"Many people don't make enough to adequately save for retirement. Most of the people who do have the income would rather have a bigger or fancier house and a brand new Tesla/BMW/etc, possibly because they think they will always be making that level of money or are out of touch with reality."
Many people don't make enough to adequately save for retirement. You could probably say that this could in fact be most people when you look at things like Fidelity or Vanguard stats on the state of retirement accounts and savings in the US.
Then there are still many people, but not a majority, who do make enough money to adequately save. Of these, a majority of them seem to live beyond their means with respect to purchasing houses significantly above the rule of thumb (2.6x yearly income) or historical average (5x yearly income), or buying fancy cars/vacations/etc.
The other part of the group that does make enough money are making so much that they can actually save the max (like the example I gave), but are out of touch with the reality that most people don't have enough income to save that much. The example I gave fits in this group. I suppose the most pertinent part of the example was left out - the looks we employees gave each other about how he's crazy to expect us to be able to save $20k per year. So it's not just an example of that rich individual, but also of the group's affirmation that the savings level is unattainable.
"Many people don't make enough to adequately save for retirement. Most of the people who do have the income would rather have a bigger or fancier house and a brand new Tesla/BMW/etc, possibly because they think they will always be making that level of money or are out of touch with reality."
Many people don't make enough to adequately save for retirement. You could probably say that this could in fact be most people when you look at things like Fidelity or Vanguard stats on the state of retirement accounts and savings in the US.
Then there are still many people, but not a majority, who do make enough money to adequately save. Of these, a majority of them seem to live beyond their means with respect to purchasing houses significantly above the rule of thumb (2.6x yearly income) or historical average (5x yearly income), or buying fancy cars/vacations/etc.
The other part of the group that does make enough money are making so much that they can actually save the max (like the example I gave), but are out of touch with the reality that most people don't have enough income to save that much. The example I gave fits in this group. I suppose the most pertinent part of the example was left out - the looks we employees gave each other about how he's crazy to expect us to be able to save $20k per year. So it's not just an example of that rich individual, but also of the group's affirmation that the savings level is unattainable.