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Why Your Retirement Comes at a Disadvantage

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Many of us thought the Covid-19 pandemic would have led to financial market meltdowns, but we were so wrong. After a year of lockdowns, with nowhere to go and spend money, we saved and invested so much many might feel a step closer to retirement. 

Let me be frank with you: That absolute figure in your 401(K) account is misleading. An inflation in asset prices will only propel a rise of the cost of living, especially in non-essential items. Restaurant bills will appear bigger, so are your summer car rentals and private school tuitions. Instead, we need to benchmark our portfolios against how others are doing — just to make sure our purchasing power isn’t eroding. 

For those of us who aspire to financial independence, the picture is not pretty. Has your retirement account risen by 8.3%? That’s how much global wealth — including stocks, bonds, and real estate — grew in the last year, to a record $250 trillion, according to Boston Consulting Group Inc. And that 8.3% is just a minimal point of comparison. In 2020, the ultra-rich — defined by the consultancy as those with at least $100 million — saw their investable wealth soar 15.8% to $5.8 trillion in the U.S., and 26.5% to $3.6 trillion in mainland China. This exclusive club of 60,000 people have $22 trillion in investable wealth, representing 15% of the world’s total. 

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Some nest eggs are more golden than others.

Some nest eggs are more golden than others. Photographer: erenmotion/iStockphoto

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Click the link below for the article:

https://www.bloomberg.com/opinion/articles/2021-06-23/don-t-worry-about-fomo-you-don-t-have-the-advantages-to-retire-like-the-rich?utm_source=pocket_discover

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