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Tuesday, August 10, 2010

Being rich in America

The Obama administration wanted to extend tax cuts for everyone except those in the $250,000 per annum income group but not a lot of people knew that this figure only pertained to approximately 2% of the population.

If we want to retire by age 35 then we realistically need to have approximately $12 million in savings by that time. This would net an income of $300,000 per annum if the savings were bringing in an income of 5% and factoring in the cost of living and inflation adjustment figures. At this rate a person could live on a $300,000 income per year, from age 35 up to past the retirement age.

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