Trump claims $465,000 in retirement savings makes someone ‘rich’ — experts disagree.
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It’s the biggest question when it comes to retirement savings: How much do I need to save to retire comfortably? President Donald Trump recently said that $465,000 in retirement savings would make someone “rich.” But is that really enough to get you through your golden years? Some experts aren’t so sure.
The president made the comment recently when he signed an executive order that would expand retirement account access for those who don’t have access to workplace retirement savings plans. Top Picks CNBC reported that when the president signed the executive order, he said that young workers who saved regularly with the account would be able to save $465,000 by the time they retire — “In other words, they’ll be rich,” Trump said (1). Barry Glassman, a certified financial planner, told CNBC in an email that while the accounts had advantages, “I don’t believe they are going to make people rich.… While $465,000 could provide a healthy sum for retirement, with 3% inflation, in 30 years that’s equivalent to less than $200,000 today,” Glassman wrote.