I think people are just having issue with the title, mostly.
Also, I wouldn’t really count an IRA having a million dollars as being a millionaire with the rules regarding distribution. Even a Roth (at least in the US) can have penalties if withdrawn before the beneficiary is 59.5 years old. I’d more consider the title of a millionaire as having at least a million dollars in liquidity, usually more.
There are ways to get money out of an IRA without penalties (72T rule), but the article talks about “net worth millionaires” which includes home value (the article mentions this), and that’s hard to get value out of unless you do something crazy like a reverse mortgage.
The title, is accurate, and meaningful. The top 10% of the planet is feeling squeezed out.
I disagree with the second part. In my experiences I’ve come to believe most of my peers who range in between 150ish -400 + rsu mostly think about when can they retire and maintain their life styles. And for most of my peers live pretty upper middle class lives. Living well but not particularly lavishly.
And we/they know that. We’re near the top, we have it best, but it certainly doesn’t feel wealthy. More like, not fighting for literal survival.
Yeah, I don’t disagree with it being accurate. More just that it’s a very sensitive pain-point for a lot of people and the way it’s worded, at first glance, can make people who are legitimately struggling feel forgotten.
A bit hyperbolic, but it can be something like, “Jeff is trying to make ends meet by skipping meals. Fred is feeling the pressure of the economy and decides to forgo the avocado toast. Let’s focus on Fred.”
Again, it’s a sensitive subject and as such wording of headlines starts to become more and more important. Something like, “In today’s economy, even owning a million dollars is meaning less and less,” could be a bit more neutral.
I think people are just having issue with the title, mostly.
Also, I wouldn’t really count an IRA having a million dollars as being a millionaire with the rules regarding distribution. Even a Roth (at least in the US) can have penalties if withdrawn before the beneficiary is 59.5 years old. I’d more consider the title of a millionaire as having at least a million dollars in liquidity, usually more.
There are ways to get money out of an IRA without penalties (72T rule), but the article talks about “net worth millionaires” which includes home value (the article mentions this), and that’s hard to get value out of unless you do something crazy like a reverse mortgage.
The title, is accurate, and meaningful. The top 10% of the planet is feeling squeezed out.
I disagree with the second part. In my experiences I’ve come to believe most of my peers who range in between 150ish -400 + rsu mostly think about when can they retire and maintain their life styles. And for most of my peers live pretty upper middle class lives. Living well but not particularly lavishly.
And we/they know that. We’re near the top, we have it best, but it certainly doesn’t feel wealthy. More like, not fighting for literal survival.
Yeah, I don’t disagree with it being accurate. More just that it’s a very sensitive pain-point for a lot of people and the way it’s worded, at first glance, can make people who are legitimately struggling feel forgotten.
A bit hyperbolic, but it can be something like, “Jeff is trying to make ends meet by skipping meals. Fred is feeling the pressure of the economy and decides to forgo the avocado toast. Let’s focus on Fred.”
Again, it’s a sensitive subject and as such wording of headlines starts to become more and more important. Something like, “In today’s economy, even owning a million dollars is meaning less and less,” could be a bit more neutral.