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Retire a Millionaire on an Average Salary
A million ain’t what it used to be. Beyond that line it is worth noting it isn’t even much at all. Consider that the Social Security Administration says that a third of today’s 65-year-olds are expected to live until at least age 90. Note that someone who retires at age 65, lives until age 90, and spends $45,000 per year in retirement will go through $1.125 million — and that’s before any inflation. Katie Brockman’s piece here notes the importance of starting a savings plan early. Her four steps to retiring a millionaire include these: First, decide at what age you want to retire; second, calculate how much you need to save each month to reach your goal; third, make sure you’re saving aggressively enough in the stock market; and fourth, establish a budget and see where you can make cuts. For more detail, see the full piece here.
AMAC has proposed Social Security PLUS, a new yet voluntary early retirement plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in Washington DC, meeting with a great many congressional offices and their legislative staffs over the past several years. Read AMAC’s plan here.