Because economic literacy is so vitally needed, I am again sharing On Demand Side Economics for free until Monday. Please share with family, friends; post on email lists, blogs, facebook!
“The average person works and accumulates savings over 40 years in order to retire. From the time they start to the time they finish, assuming only
2% inflation per year, prices will have risen by 221% (1.02^40). Assuming 3% inflation per year, prices will have risen 326%. So, if you make $50,000 when starting your career, you will have to save over $150,000 to maintain a similar lifestyle for one year only by the time you retire. Literally, we will all need to become millionaires.”