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Originally Posted by aigel
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IMHO you want to own 2 homes, paid off. Live in one, rent the other for supplemental income. Social security and half way decent 401k and you are there. This also assumes that you continue to make some money to supplement with odd jobs, i.e. consulting, flipping cars, online sales like Ebay. This way you will not need a million bucks in 401k, IMHO.
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Yep, it's not rocket science, most people live beyond their means and don't plan well for retirement, and have the stubborn opinion that they need 100% of their current salary to make it.
I am currently stuffing 20% into my 401k, and have been for 5 years now, and closing in on 1/2 way there $$$ wise, with 10 more years until I would like to retire at 60 years old. I also will have a 25 year pension and my wife and I both should get SOMETHING from SS. The house was paid off 2 years ago, and my daily driver is a 96 Saturn, an 86 944, and a 99 Ford truck. My wife drives the "new to us" 2003 BMW 325CI cabrio.