I came across this article which asks this very important question, what does the data tell us about how many people actually do retire with 1 million in the bank?
The 1 million sum is great because first off it is a lot of money. Next, it is also a nice round number that is easy to wrap our minds around. It is difficult but also achievable. Therefore, it is a number that makes for a nice goal for most people.
So, what does the data tell us. Well, the news is not great. According to the Federal Reserve’s latest Survey of Consumer Finances, only about 10% of American retirees have managed to save $1 million or more. That is clearly not where so many people want to be.
The numbers are actually even worse thought. The data tells us that the median retirement savings account balance for all U.S. families, including every age bracket, is currently just $87,000. That is a long way off from 1 million. Unless, you are really young you are running out of runway to both add to and grow that money.
Therefore, it is so very important to learn and start practicing a level of patience and discipline to reach your retirement goals. You have to get compounding interest started as early as you can and give it as much time as you can to work.
Otherwise, it just makes everything so so much harder.
As always, if you are looking for a gift for the young reader in your life, you can find some great children’s books on Amazon. Just go to these links The Desert Fairies of Oylara, The Rainforest Fairies of Oylara, and The Artic Fairies of Oylara and order them.
Additionally, check out this very cool podcast on Spotify called Gen X Dad and his Gen Z Teens. Entertaining!
Finally, check out some pretty cool music on YouTube if you have a few minutes: Introduction , Mosh, Smoke, Watch Out , and First Day Out. Enjoy!
Patient and Disciplined Saving 