Articles like this are pablum to scare the hell out of people and boost deposits of managed money. It really isn’t rocket science and you don’t need an advisor. You need to start with discipline to the tune of at least 25% of your gross any way possible and whatever it takes. If you can’t start there you are doomed to poverty and living hand to mouth. Put it in dividend bearing ETF stocks or an S&P ETF and leave it the hell alone! Just keep doing it on and on and on. One day you could be able to retire comfortably. Start early and never give up.
hate the k-1’s
Exactly how it is done. Just one thing to add. A side gig you can take with you when you "retire". DW and I put about 15% into stocks and 10% into rental real estate. I didn't retire, I fired my boss. I am the boss of the side gig. It makes part time work quite a bit easier when we make all decisions and get all the profits.
Send your financial advisor's kids to community college. Learn to manage your own investments.
Saving 25% of your income for retirement would be fantastic of course but just too much of a stretch for most people who have mortgages to pay and kids to raise.
Not that saving a million in some 401k will guarantee you a comfortable requirement. The most you should take out of an IRA at retirement is about 4% a year. So a million dollars even would allow you to comfortably take out $40,000 the first year of retirement (with the theory that the remaining $960,000 will regain some of the original value over that year through investment choices).
Coupled with Social Security, most people can make that work but it will still be a retirement of clipping coupons and going to the matinee shows and early-bird specials, as opposed to the mythologized retirement of golfing all day and walking the sunny beaches in some tropical paradise.