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A million is not enough?
Monday, June 22, 2009
Here's some news that might make millions of aspiring American retirees spit up in their coffee this Monday morning - a million dollars might not be enough to retire.
My guess is that, after the events of the last year or two, most people don't want to know whether they'll have enough to retire, taking the popular "ostrich approach" to retirement planning (i.e., head in the sand).
3 comments:
The Fed has systematically prevented US citizens from saving for their retirement (constant inflation and negative real after tax interest rates). The Fed thought China was saving too much, so the Fed compensated by preventing Americans from saving anything at all. Now most retirees are in real trouble.
Inflation is the enemy.
Retirement all depends on the costs of health care. It is all up to Obama! If he moves to the right on this one, then no, 1 million may not be enough.
When my father died in 1968, he left my mother a house and $250,000.
That was enough for her to live in the best neighbourhood in the town and raise- with independent schools- three children.
The income off $250,000 today will cover what, your utilities?
Twenty years from now, a million dollars will buy what a hundred thousand does today.
At the MOST.
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