Quoted from xsvtoys:It seems like having one million dollars (with all of your asset totaled including house) doesn't really make you too wealthy these days. It might be enough to get by.
Also, I don't think these types of stats include any retired government workers or others who get a pension. They are basically all millionaires also. A lifetime pension of $3,000/month has a current value of about $1.1 million, assuming you get to take it for 30 years. Of course its worth even more if you live longer since with a pension you collect it all the way to the end.
If you have a pension of $6,000/month, that means an average person would need to save up $2.2 million to match that.
How is this calculated? rates and terms? If there is a online calculator I would love to see it and use it. I am right about 7k per month if I retire now and get free Healthcare.