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Comment by standardUser | Hacker News Reader

> The median household can easily accumulate a million dollars in inflation-adjusted net worth, not including their house, over a 40 year career.

That sounds like barely enough to retire on.

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It's not that great, no, but look at how much people can save in other countries: The idea of saving a million dollars outside of your home in Spain is basically fantasy. Much higher taxes, much lower salaries, and no savings vehicles that allow for strong deferred taxation: The max for the 401k equivalent is 1000 a year! So the vast majority of workers are saving basically nothing that isn't their home, and will rely on social security. Not that they would be happy to save... the wealth tax in large parts of Spain starts after $500k, and you pay yearly. 1 to 2% of wealth starting that early makes retiring early basically impossible: 4% is not a safe withdrawal rate anymore.

So it's not a matter of everyone in the US having it easy, but how hard a road most people have now elsewhere.

Most people in Western nations receive far higher pension payments than we do in the US. Hence the American need to hoard wealth for old age.

For reference elder care facility in CA Metro Area is like $20k/MO and in MA suburb is like $11k/mo.

At $15k/mo you can get like 65 months of service.

Not counting income from savings or SSI

$20K/MO sounds exaggerated. A quick Google gives me

Palo Alto was deemed the seventh most expensive location for assisted living in California, according to a new study by Mirador, a platform that helps people research nationwide assisted living locations.

The average yearly cost of assisted living in Palo Alto is $91,177, compared to the state average of $63,927, according to the study.

Source: From https://www.paloaltoonline.com/seniors/2024/10/04/study-reve....

I think the issue with elder care is about the balance of workers vs retirees, which is an problem (or will be a problem) in most developed countries.

That’s pretty damning if life expectancy after retirement is another 15-20 years.

Don't know why this is grey. You will reach a point where you can't hold down a steady job anymore. Age comes for us all and the "old people" working as Walmart greeters are younger than you're probably imagining.

Being old is expensive. You don't necessarily realize how many things you do that save money rely on being at least somewhat youthful and able bodied. And 1 million sounds like a lot but that is going to be in 2070 dollars and has to last you between 10 to 40 years.

I don't agree being old is really more expensive that being young. Why would it be?

You could live on a 10% yield indefinitely.

Healthcare. Difficulty DIY’ng more and more things, including eventually transportation.

I think you forget that a lot of those things are heavily discounted for people with senior citizen cards. Healthcare and public transportation get cheaper when you get older. (The bus is free here for people over 60). Even utility bills get cheaper with a seniors card.

I think you have a vision of old people as unhealthy and inactive, I can't think of any DIY that I do now that I would not be able to do well into my 80's.

I think the major thing is that you don't necessarily get to choose what happens to you as you age. My Fil is in his early 60s and can't walk across the room without becoming winded thanks to his heart getting messed up. My mother, also early 60s has through no fault of her own completely shot knees and her standing is limited to walking between places to sit.

Their respective spouses are doing great though so they're legitimately carrying the team.

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