Quote:
Originally Posted by joey2665
I strongly disagree if you are in your mid 30s with 100k making 8% compounded over 30 years even without additional contributions is 1m. That’s significant and that’s without adding another penny. Additionally if you have it in a Roth IRA it is completely tax free.
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You've sort of lost the general point which is that very few people have significant wealth in the stock market. First, on the specifics--do you know many 30 somethings with $100K in the market? But more broadly--the top 1% own more than have of the equity value in the US, the bottom 50% own less than 1%. So when we prop up the stock market, virtually all the benefit goes to those already wealthy. As I would imagine you know from your accounting practice, the large majority of boomers do not have enough to retire over the next few years.
Here's more on the market distribution, and an explanation of how wealthy people are able to increase their wealth dramatically with no hard work or brains necessary after their initial windfall:
https://www.cnbc.com/2020/08/27/weal...ouseholds.html