Why you should save
 

Good for every one of those savers/investors.

"You really don't need to begin saving for retirement before you reach 60. At that point, simply save 250 percent of your income each year and you'll retire comfortably at 70." -Jonathan Pond

That’s awesome. I’m striving for it! I just wish the USG would let me invest my social security dollars as well.

Exactly,

I enjoy being able to eat wet dog food, not dry dog food. Seriously, it takes decades, not years. I retired eight weeks ago,and I can’t believe, actually, I can, that I’m going to be just great. It’s a wonderful feeling, I highly recommend it.

To retire at age 65:

By age 35, you should have 50 Bitcoin (Ƀ) saved for retirement
By age 45, you should have 10 Ƀ saved for retirement
By age 55, you should have 350,000 Ƀ saved for retirement
By age 64, you should have 7 Ƀ saved for retirement

My son just turns 25 this month. He has a house with a relatively small mortgage payment. He has no other bills and makes a decent living.


I told him this he needs to open up a 401K and start putting $350 a month in it until he is 35, then he can relax and let it work or keep contributing. By the time he is 65 it will have over 1 million in it.

I wish someone sat me down and did this. I am scrambling to get back on top. The housing crash kicked my butt, I learned a lot and I am getting back on top. It is not easy but we are doing it.

Jim NO he needs to continue contributing until he’s retired.

Yes you should. If you put enough away every month early enough it will work for you.

1 Million is not a lot to retire at 65 right now, it may be worse in 40 years.


Both good articles I have sent to my son, nieces and nephews.



https://www.fool.com/retirement/2016/08/13/heres-how-much-money-you-could-retire-with-by-savi.aspx



https://www.usatoday.com/story/money/personalfinance/retirement/2018/04/24/many-americans-at-risk-of-retiring-broke/33944253/

Jim5545,
$1,000,000 in 40 years will have far less buying power than today.

This means your son needs to save even more.

I think more like $3MM. Rule of thumb is can I live on 4-5% of my nest egg annually?

$1MM x .04 = $40,000

If 40 years inflation erodes 50% of the buying power, can you son live on $20k a year?

This makes me want to get working!

We were both posting at the same time, I agree.

To be honest, the number posted in the article (157,000) seemed low to me. Of course, lots of savers have a 401(K), plus stocks, plus some mutual funds and other investment instruments, totaling at least a million.

https://www.marketwatch.com/story/most-americans-are-one-medical-emergency-away-from-financial-disaster-2017-01-12

https://www.marketwatch.com/story/one-in-five-american-households-have-zero-or-negative-wealth-2017-11-11

GOOD LUCK

"Just 39% of Americans say they have enough savings to cover a $1,000 emergency"

The MINDSET displayed in this Thread is delusional to say the least... Nothing I have said has sunk in. So why try?

then please be quiet

Yep, it's all going to go to hell anyway, right Tabs? So, no need to do that silly saving and investing thing. Get out there and consume...max out those cards, lease that new car, buy that lavish house..and do it NOW because it's all going down the tubes soon anyway. Money will be worthless...right?

Two more dead in FL.

https://www.cnn.com/2018/05/22/us/panama-city-active-shooting/index.html

Is the sky falling again? Already?

I'm just happy to see this trending in a positive direction. I tell younger professionals that at a MINIMUM they should be maxing out the corporate 401k match, as that's free money. After that point they can decide about going 401k, ROTH IRA, or a mix. Starting early is so much easier, we really didn't start saving in earnest until our early 30s and I feel like we have a lot of time to make up. Compound interest and time are a great combo.

Haven't seen you write anything worth more than a casual "whatever...". Try harder.

When I was a kid, I thought I'd never meet a "Millionaire".............Now, it's an everyday event........I did the math with inflation.........What used to be a millionaire to me, would now have to be a "6.7 Millionaire"..............Not sure I know many of those............

It's all relative............I keep saving toward my goal......

He who dies with the biggest bank account wins!

Funny, my chem teacher, way back, would say, He who dies with the biggest debt wins!.

YMMV

But either way, you can't take it with you.

One hopes to find a balance. For Cindy & I, a nest egg means security. We don't live lavishly, but we do enjoy life in our own manner. We do feel secure...no debt, and we pretty much live as we like.

What's sad is the person who invests and saves, and once reaching "critical mass", enough wealth to live their chosen lifestyle the rest of their days, keeps on the accumulation kick. We read about them once in a while...with headlines like: "Man worth billions dies, lived in a one room shack."

But even then, I shrug and think that well, that was his chosen lifestyle...Maybe there are those whose final thought is wishing they'd spent more time working.