Here's How Much Bloomberg Terminal Users Are Detached From Reality
One of the best insights into just how disconnected wealthy folks are from the souring economic reality of high inflation crushing the bottom 90% of households is in the latest MLIV Pulse Survey asking Bloomberg Terminal users 'at what dollar amount they would need their retirement savings to feel comfortable'.
The response: At least $3 million or more to retire with ease, according to the 553 respondents.
In the US, 2.9% said less than $1 million, 7.6% said more than $1 million, 31.4% said $3 million, 42.6% said between $3-5 million, 13% said $20 million, and 2.5% said more than $20 million.
Bloomberg noted:
Most respondents are optimistic they'll move closer to their retirement goal by ending 2023 with more in retirement savings than at the end of 2022. Last year, inflation and rising borrowing costs hammered stocks, and since bond prices also plunged, the average US 401(k) retirement account was down 20% at plans where Vanguard Group is a recordkeeper.
But here's the disconnect between the respondents and everyone else. These folks aren't in the bottom 90% and might not be suffering 21 months of negative real wage growth, depleted savings, maxed-out credit cards, and increased risk of job loss.
A recent survey by Bankrate showed one-third of American workers -- nearly 36% -- don't have retirement accounts such as a 401(k) or IRA. The survey showed 52% of Americans are behind in their retirement savings.
And many in the bottom 90% have found themselves working longer as the average retirement age has increased from 62 to 65.
Simply, the respondents of the MLIV Pulse Survey are disconnected from reality.
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