I mostly take your point(s), and really... $3m is not a large amount for someone who's worked and been moderately diligent about finances. You don't need to have insider knowledge or bend the rules to have saved $3m over 60 years. BUT... $310/month back in 1950 was a lot of 'savable' income for most working people. Most manufacturing workers in mid 1950s were earning under $2.50/hr - even assuming some overtime, monthly earning might be $500.

Totally understand, and I was doing a bit of hand waving in the original comment. 7% is around the inflation adjusted, long term S&P 500 return, meaning $310/month would need to be adjusted for inflation over that timeframe.

Converting 2020 dollars (because times are weird right now) to 1960, it comes to about $35.50/month. On $500/month income, that's a 7% savings rate.

AHA - makes far more sense now. That pesky old 'adjusted for inflation'.