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one out of six retire a millionaire
Old 06-16-2018, 05:07 PM   #1
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one out of six retire a millionaire

How to retire as a millionaire — just like one out of every 6 people - Business Insider
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Old 06-16-2018, 05:28 PM   #2
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Or to put it another way, 83% of retirees do it without being a millionaire.
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Old 06-16-2018, 05:32 PM   #3
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The article has the simplistic ring of a Suze Orman lecture.
Also, the article says the "Average wealth for American retirees is $752,000", then in the next paragraph says "Still, the median wealth for retirees is just over $200,000." The reader is left to assume the term "average" equates to the mean?
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Old 06-16-2018, 05:34 PM   #4
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A M-aire ain't what it used to be. Remember the 50's TV show The Millionaire?
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Old 06-16-2018, 05:45 PM   #5
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A M-aire ain't what it used to be. Remember the 50's TV show The Millionaire?
Agreed. Based on cumulative inflation (CPI), a million dollars when that show began would be over nine million today.
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Old 06-16-2018, 05:46 PM   #6
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Agreed. Based on cumulative inflation (CPI), a million dollars when that show began would be over nine million today.
And some of us are trying to hit that number!
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Old 06-16-2018, 05:55 PM   #7
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And some of us are trying to hit that number!
LOL - and some of us figured out that not working was far better than hitting that number.
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Old 06-16-2018, 05:56 PM   #8
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I thought it was interesting the methods they recommend that could make you a millionaire seemed reasonable. Not sure their numbers are right or just their opinion.
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Old 06-16-2018, 06:15 PM   #9
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LOL - and some of us figured out that not working was far better than hitting that number.
Ain't that the truth. I'm enjoying being a retired pauper.
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Old 06-16-2018, 06:24 PM   #10
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That seems much higher than I thought. I'm not aware of anyone around me who retired with a million $ or is planning to reach that number. It's unheard of around here. I'm sure there are some doctors or business owners who reach that number but it's well under 17% of people. Maybe more like 5% at best.
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Old 06-16-2018, 06:30 PM   #11
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That seems much higher than I thought.
Yes, I think that's what others are saying.
Retirement can be happy at whatever level you feel comfortable.
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Old 06-16-2018, 06:35 PM   #12
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The article has the simplistic ring of a Suze Orman lecture.
Also, the article says the "Average wealth for American retirees is $752,000", then in the next paragraph says "Still, the median wealth for retirees is just over $200,000." The reader is left to assume the term "average" equates to the mean?

Mean and average are the same thing. Median is the number that is in the middle of the range, with equal numbers of people on either side. So it makes sense that the average/mean would be $752k and the median (a better measure in this instance IMO) is $200k.
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Old 06-16-2018, 07:01 PM   #13
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That seems much higher than I thought. I'm not aware of anyone around me who retired with a million $ or is planning to reach that number. It's unheard of around here. I'm sure there are some doctors or business owners who reach that number but it's well under 17% of people. Maybe more like 5% at best.
I could be totally wrong also but I don't believe the numbers are that strong either.
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Old 06-16-2018, 07:18 PM   #14
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Maybe they are considering someone who has a $40k/year pension as having $1M (using the 4% rule)?
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Old 06-16-2018, 07:42 PM   #15
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Retiring as a millionaire may not be the same as it was years ago, but it is still quite an accomplishment. I sometimes think we here are using our own averages (mean) as the general public's average. Most people do not attain that.
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Old 06-16-2018, 07:46 PM   #16
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I do some financial counseling, and I most people I deal with have WAY less than $1M in retirement.
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Old 06-16-2018, 07:50 PM   #17
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I don't know anyone personally who has at least one million. Having a high income would obviously help a lot, but I fear most people just don't have the income to get there even if the saving habits are there.
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Old 06-16-2018, 07:55 PM   #18
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Agreed. Based on cumulative inflation (CPI), a million dollars when that show began would be over nine million today.
Yes but in the 1950s you could buy a 1957 corvette convertible for like $3500 and a house for around $10,000.

So a million went a lot further than $9 million would go today.
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Old 06-16-2018, 08:04 PM   #19
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Yes but in the 1950s you could buy a 1957 corvette convertible for like $3500 and a house for around $10,000.

So a million went a lot further than $9 million would go today.
Hmmm....interesting. I wonder if anyone else knows about this.
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Old 06-16-2018, 08:10 PM   #20
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Hmmm....interesting. I wonder if anyone else knows about this.
Well I just mean this:

1957 6,339 production corvette, base $3,176 283ci V8; Optional 4-speed manual and fuel injection added


So in 1957 with $1 million you could buy 285 of these.


Today with $9 million to buy a similar performance and stylish car (compared to current average cars) would cost you about $100,000

Thus you could only buy 90 of them.
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