American millennials think they will be rich

Re:American millennials think they will be rich by Glyptodon on Monday April 22, 2019 @04:22PM (#19722556)

Around 50% of the US working population earns $30,000 or less a year. Good luck saving 10k or 15k a year at that income level.

Tangentially, at the typically suggested 4% yearly withdrawal level you'd need more like $1.5 million to retire at the ~$60k median income level.

Also sort of unrelated I thinks it's interesting that about 50% of people can earn under $30k, but median income is still twice that.

[ Parent | on HN ]

Re:American millennials think they will be rich by hoopleheaded on Monday April 22, 2019 @04:43PM (#19722786)

Median household income is nearly twice median individual income (approx 31k vs approx 57k). Households frequently have two earners.

[ Parent | on HN ]