this post was submitted on 22 Jan 2024
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It's generally considered safe to withdraw 4% of your nest egg each year. Someone with 2 million can support an 80k/year retirement.
The average multimillionaire is literally just any person with a six figure salary who has been saving for retirement and is nearing retirement. You basically can't retire without at least being a millionaire.
Yeah the big difference is now much it takes to amass that money. If we have a capitalist system, there's nothing wrong with workers saving money to retire with a few million.