People With IRAs Worth $5 Million or More Has Tripled
The new data also shows that the number of Americans with traditional and Roth IRAs worth over $5 million tripled, to more than 28,000, between 2011 and 2019."
Despite many conservatives fears about the Democrats so-call socialist agenda what we have here is runaway capitalism. There has got to be a happy medium between the two. The difference between rich, poor and medium incomes is getting wildly out of control. Unfortunately from what I'm seeing most politicians aren't concerned. What will become of this country if this divide is allowed to continue unabated?
Yes savings have increased dramatically under the Trump economy. the Biden economy has yet to be implemented. Lets see where all this is if it gets passed.
ReplyDeleteHonestly, it’s not that difficult to amass such large IRA, etc. accounts. IF, and that’s a big IF, you started saving aggressively early in your career and build-up a sizable chuck to grow over a couple decades.
ReplyDeleteThe time value of compounded interest is largely ignored by our society that values consumption and immediate gratification.
Start very early, invest correctly using equities, and LET IT SIT! Your sum will multiply nicely. At some point in the future, the interest gained annually can become substantial and grow more each and every year. Waiting until your 50s to get serious about retirement saving won’t really get you where you need to be. Five million is a huge sum and I congratulate those who did it. I’ve amassed 2 million without adding more money over the past 10 years. That’s the magic of compounded interest at higher levels of base. If only more young adults did this!
Saving is a virtue not a vice, it takes self discipline. i saved since I was 10 years old, I saved while in the navy making very little. I worked part time while on active duty. All so that I would have some capital to go into business and plan for my future. I also hope that I will have some left to leave to my children. I never borrowed money, only bought what i had saved.
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