Here They Go Again! Why do they keep doing this?

Lew W.
2 min readNov 26, 2022

You don’t need to save multi-millions of dollars for retirement!

Photo by Harli Marten on Unsplash

There is yet another article on Seeking Alpha titled, Why Millennials Should Aim For $4 Million For Retirement stating the same old worn-out trope about how you need to have X amount of money to be able to survive through retirement. Every year the amount gets more and more because of expected inflation!

Firstly, it is always the best plan to save as much as possible and even over-invest, if possible. But, for most Millennials, as in this case, it may not only be hard, but impossible to save $4mm by the time they are ready to retire.

Most are of child-bearing age, and for the next 20 years, putting away savings will be extremely hard to do unless they are in a highly lucrative job.

The first Millennials are in their early forties, and if they haven’t started saving for retirement already, they will need to sock away over $133k per year! This is extremely difficult for almost anyone at that stage of life.

So, secondly, don’t listen to this advice. It is the same old tired, conventional wisdom. And, usually, conventional wisdom really isn’t wisdom at all!

You can save as much as you can over your working career and use the less conventional wisdom to live off the interest as the wealthy do and aren’t listening to the so-called professionals.