Thread by @kristijrn

Let’s look at how much $1mil is, in 2019, for a 77 yr old

My Grandpa (an electrician for 50 years) was worth abt $1.5 million when he retired at 72

Health problems started at age 80

He died a few months ago at 88 & had $10,000 left (which paid funeral/final medical expenses)

He worked 6-7 days/wk x 50 yrs; lived modestly & saved literally every cent he could. I used to roll pennies for him

He made some good investments

During the 8 years between retirement & a stroke, he took 2 cruises (only 2 he ever took).

He lived in the same house since 1960

He had Medicare & some VA health coverage

Even with that, between hospitals, doctors, PT, OT, long term care, meds, etc etc...
$1.3 million was almost wiped out in 8 years

He didn’t have to sell his house...which he left to his disabled son, who’s lived there most of his life

I realize $1mil seems like a lot of $ to millennials(it is); for most, retirement is a pipe dream

Retirement used to be NORMAL

20+ yrs ago, financial planners said I needed AT LEAST $1mil by age 65 to retire w a middle class life; & that still won’t be enough w medical expenses

The latest smears from CNN, MSNBC & other MSM outlets, that Bernie is now a “millionaire,” are misleading

For a couple with only a few more working years ahead, he & Jane probably have enough to live modestly & pay common healthcare expenses

If they avoid major healthcare expenses common for elderly retirees, they might have enough to leave their kids & grandkids a few thousand $ each, after they die (we’re NOT talking trust funds) & give a bit fo charity

And they will STILL have much more privilege than most

If MSM was honest (😂), they’d have retirement experts on air to explain the Sanders’ finances in context of a couple who’ll likely retire within 10 yrs; & how QUICKLY healthcare costs drain senior citizens’ bank accounts

I DOUBT Bernie & Jane have enough for a lavish lifestyle

AARP’s general recommdation: a couple shld have abt $1-1.5mil at the time of retirement; & AVERAGE retiree healthcare expenses in addition to insurance are abt $250,000 (conservative estimate). Again, this is about enough to live a middle class lifestyle
aarp.org/work/retiremen…

So if the Sanders’ have a net worth of around $1.5 million, considering that retirement is close, they are on track to be able to retire before they die & continue a middle to upper middle class lifestyle (depending on healthcare expenses)

He’s STILL one of the poorest Senators

Keep in mind: many pundits who are/will be trashing the Sanders’ for being “millionaires” aren’t near retirement & make more in 1 year than Bernie has made in his entire career

Many also benefit from family trust funds & stash $ in offshore accounts to avoid taxes

If it turns out that the Sanders dodge taxes and/or have millions stashed in secret off shore bank accounts, I’ll be pissed

But I doubt that will be the case