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Monday, March 22, 2010

One Million

Hey people may need several million dollars to retire but how many actually have that. We were reading just the other day that the average net assets of a single black woman in the prime working age is $5. I would say that's a little short. I would suspect that scenario is more common. A lot of people are broke. Certainly the recession has taken away a huge chunk of net worth.

Reading the article leads me to believe that they are talking about families, not an individual.

We are all millionaires.

Money, money, money...

Yahoo: $1 Million Doesn't Cut It for Retirement
For Boomers (ages 43 to 64), 35% recommended $2 million to $3 million. Thirty percent suggested $1.5 million to $2 million.


According to Scottrade's analysis, seniors are the only generation that may come close to needing only $1 million. Forty-four percent of advisers said $500,000 to $1.5 million is sufficient for average families in that age bracket.

3 comments:

Glynn Kalara said...

Ok, so here's a scenario I want u to envision. Most people in the B-bommer age group don't any longer have enough asserts after the Wall st. robbery of 2008. Not only did their homes lose value in many cases 50% or more but they're retirement funds 401 K's and IRAs haven't recovered near enough even with the recent market comeback to retire. SS is a joke that maybe buys u a cup of coffee and a donut. There are NO jobs for this group so if they aren't Drs. or lawyers or have a business what do they do? Oh, remember welfare no longer exists it's workfare thanks to that flaming Liberal Billy Bob Clinton and his VP Monica Lewinsky. Many of these people are going to live for another 20 / 30 yrs.

Jim Sande said...

I know the scenario. We have to figure out how to survive. Live on less money because there's no other choice. Some people are gong to be in terrible straights. I mean some in this age group have nothing, forget about diminished IRAs and such or even 50% of home value, no house and no assets. I know several in that spot older than me too and it is scary man. They are not bad people or dumb people. I suspect there is going to be a sudden re-arising of the extended family. Parents with kids, friends with friends, brothers with brothers and sisters, this kind of thing.

Glynn Kalara said...

The return of the 3 generation household will bring things full-circle back to the great Depression and before, your right on that. I was born into just such a household and we moved out to our own home when I was 4. The Conservs. won the class war they waged against the middle class these past 40 yrs.