| In last Sunday's edition, they accused millionaires - in an article not an editorial - of widening "the gulf between rich and poor." There was no mention of how some folks don't work, don't save, don't invest, or won't stop spending. That would undermine the victimhood narrative. (At the Post, personal responsibility is a forbidden subject.) But here's the rub: a million dollars isn't what it used to be. When I was growing up, the word "millionaire" was shorthand for rich. Today it's a nice, round number. But it's also usually a point on a longer journey rather than a destination. That's partly due to inflation. It takes $2.1 million today to equal $1 million in 1995, according to the U.S. Bureau of Labor Statistics. Most Americans recognize that a million dollars - while it certainly makes life more comfortable - will not provide a life of leisure. According to Charles Schwab's annual nationwide survey of 401(k) plan participants, $1.6 million is now the magic number. That's how much most feel you need to have to retire. Yet even that amount won't provide a lavish retirement. Invest $1.6 million in ten-year Treasury bonds and you will earn $67,200 a year at today's rates - or $4,200 a month after federal and state taxes. You could put the same amount into an S&P 500 index fund and - if it generates its long-term average return - it would earn about $160,000, or $9,625 a month after federal and state capital gains taxes. After taxes? Recall that you have to sell part of your holdings before you can spend them. And those capital gains rates - even long-term capital gains rates - are pesky. Of course, the vast majority of Americans don't think the rich pay their fair share. So look forward to getting fleeced and denigrated year after year. (Welcome to the club!) Of course, you could spend more if you dipped into your $1.6 million in capital. But then your future returns would be lower and - depending on your spending habits - you could run through the entire principal amount, especially with people living longer. Unfortunately, the investment return on zero is always zero. That means the surest bet is to save as much as you can, starting as soon as you can, and earn as much as you can for as long as you can. This is the safe way to reach your financial goals and to make sure your dependents always have enough. Good investing, Alex | 
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