Forbes Magazine article explains the latest batch of millionaires in the USA society
The Millionaire Cop Next Door Digital Rules - Forbes.com
The Millionaire Cop Next Door Digital Rules - Forbes.com
Include other retirement income and possibilty for conversion of assets (such as a reverse mortgage), a lot of folks have quite substantial "inferred assets".
It dosen't take away the "sting" of the article, but it does show how Mr/Mrs "Average" also have a bit of inferred wealth.
Good point, these articles never seem to do a very good job of apples-to-apples. But I suspect that is because accuracy would weaken the punch of the headline.
-ERD50
Except that a number of these people are also eligible for SS... the pension is the only difference...
And if they do not have SS... they did not pay for it either... that is a lot of money at 15%...
That's a rather huge difference, wouldn't you say?Except that a number of these people are also eligible for SS... the pension is the only difference...
Which also brings into the question of the value of any public/private pension plan.
In another article I read today, current average SS benefits are a bit less than $1k/month.
Being generous (hey, it's your money ), let's say it is $1k/mo, or $12k/year.
Using the 4% "magic withdrawl" number (e.g. multiplying $12k * 25 years), we get an initial value of $300k. For a couple, double that to $600k.
Include other retirement income and possibilty for conversion of assets (such as a reverse mortgage), a lot of folks have quite substantial "inferred assets".
It dosen't take away the "sting" of the article, but it does show how Mr/Mrs "Average" also have a bit of inferred wealth.
You don't have to be a public worker to get the benefits of one (however, I still wish I retired from a government job )...
That's a rather huge difference, wouldn't you say?
Ok - then he is the multi-millionaire next door ...that same cop has social security as well!