Quote:
Originally Posted by Scanner
Pre-financial crisis, I know a lot of people here wanted 4.2 million dollars, etc.. . .based on COL and inflationary assumptions. I wonder how much that has changed.
|
I would think that the financial crisis and deflation fears would make people want to save even more for retirement. Look at the seniors this year. SS payments are not going up since there is no official inflation. Of course, Medicare premiums are still going up so they will end up with less income next year than this year. That's rather scary for someone at that stage in life. If they don't have personal savings to fall back on, they'll be in trouble. Add in the pathetic interest rates on savings and if you don't have a lot saved, you're out of luck.
The market correction also emphasizes the need to save as much as you possibly can. Sure, I can live in retirement with less than $3 million, but what happens if I only save $1.5 million and then there is another 40% drop? I'd be screwed.
So no, my desire to build a multi-million dollar nest egg hasn't changed at all.