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this post was submitted on 07 Dec 2024
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This term "millionaire" being synonyms with "rich" really needs to be updated for 2024 with all of the inflation by now. A household that saved $1m by the time they retire at age 65 would technically be "millionaires". That would give the household $81k/year. $81k/year to spend for a household in retirement isn't bad, of course, but I don't think anyone would look at that household and think that the couple living there would be considered "rich".
Now that one is absolutely still "rich" by every measure.
Not rich, but 81k/year is just under twice what I’m making right now ;-;
Then you're making more than that millionaire household (remember thats at least two people), and that's after they've spent their entire life working and saving.
You are more "rich" than those millionaires because you're one person, and likely have decades more to earn increasingly higher salaries and save. For them, its over. That is the most amount of money they have for the rest of their lives. There's no more income from salaries after retirement.
That’s crazy because while livable I wouldn’t call my financial situation super comfortable. Maybe if I wasn’t paying rent though
Housing costs don't go away when you own a paid-off home. You still have to pay for property taxes and insurance in addition to the costs of upkeep on the home. This is part of the reason its so difficult to get ballot measures passed that rely on property taxes. Fixed income seniors aren't getting any more money, and they are trying to make their money last for the remainder of their lives (with no idea when exactly they'll die and it will be okay to be out of money).
They also get to watch their savings drop in value over time as inflation chips away at it.
All of this happens at a time of life when your medical costs are sky high from your body failing from age or treatment to continually treat chronic conditions.
Getting old isn't for the faint of heart.