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Thu Mar 14, 2019, 05:34 AM

The U.S. Now Has More Millionaires Than Sweden Has People

(Bloomberg) -- The number of wealthy households in the U.S. reached a new high last year, roughly equivalent to the entire population of Sweden or Portugal. More than 10.2 million households had a net worth of $1 million to $5 million, not including the value of their primary residence, according to a survey by the Spectrem Group. Thatís up 2.5 percent from 2017.

Read more at: https://www.bloombergquint.com/markets/the-u-s-now-has-more-millionaires-than-sweden-has-people#gs.1ephuw
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Summary of Trump Economy--Rich get richer (3% population), the vast middle class going nowhere.
We need Senator Elizabeth Warren as president more now than ever. She has the most coherent plan
for the economy and to grow the middle class.

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Reply The U.S. Now Has More Millionaires Than Sweden Has People (Original post)
at140 Mar 2019 OP
rampartc Mar 2019 #1
Abnredleg Mar 2019 #2
Farmer-Rick Mar 2019 #3
Abnredleg Mar 2019 #5
at140 Mar 2019 #4
OnlinePoker Mar 2019 #6

Response to at140 (Original post)

Thu Mar 14, 2019, 05:58 AM

1. probably says more about the value of $1M than it does about the economy

or the economic system.

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Response to at140 (Original post)

Thu Mar 14, 2019, 07:07 AM

2. $1 million in a retirement account

will generate approximately $40,000/year, which is below the median household of $56,000. The 10.2 million households with a net worth include a lot of working class people who were fortunate to save enough over 40 years to build a decent nest egg for retirement. Unfortunately, the killing off of pensions and lack of jobs with a liveable wage have placed this dream out of reach of most working people.

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Response to Abnredleg (Reply #2)

Thu Mar 14, 2019, 08:10 AM

3. Wow, you are right, it's enough for a retirement account depending on how long you live

And how much you withdrawal.

I once sat down and calculated how old I would be when I will have collected a million dollars from my military retirement. It doesn't take as long as you might think.

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Response to Farmer-Rick (Reply #3)

Thu Mar 14, 2019, 08:25 AM

5. Rule of thumb is 4% annual withdrawal rate

if you want your retirement money to last 30 years.

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Response to Abnredleg (Reply #2)

Thu Mar 14, 2019, 08:15 AM

4. Secret to happy retirement is NOT amount of money

In United States the secret is staying healthy!
Since I have very few health issues, I can live comfortably on
social security plus about $1200/mo additional money.
I take 3 or 4 cruises of 7 days every year from Florida ports.

The day I stop or unable to continue my exercise routine, is when my health
maintenance will become expensive. I signed up for a Humana MedicarePlus
plan which is designed for healthy individuals, which costs nothing per month,
actually pays me $55/mo to stay in the plan.

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