Every retirement advisor in America says you need to retire with a nest egg of at least $1 mil. or you’re SCROOOOOD.
Compared with Hillary’s $300 billion nest egg I am sure this does not concern Dems.
Guess I’m scroood. If they mean a million in debt, I might be close. LOL!
Most of us are average earners who can keep the same lifestyle at 70% or even 60% of that figure.
For starters, most homes are paid off or close to paid off by retirement if you purchased modestly. That's 35% right there, on average. The cost of commuting to and from work eats another 12% or so of most household budgets. At least half of that goes away even if you catch an occasional early bird special at Eat'n'Park or visit the family sawbones, that's 6%.
Social security "contributions" plus taxes levied against those contributions, takes another 10% or so . . . and is replaced by social security payments which are 50% tax exempt for most of us.
So you are down to (100% -(35% + 6% + 5%)) or 54% with those three items alone. And I haven't even got to the fact that the Commonwealth of Pennsylvania taxes retirement earnings at a much more reasonable rate than wages and salaries.
The scary thing is not the theoretical finances as it is the uncertainty the idiot voters will elect idiot politicians who will screw-up business, reduce your returns and bankrupt social security faster than ever.
Let’s see. 2% above inflation on $2M is $40,000 a year. That’s hardly rolling in the green stuff. And, tell me where you can get a safe return of 2% above inflation these days. Oh, I forgot. We haven’t had any real inflation in years [What’s this $5 / lb hamburger?]
Not 300 billion, but plenty nonetheless. Probably more like $100 to 300 million, if you count the slush foundation.