I think you’re conflating a few things there.
Most people in North America and Europe under 30 today are likely to become millionaires before they die. My point was that being a millionaire is pretty much useless when you spend that much in groceries and rent in a year.
Over 55s had a dream of becoming millionaires when they were younger and a million dollars was enough to live on for the rest of your life. The sad truth is that those who didn’t make it are likely to die in poverty, while most of those who did make it likely still can’t afford to retire at 65.
The younger you are, the more the S&P will help you compound your savings to the point where you can afford to stop working before you die. Assuming you can save anything—which is really difficult and getting harder.
Nighed@feddit.uk 3 weeks ago
They’re saying that if you’re 55 and in that situation you are in trouble as you’re running out of time to get out of the situation. In your 30s it might not be great compared to previous generations, but you still have time to turn things around.