I spoke the other day about rich people whingeing that they don’t have enough to retire in luxury. In today’s news there is a 67 year old man who hates his job and wants to retire. However the poor thing only has $700K saved up. This only gives him $28K a year in interest. 
Poor old dear still hasn’t paid off his mortgage so how will he manage on that?
How the other half live.
I’m pointing out how shit the American retirement system is that you are just dumped in the cold when the money runs out. I was also just pointing out people’s math is just wrong in this thread, $28k/year is based on 4% withdrawal and a 30 year expected life span. This 67 year old man doesn’t have a 30 year expected lifespan so the amount would be higher. Sorry for just pointing out that your math is wrong in this thread
Nowhere did I say this was “no big deal” or that this man should be thrown to the streets. You are reading into things that don’t exist and tilting at windmills. This man is in a fairly comfortable position, better than 90% of the American population and all of us will be in at his age. The median amount of wealth Americans have at retirement age is $200,000 according to this, or less than 1/3 of what this home-owning man has. I’m just not weeping for the middle class boomer’s plight when literally everyone else has it worse.