$1M in retirement funds equates to a $40k/year safe withdrawal rate in retirement, which is not much. Basically, if you’re not a millionaire by the time you retire, you’re in poverty.
Don’t get me wrong: you might be right that it’s “normal” to have less money than that… but only in the sense that the middle class is being destroyed.
Of course things look different if you add retirement onto it. But then you might as well add healthcare payments and all other taxes and expenses on top. It still isn’t available money / assets though.
Normal people will never own a million, neither in cash nor assets. Having a spare million is not middle class.
$1M in retirement funds equates to a $40k/year safe withdrawal rate in retirement, which is not much. Basically, if you’re not a millionaire by the time you retire, you’re in poverty.
Don’t get me wrong: you might be right that it’s “normal” to have less money than that… but only in the sense that the middle class is being destroyed.
Of course things look different if you add retirement onto it. But then you might as well add healthcare payments and all other taxes and expenses on top. It still isn’t available money / assets though.