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I've never thought I'd live to see the day where a millionaire would be lower class. I don't think we are there yet, but we most likely will be by the time Gen Z reaches retirement age.
I recently did an episode breaking down the myth that $100k is a strong income for a growing family in most places across the US. Today, we take a look at retirement numbers and do the same thing for the myth that becoming a millionaire by 65 will lead to prosperity.
Sources:
https://www.nerdwallet.com/article/investing/social-security/how-long-will-your-retirement-savings-last#:~:text=This%20rule%20is%20based%20on,investment%20return%20over%20that%20time).
https://www.nerdwallet.com/article/investing/average-stock-market-return
https://www.bankrate.com/f/102997/x/1c82ee6b93/january-fsp-press-release-final.pdf
https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
Chapters
00:00 Introduction to Financial Planning
05:03 Understanding Retirement Needs
11:44 Debunking the Million Dollar Myth
17:13 Using Technology for Retirement Planning
25:13 Practical Steps for Financial Success
30:50 Conclusion and Call to Action
