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Originally Posted by jimbomaybe
With all due respect, inflation has a great impact on your retirement, sponsored defined benefit retirement plans have become scarce except for ones funded by a government entity and most of them don't look to healthy, SS alone makes for a not very opulent retirement, cost of living adjustments ether from SS or pension plans always seem to fall short of real inflation. Inflation destroys the value of most retirement assets . The stats I have seen look rather dim for a large section of would be retirees, for most it's a failure to plan rather than a failure of plan, but if you plan with a good cushion perhaps at least you hiers will have something to hold on to, and avoid a diet of rice, beans and dog food
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Inflation has an enormous impact to those of us living off our savings and SS checks. But it does not have any impact on whether a working person, whose income is inflating along with the rest of the economy, can save that scary $1.5m number for retirement -- which, by the way, does NOT include their real estate and SS. I just showed you the math -- which included 3% for inflation -- proving that someone with an average $80K income can easily save over $2M in 45 years. The question is not, is it possible. The question is whether the average wage earner has enough common sense to do it. Given the fact that the average American has less than $1,000 in the bank, obviously, most don't.
My biggest fear is that the generation who refuses to show up at the office to work, and thinks the Gooberment ought to pay for their student loans, is going to look at my nestegg one day and say "gimme".