11-11-2016, 06:35 AM
(11-11-2016, 06:01 AM)gstanford Wrote: People who post that they want to retire early with a million in the bank generally don't fritter away their disposable income on unnecessary purchases, rather they bank or invest the money in order to achieve their stated goal of having a million in the bank at retirement (which isn't a lot of money if you live another 30 years which would put you in your early 80's if you are in your early 50's now, presuming you are going to live off the million and not be a socialist leech drawing a govt pension).
Unsure of how you guys do it there, but here everyone pays in 12.4% of their income up to the cap of $118500/year to the Social Security system. The worker pays 6.2% of their gross, their employer pays 6.2% of your gross.
When you retire, you get a percentage of your income that maxes out at $2600 mo..
I suppose you could call it socialism, but in my mind a working couple who paid in $25,000 a year for decades certainly deserves to get their $50,0000 a year back when they retire. The only reason it works is most people die.