this post was submitted on 15 May 2025
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I spoke the other day about rich people whingeing that they don't have enough to retire in luxury. In today's news there is a 67 year old man who hates his job and wants to retire. However the poor thing only has $700K saved up. This only gives him $28K a year in interest. sadness Poor old dear still hasn't paid off his mortgage so how will he manage on that?

How the other half live.

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[–] oscardejarjayes@hexbear.net 9 points 1 week ago (2 children)

I mean, that much money comes out to around $1,000 into his retirement each year working (backtesting with testfol.io, assuming he's a boglehead), which really isn't a huge amount of money. It's entirely possible to do that while making less than median American salary ($48,000/year).

[–] oscardejarjayes@hexbear.net 11 points 1 week ago* (last edited 1 week ago) (1 children)

Depending on his family arrangement, 28k a year would put him in the bottom 20% of Americans, and only 4k-8k above the American poverty line.

Admittedly, his savings are a bit above average.

[–] GiorgioBoymoder@hexbear.net 14 points 1 week ago* (last edited 1 week ago) (1 children)

real crabs-in-a-bucket hours. love to vilify someone for being a fat cat who put $85/month into retirement savings over their working life. love to criticize the wealthy "other half" who have enough retirement savings to... checks notes live just above the poverty line.

[–] AnarchoAnarchist@hexbear.net 3 points 1 week ago

Intersectionality and solidarity?

Fuck that, let's shit on the elderly and burn bridges!

[–] Z_Poster365@hexbear.net 8 points 1 week ago* (last edited 1 week ago) (1 children)

Median savings at retirement is $200k, less than 1/3 of what this person has. They're not only "above average" they're triple the median and in an extremely comfortable position relative to most of their peers

[–] oscardejarjayes@hexbear.net 4 points 1 week ago

That makes sense, financials tend to be skewed, so mean is a lot higher than median.