A million aint what it used to be. It takes 1.6-mil to buy what a mil bought in 1996.
IRA’s came out in 87’. $2k limit. Today 401K’s are limited to what-$18k? Therefore we can guesstimate what the richest IRA/401k saver can have. So tell me. What is it?
That may seem like a long time ago but by that time I was more than half way though my journey to today even from the time I became an adult. Crank up the way back machine to pre-Arab oil embargo. In the 60s it meant something to be a millionaire. In the lat 70s even $40,000 a year was considered a handsome income. It would take $6.8 million to have the same buying power as $1,000,000 in 1970.
Today a million is an OK start but something most will never achieve ‘cept for by pensions and defined benefit retirement plans.