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To upgrade or not: How a $1,000 iPhone could cost you $17,000 in savings

Buying a $1,000 iPhone can be equivalent to giving up $17,000 in retirement savings or 2,500 cups of coffee

Though the next iPhone could have the hardware needed for satellite communications, the features are unlikely to be ready before next year. (Photo: Bloomberg)

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5 min read Last Updated : Oct 21 2021 | 9:44 AM IST

Let’s talk about buying an iPhone for $1,000. Tim Cook, Apple’s chief executive, once compared this eye-popping price tag to buying a cup of coffee a day over a year. No big deal, right?

But financial advisers see this differently. By some estimates, an investment of $1,000 in a retirement account today would balloon to about $17,000 in 30 years.

In other words, $700 to $1,000 — the price range of modern smartphones — is a big purchase. Fewer than half of American adults have enough savings set aside to cover three months of emergency expenses, according to the Pew

Topics : iPhone Apple smartphones

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