How Much Money Do Americans Need To Be Comfortable?

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

If rent prices were low enough for one to only pay 30% of income on housing, we'd all be doing much better

The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.

I wish I had more time for experimentation, but I'll be 50 by June, and I'm looking for ideas and suggestions on what investments to acquire to set myself up for retirement, especially with the looming inflation; my goal is to have at least $5 million by the age of 65.

I love how they are switching between average and medium income to hide the fact that most Americans are actually making around $50,000 (Before taxes) rather than around $75,000 (Before taxes)

College, health insurance and retirement savings are the new luxury items

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

The average retiree, I believe, should have been able to have enough to last the rest of his days. I t just depends on choices during your working days, just as I came to realize later. Surprising how I still netted more $2m. by retirement. And this is while living in New York!

Yesterday I heard a guy say people are expecting food prices to go back down. Food will never go back down because the corporations have no reason to lower the prices. I started thinking about it and believe him

If rent is just 30% cheaper, many would be comfortable.

I live in Thailand. And while my income is only around $3k a month. The cost of living here is rather low and my expense is only around $600 a month (including health insurance). That leaves me $2.4k saving for each month or close to $29k a year. I also own my own properties. I can’t imagine doing that in America.

Not to mention we are a society of mass consumers. Christmas doesn’t have to be about presents but it is- holiday decor for every holiday, gadgets, fashion trends, entertainment, the list goes on and on.

They bring out these kind of videos to make us realize where we belong. Not too long ago when people started quitting the job market, it was a wake up call to all these people what we are able to do. They have created this environment to squeeze out the last penny from our savings and to show us our position in the society - as their slaves!

The only thing that this video did for me was to reinforce my appreciation for being single, no kids, that I have few worldly cares, and few worldly possessions.

Lets be honest. The average wage is skewed due to the super rich. Most people out here are trying to make it on 30k, 40k, 50k. I don’t consider before taxes to even be a real number. I base my pay on what actual amount my checks are.

Sad to say my aunt in her mid 60s won’t retire into probably close to 70s and that’s if things change for the better. I’m still living with one of my parents and I’m 23 after trying to live on my own I see now how hard it is out there. Not ashamed to admit I’m living again with my parent.

It is absolutely insane that rent is more expensive than a mortgage in most places. Rent, in practice, is supposed to be a FRACTION of the cost of a mortgage so that you are able to save up to take out a loan to buy a house. This is absolutely insane.

College wise: go to cheap colleges. There are some colleges that cost $2000-3000 per semester or less. Go there. Work during summer break. Work part time during your college. Dont take out student loans. Graduate with no debt, with skills. Thats what I did, zero regrets. Even if its a religious uni or college - just ignore the religious stuff, its worth it. Weddings: huge expense you dont need. Its just one day meant to celebrate your big life event - no need for fancy food, location - and all the crap you pay for, so that your guests are entertained. Make it easy on your wallet and yourself - less planning. Why make yourself miserable for weeks ahead of wedding for one day, day during which you will be so tired, you wont remember/enjoy most of it. I used to be a wedding photographer & videographer, and every single couple told me - they didnt remember what happened, that it was all a blur and that they were happy they could watch the video to see all that happened. Thats how stressed and tired they were. I married in courthouse - best decision ever! Very special and intimate. No regrets. No debt, no spending. Rings: another big money saver - dont save up for a ring. Dont request an expensive ring - whats the point? Is it a symbol of love or is it a used car on your finger? And guess what, rings do not resell well, at all. If you buy a $5K ring, you’ll be lucky to find someone who buys it used from you for $1K. Dont waste your money. Stay true to you. Do what actually makes YOU happy. Not what makes you look happy. Dont buy the illusions. Buy small house. You dont need the classic huge American house. For what? To store stuff? Life is short. Buy only what you truly need and what makes you happy, for real. Dont buy into capitalist bs. You dont need 15 decorative pillows on your bed. Or buy a house and rent a spare room(s) in it to help you pay mortgage. Buy an older used car thats reliable. With cash. Buying an older Toyota saved me thousands in repairs. No car loan. 5 years on a 14 year old car, and still not a single repair. If you can - find a remote job, save on transportation and lunch expenses (cook at home) Only buy things you need rn, or about to use, dont buy things “in advance” When your paycheck increases - do not increase your spending, keep it the same. Try to avoid any loans and debt like a plague.

Me and my wife live well within our means, we don’t have a huge house, we don’t drive luxury cars, and we don’t go on lavish vacations. I think one of the biggest problems is people trying to out do each other.

I don't think I've ever broken 35k a year. Any job that pays more than this is highly impacted and the employers annoyingly picky. This has always been the case no matter what they tell you about unemployment numbers.