World News

2710 readers

85 users here now

founded 5 years ago

MODERATORS

muad_dibber@lemmygrad.ml

sovietsnake@lemmygrad.ml

ksynwa@lemmygrad.ml

Poor old man can't afford to retire because he only has 700K saved up. (www.msn.com)

submitted 2 months ago* (last edited 2 months ago) by DisabledAceSocialist@lemmygrad.ml to c/worldnews@lemmygrad.ml

6 comments fedilink hide all child comments

He only gets $28K a year in interest, how will he manage? 😩

you are viewing a single comment's thread
view the rest of the comments

[–] knfrmity@lemmygrad.ml 15 points 2 months ago

Between medical bills and potentially needing a care home or home assistance later on, that amount can disappear quick. If you own your home, which many in the retiring generation still do, you also have taxes, upkeep, and maybe even the rest of a mortgage to pay off as well.

Some US based financial advisors recommend having $1.5M or more saved to retire.

Retirement is for the propertied class.