Quote:
Originally Posted by XutvJet
It's pretty crazy (and a bit amusing) to read the huge numbers people are throwing around in this thread. $5M+? Really? On average, Americans have around $140K saved for retirement and ~10% of retirees right now have $1M or more in assets/savings. That means the vast majority of 40-60 y/o's in this country aren't even close to $1M in savings/investments/assets. You best be saving a mountain of money right now if you intend on retiring in the next 10-20 years with $5M+
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And *that* is why I started saving money in my mid-20's and continue to invest and max out my 401K's.
Which puts me on track and well within striking distance of your "huge numbers" (i.e. $5M+) when I retire in eight years.
Of course, not going massively in debt, living on a budget, not buying things I can't afford, staying in the same house for ~25 years and not having sprogs helps as well.
But a "massive number" retirement is COMPLETELY doable if you're a little bit frugal, disciplined and START SAVING EARLY.
I'm pretty much a financial idiot. If I can do it, pretty much ANYONE can!
(Although for the record? If I'd stayed single, I'd easily have double the savings that I do now-- wives are EXPENSIVE-- even if you keep the same one!)
R.
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