- cross-posted to:
- worldnews@lemmygrad.ml
- cross-posted to:
- worldnews@lemmygrad.ml
I spoke the other day about rich people whingeing that they don’t have enough to retire in luxury. In today’s news there is a 67 year old man who hates his job and wants to retire. However the poor thing only has $700K saved up. This only gives him $28K a year in interest. 
Poor old dear still hasn’t paid off his mortgage so how will he manage on that?
How the other half live.
I mean, that much money comes out to around $1,000 into his retirement each year working (backtesting with testfol.io, assuming he’s a boglehead), which really isn’t a huge amount of money. It’s entirely possible to do that while making less than median American salary ($48,000/year).
Depending on his family arrangement, 28k a year would put him in the bottom 20% of Americans, and only 4k-8k above the American poverty line.
Admittedly, his savings are a bit above average.
real crabs-in-a-bucket hours. love to vilify someone for being a fat cat who put $85/month into retirement savings over their working life. love to criticize the wealthy “other half” who have enough retirement savings to… checks notes live just above the poverty line.
Intersectionality and solidarity?
Fuck that, let’s shit on the elderly and burn bridges!
Median savings at retirement is $200k, less than 1/3 of what this person has. They’re not only “above average” they’re triple the median and in an extremely comfortable position relative to most of their peers
That makes sense, financials tend to be skewed, so mean is a lot higher than median.