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one out of six retire a millionaire
06-16-2018, 05:07 PM
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#1
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2016
Posts: 9,521
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one out of six retire a millionaire
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06-16-2018, 05:28 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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Or to put it another way, 83% of retirees do it without being a millionaire.
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06-16-2018, 05:32 PM
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#3
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Full time employment: Posting here.
Join Date: May 2014
Posts: 979
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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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06-16-2018, 05:34 PM
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#4
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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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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06-16-2018, 05:45 PM
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#5
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,356
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 Quote:
Originally Posted by gerntz
A M-aire ain't what it used to be. Remember the 50's TV show The Millionaire?
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Agreed. Based on cumulative inflation (CPI), a million dollars when that show began would be over nine million today.
__________________
I thought growing old would take longer.
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06-16-2018, 05:46 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jan 2013
Posts: 3,413
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Quote:
Originally Posted by braumeister
Agreed. Based on cumulative inflation (CPI), a million dollars when that show began would be over nine million today.
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And some of us are trying to hit that number!
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06-16-2018, 05:55 PM
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#7
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,212
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Quote:
Originally Posted by Another Reader
And some of us are trying to hit that number!
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LOL - and some of us figured out that not working was far better than hitting that number.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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06-16-2018, 05:56 PM
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#8
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2016
Posts: 9,521
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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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06-16-2018, 06:15 PM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,072
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Quote:
Originally Posted by rodi
LOL - and some of us figured out that not working was far better than hitting that number.
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Ain't that the truth. I'm enjoying being a retired pauper. 
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
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06-16-2018, 06:24 PM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2006
Posts: 5,350
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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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06-16-2018, 06:30 PM
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#11
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,356
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Quote:
Originally Posted by aaronc879
That seems much higher than I thought.
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Yes, I think that's what others are saying.
Retirement can be happy at whatever level you feel comfortable.
__________________
I thought growing old would take longer.
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06-16-2018, 06:35 PM
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#12
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Recycles dryer sheets
Join Date: Mar 2014
Location: Lexington
Posts: 84
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Quote:
Originally Posted by cbo111
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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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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06-16-2018, 07:01 PM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2016
Posts: 9,521
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Quote:
Originally Posted by aaronc879
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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I could be totally wrong also but I don't believe the numbers are that strong either.
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06-16-2018, 07:18 PM
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#14
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Recycles dryer sheets
Join Date: Mar 2014
Location: Lexington
Posts: 84
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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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06-16-2018, 07:42 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 3,018
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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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06-16-2018, 07:46 PM
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#16
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Recycles dryer sheets
Join Date: Mar 2014
Location: Lexington
Posts: 84
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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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06-16-2018, 07:50 PM
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#17
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Thinks s/he gets paid by the post
Join Date: May 2014
Posts: 1,390
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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.
__________________
Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things. Charlie Munger
The first rule of compounding: Never interupt it unnecessarily. Charlie Munger
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06-16-2018, 07:55 PM
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#18
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Recycles dryer sheets
Join Date: Jun 2018
Posts: 276
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Quote:
Originally Posted by braumeister
Agreed. Based on cumulative inflation (CPI), a million dollars when that show began would be over nine million today.
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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.
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06-16-2018, 08:04 PM
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#19
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Quote:
Originally Posted by gstillson
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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Hmmm....interesting. I wonder if anyone else knows about this.
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06-16-2018, 08:10 PM
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#20
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Recycles dryer sheets
Join Date: Jun 2018
Posts: 276
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Quote:
Originally Posted by travelover
Hmmm....interesting. I wonder if anyone else knows about this.
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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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