What retirement? Apparently according to news and scientists are saying the world will burn by 2100. Live life to the full I say, do dumb shit. Fuck around! Blow £1000 on coke
You won't be able to soon enough
Yeah, I save about 1/3 of my monthly income. It's not easy but I'm still young and compound interest is a powerful thing.
I don't expect to live that long seeing how shit is going downhill politically and my own lifestyle tbh
Is that just personal savings or actually put aside for retirement? If it’s for retirement, it may be worth seeing a financial advisor about investing it in something other than mere cash, which although very safe, does typically have a very low rate of return. Eg my personal savings have compounded interest at 1.1% p.a., but the investment strategy in my superfund has a rate of return of around 8% p.a.
Saving some, investing most. Similar return to yours 😁
Yes. I'm lucky enough to have a job with a 401k.
I also have a Roth IRA I setup to min max them taxes.
Canada Pension Plan got my back
how are you planning to reach this if you don't mind me asking? would you just be aggressively investing your salary? judging by the rest of your post you sound pretty decently older than me so you must be earning well to be on track for 1 mil so late.
Even if I was paying down a decent chunk monthly (£300) into an average 5% index fund, with an initial lump sum of £10,000 just for arguments sake, I wouldn't even break 250,000 in 20 years.
Everything I make goes into our mortgage offset, but I'm good at saving so shouldn't have any problem once the mortgage is paid off, maybe in around 15 years time. I'll probably start chucking more in super as well around this time. I do want to invest in some index funds again though... sold my shares to get a house deposit a year back, but everything is going cheap now so probs an opportunity to put 10k and slowly build up, and I treat that as saving for retirement too, don't want to touch it for a good 20+ years or so
I work local government, so I have a state government employee retirement program. I've also opted into a deferred compensation program on top of that.
I save up, but haven’t really invested in anything. My pay is pretty good (as is anything in the medical field), so I’m not really hurting for dough, but given the state of the US economy and it’s near future, I doubt I’ll retire before I’m an old man.
Ha, as if. My parents can't retire, and unless I get lucky and somehow end up with a sugar daddy, I'm not going to be able to stop working. My generation will die with it's boots on.
I invest in rental properties, has a higher return then the stock market but requires a lot more starting capital. I work 70+ hours a week and live pretty frugally for the most part so I'm lucky to be able to do that.
I am in my 20s. My job paid about 45k a year, and though I do not have that anymore, I do have two irregular side gigs on the weekends that significantly increase my saving potential. I live like a pauper to save over half my income otherwise in order to max out the Roth IRA contribution of $5,500/yr, in addition to selling my blood plasma for about $250-300 a month for rent. Putting off retirement to 70½ with an average 4-5% collection of index and bond funds puts me pretty close to $1m by retirement age.
what roth ira account do you guys use? i've had a friend suggest vanguard to me
Yeah, I have both my brokerage and my roth on vanguard - it is pretty great. Mostly because they offer really low fees on ETFs and that dividend reinvestment is pretty sweet.
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