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Posted: 7/20/2017 6:17:59 PM EDT
[#1]
There are too many variables to give anything than a general answer. One million invested plus SS can provide a comfortable retirement for most people of current retirement age. IF you are young, 20 to 30, you want to start squirrelling money away. It's hard to guess how much you will need in the future but it will be more than a million bucks. If you want a very nice retirement, where you can travel and buy the things you want, I recommend putting 20% away in investments. If you are 50 or older, think 25% or more.
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Posted: 7/20/2017 6:19:16 PM EDT
[#2]
If you have 4m, why are you asking arfcom?
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Posted: 7/20/2017 6:21:11 PM EDT
[#3]
I'm poor, and I'll go elsewhere.
I will have a paid for house by then and my wife's and my monthly expenses is about $1k. Say $15k average a year to cover repairs and unexpected stuff. Several million, are you serious? |
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Posted: 7/20/2017 6:21:50 PM EDT
[#4]
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4% of 4 million is $160,000. Average income for a working American is about $32,500. I would think 4 mil today should last most people through death pretty well. |
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Posted: 7/20/2017 6:22:01 PM EDT
[#5]
Quote HistoryQuoted:
If you have 4m, why are you asking arfcom? |
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Posted: 7/20/2017 6:23:34 PM EDT
[#6]
Quote HistoryQuoted:
25x your expenses in retirement. EDIT: Currently my wife and I could retire, today, with $1.8 million dollars and not change a single thing about our budget. That would cover our mortgage, HELOC payment, car payment, student loan payments, daycare, the works. Realistically we will need less as by the time we retire a lot of those things should be gone. |
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Posted: 7/20/2017 6:25:35 PM EDT
[#7]
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Damn right!!! It all depends on your definition of comfortable  |
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Posted: 7/20/2017 6:31:16 PM EDT
[#8]
There are a number of retirement calculators that do a good job of figuring all this out.
Young guys, here's what you do: Have 10% of your pay go into the 401k at work. It won't hurt that bad because it's pre-tax. Your employer will match some of it. Literally free money. Have the money go into an S&P 500 fund. If they don't have an S&P 500 fund, spread the money around into 5 or more small, medium and large cap funds. Leave it there and don't fuck with it no matter what the stock market is doing. Ignore all stock advice. Ignore market crashes. Ignore your wife's mother. Do the above and you'll be one smiling mofo in 25 years. Putting a couple thousand a year away now will be worth more than putting $50,000 a year away when you are 55. |
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Posted: 7/20/2017 6:35:21 PM EDT
[#9]
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I'll be working until the day I die.. I'm 46 and the males in my biological family don't make it very far into their fifties, which sucks because the males in my adopted family live well into their eighties.  
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Posted: 7/20/2017 6:36:06 PM EDT
[#10]
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Sorry Bub, but if you still have a HELOC, a car payment, student loans and the "works", then you are no where near retirement. $1.8 million, with your spending habits, will not last you ten years. The key is to be debt free. If you have a "car payment" then you are doing it all wrong. |
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Posted: 7/20/2017 6:38:34 PM EDT
[#11]
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Have 10% of your pay go into the 401k at work. It won't hurt that bad because it's pre-tax. Humor me if you will...... For simple math, lets say someone age 20 (2017) , puts 10% away 401k, Pre-Tax, and adds to it or what not over the next 40 years. ALL that money will be taxed at 2057 rates or whatever year they start collecting it. Wouldnt it be worth more to be "taxed as you go", 2017 taxes surely would be less by 2057 standards Ive wondered about this. Plus if someone passes away, the taxes have been paid and the estate wouldnt be on the hook for the entire amount (happened to friend, their dad had something from 1950s, he passed in 2012 and they had to pay a LARGE chunk of taxes) |
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Posted: 7/20/2017 6:40:39 PM EDT
[#12]
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I can't speak to his specifics but debt is a valuable tool. Interest rates are so low right now that if you pay for a vehicle in cash you are making a mistake. |
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Posted: 7/20/2017 6:41:18 PM EDT
[#13]
Quote HistoryQuoted:
There are a number of retirement calculators that do a good job of figuring all this out. Young guys, here's what you do: Have 10% of your pay go into the 401k at work. It won't hurt that bad because it's pre-tax. Your employer will match some of it. Literally free money. Have the money go into an S&P 500 fund. If they don't have an S&P 500 fund, spread the money around into 5 or more small, medium and large cap funds. Leave it there and don't fuck with it no matter what the stock market is doing. Ignore all stock advice. Ignore market crashes. Ignore your wife's mother. Do the above and you'll be one smiling mofo in 25 years. Putting a couple thousand a year away now will be worth more than putting $50,000 a year away when you are 55. |
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Posted: 7/20/2017 6:44:12 PM EDT
[#14]
most of the answers in this thread are unrealistic
to put 4m away for retirement is simply out of reach for most people. most people are going to be able to slide 10% of their pay into a 401k and whatever that works out to in 30 or 40 years is what they get. you might have to live in a little coal town when you retire instead of Martha's Vineyard. here's one big thing you can do to save your ass from a miserable retirement: stop buying expensive cars. stop paying credit card interest. those are the two wealth evaporators for the average stiff |
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Posted: 7/20/2017 6:45:04 PM EDT
[#15]
Quote HistoryQuoted:
Ive wondered about something; Humor me if you will...... For simple math, lets say someone age 20 (2017) , puts 10% away 401k, Pre-Tax, and adds to it or what not over the next 40 years. ALL that money will be taxed at 2057 rates or whatever year they start collecting it. Wouldnt it be worth more to be "taxed as you go", 2017 taxes surely would be less by 2057 standards Ive wondered about this. Plus if someone passes away, the taxes have been paid and the estate wouldnt be on the hook for the entire amount (happened to friend, their dad had something from 1950s, he passed in 2012 and they had to pay a LARGE chunk of taxes) Remember there is talk of lowering tax rates now and you probably won't be pulling it all out as a lump sum. Try to calculate what your post retirement income will be then compare. There are many retirement calculators to choose from out there, try one out and see. |
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Posted: 7/20/2017 6:47:30 PM EDT
[#16]
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How do you expect someone making $32500 to accumulate millions of dollars? |
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Posted: 7/20/2017 6:47:47 PM EDT
[#17]
Quote HistoryQuoted:
Ive wondered about something; Humor me if you will...... For simple math, lets say someone age 20 (2017) , puts 10% away 401k, Pre-Tax, and adds to it or what not over the next 40 years. ALL that money will be taxed at 2057 rates or whatever year they start collecting it. Wouldnt it be worth more to be "taxed as you go", 2017 taxes surely would be less by 2057 standards Ive wondered about this. Plus if someone passes away, the taxes have been paid and the estate wouldnt be on the hook for the entire amount (happened to friend, their dad had something from 1950s, he passed in 2012 and they had to pay a LARGE chunk of taxes) it's hard to beat that there are a million way to skin a cat the important thing is to a. start saving early and b. not fuck up your returns by making the classic investing mistakes like trying to time the market |
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Posted: 7/20/2017 6:48:17 PM EDT
[#18]
The way I see it, you need to either have nothing or have several million. If you don't have the several million, then you'll be blowing through what you do have pretty fast due to health care costs. 'Cause that problem apparently ain't gettin' fixed voluntarily. And you'll be wishing you had enjoyed that money while you could.
I don't expect to have several million, and I figure I'll be working until the day I die even though I'm saving about 45% of my gross income currently and have been for a while. Or I'll just get on the disability gravy train (I do have some actual health/physical issues but I haven't been beaten into submission yet). Sometimes I think I'm stupid for not partying like there's no tomorrow...spend, spend, spend, borrow, borrow, and borrow some more. This opinion is worth exactly what you paid for it. |
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Posted: 7/20/2017 6:48:34 PM EDT
[#19]
Quote HistoryQuoted:
Yep and I figure maintaining my current income level will work for me. It will vary for others but I do think I am using a good baseline. Quote HistoryQuoted:
Quoted:
Damn right!!! It all depends on your definition of comfortable I make as much now as when I was working with way less expenses. Its just nice to be able to go and spend $1k on guns and ammo ever month if I choose. Problem is with 40 acres I spend a bit on mowers etc. Best investment ever was a husquacarna weedeater. I can trim around each of our 4 ponds in 3 hours as compared to taking all day. Saved a bunch by building a gas powered sprinkler systems that gets it water from the pond. It pumps 7k gallons a hour on half a gallon of gas. I plan on digging another well just to use for my wife's garden. Being a part time/hobbiest plumber we give the well guys work and he told me he can did me a 100' well for $3400. Yea I know it's pretty boring stuff. |
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Posted: 7/20/2017 6:50:08 PM EDT
[#20]
Oh my ships sails are already up.
I retired early (45). We dont live to a 100 in my family and didnt want to spend my life "working" and killing myself, so juggled some things, live below my means, bout property that I can enjoy being on with elbow room and all the outdoorsy stuff I like to do right in my backyard. That is why I said that these threads are always fun, they are rarely realistic. An average person simply isnt going to retire on millions no matter how much mac and cheese they live on, they'd have to have some crazy investments pan out.... |
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Posted: 7/20/2017 6:50:17 PM EDT
[#21]
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Where did things go wrong? Below average returns? Cuts due to unexpected future expenses? Where do you think you would be if your original goal was to have $600k? A few stock market crashes in my time didn't help either. I'm making more money now and my wife contributes to her matching 401K so we will be okay but not where I wanted to be. |
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Posted: 7/20/2017 6:54:10 PM EDT
[#22]
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I have a relative that didnt take my advice. They wanted a brand new truck, wanted to pay cash. I told her that there are incentives to use in-house financing, yada yada yada. Even the dealer was telling her to finance it for a couple months and then pay it off, said he could get her rebates , incentives, etc. She didnt listen and missed out on some opportunities and couldve gotten truck cheaper. are you buying a $32,000 pickup on 1.99% financing and leaving your $32,000 cash money in a stock fund? or are you buying a $80,000 pickup on 1.99% financing and then taking a giant ass reaming on the vehicle depreciation and ignoring it because "debt is useful" for most people, credit cards and car loans are the way they buy stuff they truly cannot afford and then end up with nothing after 40 years of working most people buy a lot of stuff on credit that they truly cannot afford and they end up with nothing in the end. |
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Posted: 7/20/2017 6:55:17 PM EDT
[#23]
Quote HistoryQuoted:
Yep I make as much now as when I was working with way less expenses. Its just nice to be able to go and spend $1k on guns and ammo ever month if I choose. Problem is with 40 acres I spend a bit on mowers etc. ----snip--- Congrats, hope you enjoy it for a very long time. 
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Posted: 7/20/2017 6:59:15 PM EDT
[#24]
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it depends are you buying a $32,000 pickup on 1.99% financing and leaving your $32,000 cash money in a stock fund? or are you buying a $80,000 pickup on 1.99% financing and then taking a giant ass reaming on the vehicle depreciation and ignoring it because "debt is useful" for most people, credit cards and car loans are the way they buy stuff they truly cannot afford and then end up with nothing after 40 years of working most people buy a lot of stuff on credit that they truly cannot afford and they end up with nothing in the end. |
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Posted: 7/20/2017 7:18:53 PM EDT
[#25]
Quote HistoryQuoted:
Ive wondered about something; Humor me if you will...... For simple math, lets say someone age 20 (2017) , puts 10% away 401k, Pre-Tax, and adds to it or what not over the next 40 years. ALL that money will be taxed at 2057 rates or whatever year they start collecting it. Wouldnt it be worth more to be "taxed as you go", 2017 taxes surely would be less by 2057 standards Ive wondered about this. Plus if someone passes away, the taxes have been paid and the estate wouldnt be on the hook for the entire amount (happened to friend, their dad had something from 1950s, he passed in 2012 and they had to pay a LARGE chunk of taxes) All of the different factors make it complicated to calculate a "best option." As I said, I like to be diversified so I have a pre-tax 401k, post-tax IRA, and a taxable brokerage account. I might be losing out on top dollar but I've got flexibility which is important to me. |
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Posted: 7/20/2017 7:20:08 PM EDT
[#26]
Quote HistoryQuoted:
I have a relative that didnt take my advice. They wanted a brand new truck, wanted to pay cash. I told her that there are incentives to use in-house financing, yada yada yada. Even the dealer was telling her to finance it for a couple months and then pay it off, said he could get her rebates , incentives, etc. She didnt listen and missed out on some opportunities and couldve gotten truck cheaper. |
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Posted: 7/20/2017 7:24:43 PM EDT
[#27]
its not that hard to accumulate a large retirement fund, you just need to invest something every month or even every week if you can swing it, even if its a small amount, whatever you can afford
for example worked at Exxon between 1980-84 and left with some stock worth about 4K then. after reinvesting every dividend and buying a little more along the way its now approaching 200k. just start accumulating some stuff that's going to be around a long time |
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Posted: 7/20/2017 7:49:45 PM EDT
[#28]
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Click here Use the drop down menu and click "How long will my money last" Enter 1 million for saving at retirement Enter 8% for "Annual return rate" click "Calculate" You will see that 7k/month (x12=84k/yr) will last 39.56 years. Close enough to 40 for me since I doubt I will make it into the 90s. Hope this helps. I am getting near to retiring and I enjoy playing with the numbers myself. BTW, there is a FNCalculator app for android. I find it interesting to randomly change the numbers to see what I get. |
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Posted: 7/20/2017 8:30:39 PM EDT
[#29]
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Do you think that 8% is realistic? |
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Posted: 7/20/2017 8:30:47 PM EDT
[#30]
Quote HistoryQuoted:
Do you think that 8% is realistic? 2008 was a black year for investing, think around 35% loss. I took a beating then but I made it all back and was money ahead within 3 years. Since then the gains have far outweighed the losses. Here are some numbers to have a look at. Look around a bit and you will see even with the down turns the markets (S&P) always comes back, sometimes with a vengeance. If your employer offers a 401k type account I would suggest going in to at least get maximum employer contributions. It is free money. Then you get the returns from both your contributions and theirs. I am a federal employee so this is how we have been doing in the "C" fund (think S&P 500 index fund) 1 year 12.01% 3 year 8.95% 5 year 14.73% 10 year 7.0% average since inception 10.16% Anyway, it has been very good to me. It could do the same for you. If you toss in inflation returns will be lower but what else you going to do with your money? Stuffing under the mattress and it actually loses value. Come to think of it the % of gain vs. inflation is a technical question. The % increase is accurate but the value of the money decreases. Yes to the % of gain, but buying power diminishes due to costs going up. |
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Posted: 7/20/2017 8:41:19 PM EDT
[#31]
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Posted: 7/20/2017 8:56:50 PM EDT
[#32]
A buddy of mine sent me this yesterday but I have not been able to really look at it.
http://www.firecalc.com Sorry if already posted, could not look. Getting on a plane and had to hurry. |
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Posted: 7/20/2017 9:17:12 PM EDT
[#33]
Quote HistoryQuoted:
Yes. Over the long history of the stock market the average is right around 8%/yr. Of course some years were a complete bust but others years just blew it all away. 2008 was a black year for investing, think around 35% loss. I took a beating then but I made it all back and was money ahead within 3 years. Since then the gains have far outweighed the losses. Here are some numbers to have a look at. Look around a bit and you will see even with the down turns the markets (S&P) always comes back, sometimes with a vengeance. If your employer offers a 401k type account I would suggest going in to at least get maximum employer contributions. It is free money. Then you get the returns from both your contributions and theirs. I am a federal employee so this is how we have been doing in the "C" fund (think S&P 500 index fund) 1 year 12.01% 3 year 8.95% 5 year 14.73% 10 year 7.0% average since inception 10.16% Anyway, it has been very good to me. It could do the same for you. If you toss in inflation returns will be lower but what else you going to do with your money? Stuffing under the mattress and it actually loses value. Come to think of it the % of gain vs. inflation is a technical question. The % increase is accurate but the value of the money decreases. Yes to the % of gain, but buying power diminishes due to costs going up. |
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Posted: 7/20/2017 9:29:57 PM EDT
[#34]
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Including inflation allows you to look at the future value in today's dollar value. It doesn't matter if you end up with $2M when you retire if all that will buy is a new car. Also, I am pretty sure the 8% you are referencing is wrong for the S&P500. It should be 10-11%. I believe you might be referencing the gain without dividends. |
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Posted: 7/20/2017 9:37:03 PM EDT
[#35]
Quote HistoryQuoted:
Hmm... ok, I like your numbers better anyway.. I hope to see 10-11% as that means I will retire well off and earlier. The problem of course being that future performance might end up being 5% with 3% inflation or 12% with 8% inflation. Both of those would make life more difficult for me. On the other hand, if your numbers are dependent on 11% growth with 3% inflation for a bare minimum retirement - you'll be hurting badly if things go poorly. |
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Posted: 7/20/2017 9:40:33 PM EDT
[#36]
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Sorry Bub, but if you still have a HELOC, a car payment, student loans and the "works", then you are no where near retirement. $1.8 million, with your spending habits, will not last you ten years. The key is to be debt free. If you have a "car payment" then you are doing it all wrong. Quote HistoryQuoted:
Quoted:
25x your expenses in retirement. EDIT: Currently my wife and I could retire, today, with $1.8 million dollars and not change a single thing about our budget. That would cover our mortgage, HELOC payment, car payment, student loan payments, daycare, the works. Realistically we will need less as by the time we retire a lot of those things should be gone. The key is to be debt free. If you have a "car payment" then you are doing it all wrong. |
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Posted: 7/20/2017 9:43:33 PM EDT
[#37]
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$1.8mil in retirement money, but you still have a morgage AND a home equity loan? That doesn't make sense to me. Quote HistoryQuoted:
Quoted:
25x your expenses in retirement. EDIT: Currently my wife and I could retire, today, with $1.8 million dollars and not change a single thing about our budget. That would cover our mortgage, HELOC payment, car payment, student loan payments, daycare, the works. Realistically we will need less as by the time we retire a lot of those things should be gone. |
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Posted: 7/20/2017 9:59:39 PM EDT
[#38]
Quote HistoryQuoted:
Retirement accounts like IRAs and 401s are scams. So you are gonna retire on 1990s-2000s dollars in what 2030? That dollar will be worth 70 cents if you are lucky. So not only are you losing money you are also gambling that the funds won't disappear like they did in the early 2000s and even worse in 2008. Now I'm massively over simplifying for effect, but anyone who believes they can live a good life on an IRA or 401 is lieing to themselves. A trust fund maybe, but an investment account GTFO. Face the reality that YOU ALL WILL WORK TILL YOU DIE. You wanna retire or "not work"? invest in shit where the investment returns actual capital aka make the money make the money. Rental properties are an easy example, there are many many other ways too, some easier. |
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Posted: 7/20/2017 10:01:59 PM EDT
[#39]
Quote HistoryQuoted:
Just remember that most funds have overhead cost. I really like VOO because of it's .04% overhead. Many funds (especially actively managed funds) are eating closer to 1%. I hope to see 10-11% as that means I will retire well off and earlier. The problem of course being that future performance might end up being 5% with 3% inflation or 12% with 8% inflation. Both of those would make life more difficult for me. On the other hand, if your numbers are dependent on 11% growth with 3% inflation for a bare minimum retirement - you'll be hurting badly if things go poorly. I am using 8% and still have plenty of cushion. I doubt inflation will be high enough to eat into that. As it should play out my income will increase after retirement. 10%+ increase in disposable income at least. However Miss Cleo will not return my calls so I do not know what the exact future numbers will be for the markets or inflation. Miss Cleo link for the young'uns who have no idea who I am talking about. |
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Posted: 7/20/2017 10:10:42 PM EDT
[#40]
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My goal is to build up to a $30k yearly withdrawal or a total of $750k as close to the age of 50 as I can. At that point I will consider retirement. Any more than that is just gravy on the top. Healthcare is my only concern but I expect we will finally come to our senses and go single payer by then and drastically cut costs. If not I might need to work part time for insurance until i qualify for medicare. I'm not gay, but cheap healthcare is cheap healthcare when I'm 60 and don't qualify for Medicare yet. |
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Posted: 7/20/2017 10:19:24 PM EDT
[#41]
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I'm poor, and I'll go elsewhere. I will have a paid for house by then and my wife's and my monthly expenses is about $1k. Say $15k average a year to cover repairs and unexpected stuff. Several million, are you serious? |
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Posted: 7/20/2017 10:24:24 PM EDT
[#42]
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How is that even possible to have only $1k in monthly expenses for two people, even if your house is paid off? Our house appraised at $305k, is paid off, but property taxes are $7k a year. In retirement I'll probably be paying that much or more though
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Posted: 7/20/2017 10:33:14 PM EDT
[#43]
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Ouch. My property taxes are ~$1200/yr and I don't like paying that much. In retirement I'll probably be paying that much or more though We've considered moving, because literally across the street, is a township. A $300k house pays $3k~ in property taxes. |
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Posted: 7/20/2017 10:54:49 PM EDT
[#44]
I am retired. No debt. Own my house and two cars. Have to pay health insurance, car and home insurance, income tax, property tax, and my largest expense is 1% to my stock broker, and well worth it. After that, the rest is for me. Very very expensive to retire. Gets more expensive every year. Save your money....lots of it.
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Posted: 7/21/2017 1:20:53 PM EDT
[#45]
Figure out how your anticipated cashflow (how much you will spend per month), multiply that amount by the amount of months you anticipate living and add a few for contingency. Add any debts you will have on your retirement day. That's the number you need to have. Then you have to invest it wisely with the hope of consistently beating inflation (and no, you can't count on getting 25% per year now or then).
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Posted: 7/21/2017 4:52:56 PM EDT
[#46]
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How do you expect someone making $32500 to accumulate millions of dollars? On mobile so I can't hotlink. http://www.bankrate.com/calculators/retirement/roth-ira-plan-calculator.aspx Maxing out a Roth with a normal rate of return starting early will get you into the millions bracket. 7-10% rate of return while maxing out annually will safely net you 2-4 million if you start at 18 and retire at 65 depending on if you go Roth or traditional. Put it into a steady growth ETF or an index that mimics the S&P 500. |
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Posted: 7/21/2017 4:57:32 PM EDT
[#47]
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Invest intelligently. Start early and max out your IRA. On mobile so I can't hotlink. http://www.bankrate.com/calculators/retirement/roth-ira-plan-calculator.aspx Maxing out a Roth with a normal rate of return starting early will get you into the millions bracket. 7-10% rate of return while maxing out annually will safely net you 2-4 million if you start at 18 and retire at 65 depending on if you go Roth or traditional. Put it into a steady growth ETF or an index that mimics the S&P 500. |
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Posted: 7/21/2017 5:10:55 PM EDT
[#48]
Some of this is like reading the budget plan for an Illinois union pension fund.
Yeah, it's easy if returns are 8%. Easier if they are 12%. Why not assume more? The real riskless rate of return in this world is way less than many assume they can earn in retirement. If you assume a greater rate of return then you necessarily plan to take on risk, and a higher assumed return implies higher risk. This is non-diversifiable risk. You can't avoid it. That risk means the $1 million nut could drop to a lot less in short order. What then? People are setting themselves up for disaster with these crazy return assumptions. More practical is this: unless you are sitting on several million liquid with no debt, keep working as long as health allows. The idea that the economy can generate large real returns while a significant portion of the population enjoys decades of doing nothing is not stable. Yes, many were promised the chance to spend a good part of their lives in retirement funded by someone else. That was a terrible idea. The cost of it is far from being truly realized. |
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Posted: 7/21/2017 5:15:53 PM EDT
[#49]
Quote HistoryQuoted:
Invest intelligently. Start early and max out your IRA. On mobile so I can't hotlink. http://www.bankrate.com/calculators/retirement/roth-ira-plan-calculator.aspx Maxing out a Roth with a normal rate of return starting early will get you into the millions bracket. 7-10% rate of return while maxing out annually will safely net you 2-4 million if you start at 18 and retire at 65 depending on if you go Roth or traditional. Put it into a steady growth ETF or an index that mimics the S&P 500. Quote HistoryQuoted:
Quoted:
How do you expect someone making $32500 to accumulate millions of dollars? On mobile so I can't hotlink. http://www.bankrate.com/calculators/retirement/roth-ira-plan-calculator.aspx Maxing out a Roth with a normal rate of return starting early will get you into the millions bracket. 7-10% rate of return while maxing out annually will safely net you 2-4 million if you start at 18 and retire at 65 depending on if you go Roth or traditional. Put it into a steady growth ETF or an index that mimics the S&P 500. |
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Posted: 7/21/2017 5:16:29 PM EDT
[#50]
Quote HistoryQuoted:
Some of this is like reading the budget plan for an Illinois union pension fund. Yeah, it's easy if returns are 8%. Easier if they are 12%. Why not assume more? The real riskless rate of return in this world is way less than many assume they can earn in retirement. If you assume a greater rate of return then you necessarily plan to take on risk, and a higher assumed return implies higher risk. This is non-diversifiable risk. You can't avoid it. That risk means the $1 million nut could drop to a lot less in short order. What then? People are setting themselves up for disaster with these crazy return assumptions. More practical is this: unless you are sitting on several million liquid with no debt, keep working as long as health allows. The idea that the economy can generate large real returns while a significant portion of the population enjoys decades of doing nothing is not stable. Yes, many were promised the chance to spend a good part of their lives in retirement funded by someone else. That was a terrible idea. The cost of it is far from being truly realized. |
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