800
In an effort to "not show bias" Trump's sentencing is delayed till after the election.
(www.nytimes.com)
this post was submitted on 06 Sep 2024
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politics
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A million bucks isn't worth a million bucks anymore. $1,000,000 might net you $75,000 in yearly interest, before taxes. What kind of purchasing power is that going to be at retirement?
A worker earning $36 an hour wouldn't make $75,000 a year.
The millionaires are fine.
You know how much insurance costs on a Ferrari?
…/s. Any Replacements fans out there?
$33/hr. was an unimaginable amount of money to me in 1998. What's that look like when I can't work anymore, say in 2040? How about when a loaf of bread goes from $.50 to $5.50? That's how I know you're a child.
Oh, did I say $33/hr? Oops, I meant $36/hr.
$36 an hour × 40 hours × 52 weeks = $74,880
Please direct me to these ez pz 7.5% returns.
https://www.businessinsider.com/personal-finance/banking/7-percent-interest-savings-accounts#:~:text=See%20how%20we%20rate%20banking,rate%20is%20Landmark%20Credit%20Union
Probably not what you are looking for (with the limits and terms), but you get the idea.
FWIW, retirement studies would suggest a 4% withdrawal rate the first year, and increasing for inflation each year after. There are some other ways to go with this, but it's a good starting place.
It's ok. I'll take that pesky $1,000,000 and earn that paltry $75,000 in annual interest for doing nothing. It's ok. I'll allieviate you from the stress of thinking how worthless it is to you. Yes, I'll allow that.
People with your financial sophistication will be eating cat food out a can at 75. Good luck with those pesky numbers.