Money Magazine, America and Iowa discussed on John Gibson

Automatic TRANSCRIPT

The the idea that this piece and money magazine looks at the fact that fifty three percent astonishing of millennials think at some point they'll become millionaires now how many people are millionaires in america at large five percent so if you have fifty three percent saying that well i'm going to be a millionaire but only five percent of everybody is millionaires when you start getting up to older ages it's more likely but it it never gets much above ten percent and so they're going to be a lot of disappointed people unless these millennials actually begins saving for the future as this the author of the survey says you can have that expectation if you're willing to make the sacrifices but it doesn't happen because he woke up one day and made a million dollars for most people it's because you saved you sent money aside when you were twenty five for when you became sixty five and here's the numbers that they use and i think it's interesting they say you're at twenty five year old who lives in the state of iowa the state of iowa in the middle of the country median income for a millennial that's anybody under thirty five sixty three thousand dollars that according to a recent analysis by money magazine now assuming you follow the national standard and you start contributing six point two percent what you earn to your 401k with your employer matching fifty percent up to six percent of your salary they make the point even if you only get annual salary increases of two percent a year which is below the us average you can still have one million four thousand and four thousand four hundred and sixty eight dollars by the time you retire at sixty five they've calculated very carefully okay now again that's for people who are earning that median income or above but it does show that it is not impossible to accumulate wealth if your patient responsible enough for most people who are working in this country and and also that you have enough money so you can put away that six percent of your salary chris in los angeles here on the michael medved show hey how's it going my aunt you are on you made it all right so my comment isn't about the money so much about the physics

Coming up next