Matching amounts is minimum. I wish I'd saved even more when in my 20's.
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So this is going to be sticker shock for some of you guys but roughly every $300K you have will allow you to draw out $1K monthly comfortably in retirement. YMMV. But you can save/invest/grow well above this amount pretty easily for someone starting out in their 20s. I didn't start seriously messing with this until my middle/late 30s so I've had some serious catching up to do. I could have invested a little bit of money through my 20s and gotten a damn good head start until my job situation improved in my 30s. I'd give my left nut to get that 10 year advantage back.
Glad to see people interested in this stuff, I wish I had knowledgable people to show me when I was younger instead of learning it on my own...
And if you only return 4%, you'd never even touch the principle.So this is going to be sticker shock for some of you guys but roughly every $300K you have will allow you to draw out $1K monthly comfortably in retirement. YMMV. But you can save/invest/grow well above this amount pretty easily for someone starting out in their 20s. I didn't start seriously messing with this until my middle/late 30s so I've had some serious catching up to do. I could have invested a little bit of money through my 20s and gotten a damn good head start until my job situation improved in my 30s. I'd give my left nut to get that 10 year advantage back.
Glad to see people interested in this stuff, I wish I had knowledgable people to show me when I was younger instead of learning it on my own...
And if you only return 4%, you'd never even touch the principle.
If people could build a $500k retirement fund, return 4%, they could withdraw $3k every month and not run out of funds for over 21 years. 6% return would allow over 30 years of withdrawals.
Don't worry about that for now. Just keep putting something away every month. Max roth if/when you can. Maxxing a roth ira for 20-30 years will get most people enough to live in retirement.I wish I could come close to maxing them out. I’m a loooonnnngggggg way from that