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You can't retire in Caligulan splendor with only 1 million in assets. Unless your retirement is going to be pretty short.
A million dollars was a lot in Jed Clampett's day. In today's dollars, you'd need $8.67 million.
I suspect most people won't live very long if real Caligulan splendor becomes available to them.
0.05-0.06 percent of the population, a good start!
Of course; if you had some dough invested in the last 5 years you have made a shitload in the US stock market.
Also, those who have investments may increase their contributions when they see the good results.
$1 million=$50,000 income before taxation per year. So, in addition to social security which is $12,000-$24,000 per year someone can have an OK income.
People who are full social security age that I know have generally not quit working, so their assets should continue to grow.
Assets don't make you feel rich; income does.
“The number of people with $1 million or more in their 401(k) increased to a record 196,000, up from 180,000 at the end of Q1, while the number of IRA millionaires increased to 179,700, also a record high and an increase from 168,100 last quarter,” the report revealed.
What’s more, employee savings rates hit a record high, with 32% of savers increasing their contributions in the second quarter of this year. (Interestingly, a Bankrate survey released Wednesday had a similar finding: that 29% of Americans had increased their retirement savings contributions from the year prior). Now, the average employee contribution rate is 8.8%, which is nearly a full percentage point higher than a decade ago, Fidelity reports.
https://finance.yahoo.com/m/f4512483-20f1-3083-9a8e-5b49e9ceb094/what-retirement-crisis%3F.html