i agree with topspinmo and manaboutown. First the scenarios laid out by investment people are simply not reliable. Many public sector pension funds discovered that the hard way and they are heavily underfunded.
For common folks like us despite what I am about to say it is crucial that people defer income in their earning years and invest, the more the better. However the investment scenario again are too optimistic and have been for decades . So projected wealth is overstated given the time value of money, inflation advisor fees, management fees, fees fees, the ups and downs of the market both equity and bond . Its why my wife and I increased our deferred income contributions to savings and investments
Then we have the government that feels entitled to dig deeper and deeper into our pockets so in the end as you liquidate your IRA, etc consider the government is going to take at least 1/3+
And if you were one of the top earners and accumulated in excess of 10 million + you are facing a federal and perhaps state death tax .
So the reality to save to become a millionaire is a bit deceiving and we haven't addressed those who will face immense medical bills in their declining years. despite whether you pay for long term care or not
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