Article Originally posted by Tim Picciott of FocalPoint Wealth
For today’s millennials, many of them think the prospects of accumulating $1,000,000 is out of reach.
Wells Fargo found that “64% of millennials say $1 million is out of reach” according to a recent study as reported by time.com.
This is very depressing news because not only is accumulating $1,000,000 not impossible, but it is nowhere near enough.
If a 30 year old today is able to accumulate $1,000,000 by the time they are 66 and assuming inflation runs at 4%… That same $1,000,000 will be the equivalent of $250,000 today! Assuming a 4% withdrawal rate, this means your purchasing power will be roughly $10,000 by the time you are ready to retire if you “only” have a million dollars.
With social security in precarious standing and with pensions going by the wayside retirement planning is now left more and more to the individual.
We have plenty of resources and advisors to help you get started. We even provide the ability for you to invest with us without even having to talk to anyone. Don’t worry we are more than happy to help, if you have any questions though.
We hope you found this article helpful and also encourage you to watch our video that explains the differences between IRA’s and Roth IRA’s as well as our video on “The Power of Investing Early”
The following is for illustrative purposes only.