:32 PM   #5
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Millionaire Status Now a Requirement ?

Only if he's single...

Sorry, low hanging fruit again. Throw the tomatoes at will.
We now return to our regularly scheduled programmming...
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Old 10-21-2009, 05:41 PM   #6
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Originally Posted by mickeyd View Post
I suppose that I am not really surprised at this since most of us here are not impressed by the "magic million" status that was once our target number, but is now just another number.
This sounds like one of those surveys sponsored by someone who wants to scare people into buying their product(s). Oh! It is.
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Old 10-21-2009, 07:04 PM   #7
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Originally Posted by RonBoyd View Post
This sounds like one of those surveys sponsored by someone who wants to scare people into buying their product(s). Oh! It is.
Yes, it is.

I was a little confused even though there were only two questions, are they talking about one person or for those in a couple, two people? My best guess is that they are separating the boys from the girls regardless of marital status or decendents. Here's another link. The movie is somewhat amusing, but then I'm home with the flu, anything would entertain me today, the ad is at 1:44:

Young Americans Say They Need Millions to Retire
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Old 10-21-2009, 10:34 PM   #8
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Originally Posted by FIREdreamer View Post
With no pension and/or SS, $1M (in 2009 $$$) seems like a bare minimum... But it's one thing to dream about $1M and quite another to actually accumulate $1M. Since we entered the work force in 2000, we have saved on average 36% of our very decent gross income, our investments have returned (amazingly enough) 8% per year on average and yet we are still quite a ways off the $1M mark. There is dreaming and then there is reality (maybe that's why the older folks in the survey have lower expectations).
If you just entered the workforce in 2000, then don't worry about it. You'll be amazed, down the road, with the power of compounding. It was only in my last 7-8 years of w*rk that my numbers really took off. And that was with the 2000-2002 recession right near the end of it. If you keep doing what you're doing you'll be fine. Just for fun you should run some compounding calculators and see how powerful it is. But do it when you're at w*rk. Let the company pay for it.
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Old 10-22-2009, 06:23 PM   #9
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If you just entered the workforce in 2000, then don't worry about it. You'll be amazed, down the road, with the power of compounding. It was only in my last 7-8 years of w*rk that my numbers really took off. And that was with the 2000-2002 recession right near the end of it. If you keep doing what you're doing you'll be fine. Just for fun you should run some compounding calculators and see how powerful it is. But do it when you're at w*rk. Let the company pay for it.
Yes, the compounding calculators do say that if I hang in there long enough I'll be just fine... I am just getting impatient!
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Old 10-22-2009, 06:42 PM   #10
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