It could be that the wealthiest retirees start out that way, get great education and great jobs because of family money and connections, and simply have more disposable income from which to save....
Terrible point laced with a lot of sour grapes.
A majority of the wealthy in America are in fact self made and it's not inherited or "old" money. Both my parents were teachers, I went to public school and earned a scholarship for undergrad and then joined the Army to pay for medical school. I served for 8 years in the Army to pay that debt off.
A majority of the wealthy in America are in fact self made and it's not inherited or "old" money. Both my parents were teachers, I went to public school and earned a scholarship for undergrad and then joined the Army to pay for medical school. I served for 8 years in the Army to pay that debt off.
Just to be clear, the government is not forcing you to spend a single cent of your savings. Rather, they are making you pay taxes on what you haven't paid taxes on as of yet.
I came from lower middle class, wife from middle class. I moved out at 18 while going to college and working full time at grocery store and began investing in 2nd. mortgages and reinvesting the interest. Bought a house at 26. Never paid interest on anything except the mortgage.
Wife did pretty much the same and we got married when I was 38 and she was 33.
Today after selling the houses, buying another then selling and getting into our house now we live very comfortable. We also invested in 401k and Roth as soon as we could. We automatically save and have also been invested for years in the stock market.
Don't feel rich but yes, we are now well off. My kids know what they will get and unless they can show a mature handling of money they won't receive it till we pass. Not willing to have what we earned just thrown away.
Long story but we came from average,saved,worked hard in lower paying industry and made it. We travel at least 5 weeks a year and starting next year that should increase to 10-12 weeks a year with same savings and income flow.
It could be that the wealthiest retirees start out that way, get great education and great jobs because of family money and connections, and simply have more disposable income from which to save....
I wish most of the American population did what you did. We would be living in a better country.
There is probably some study somewhere for the below, the definitions of monetary wealthy defined. I read years ago a study by an insurance fund I think where they surveyed all their clients with 5+Million and the majority didn't think they had enough, thought that was very interesting. However in my small world of acquaintances there seem to be many more, with what is in my opinion of being well off, from having inherited substantial amounts, or were helped or bailed out by parents w/inherited wealth.