It's higher than you think. It's almost effortless to save a million dollars these days. Using just 10% of your income to fund an IRA or 401k from when you are in your 20s guarantees multi-millionaire status. Those with company matches can get to the million dollar mark with just 6 or 7 percent saved.
There are already 20 million "millionaires" in the U.S. today, mostly Baby Boomers, and that figure is exploding as the Gen X'ers come into retirement range.
Of course, having a million dollars isn't what it used to be. I tell my 30-something sons to expect to have at least five million saved up before they can retire. Just one million won't cut it.
Agreed and same with my kids same age will need more due to inflation alone and that was before our current hyperinflation but what I was questioning were these numbers from the write up :
“ hundreds of Americans have IRAs worth more than $25 million, and nearly 30,000 have accounts with balances topping $5 million.” ”
Seems too low - lot of wealth out there and I’ve heard the numbers you quoted from financial publications before.
With $70k in 1987, it as grown into over $ 5mil.
Fortunately I am going to be 59 in two months