SpokenTruth said:
I gave you an example earlier. I'll post it again. "Say they retire at 75 (several years after retirement age) and yet live to 100. That's 25 years. If they saved $200,000, they'd have just $8,000 per year to live on without considering for inflation and cost of living increases (which have more than doubled in the past 25 years)." So what does it take to save $200,000? Save $50 per week for 50 years at 2% interest (final total = $205,925). But good luck getting that rate. Current savings account rates are just 0.06% on average....which would give our retiree just $121,816 for the next 25 years. Less than $5,000 per year to work with. |
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