Thinking it might be BOND time ...

All depends on your lifestyle and expenses. A million is not what it was yet its light years above what most people accumulate. If it earns 3% thats 30k 5% is 50. 3 to 5% is possible in dividends with out ever selling any positions. Add in a pension and any social security and most can squeeze by. Most get buy on way less.

2 mill would be better. But I think i would rather retire at 55 or 56 7 to 10 years sooner with a million. Than work tell 62, 65, or 67 and let those investments grow to 2 million. The 10 years sooner when health is better and we can get out and do more seems like a better quality of life. Still working on that first million in the investment account. Still have 10 years to build it. Maybe i will make it or exceed it, maybe I wont. Hopefully my health holds up and I can. Nothing seems to go as planed.



You can access it at 55 with the rule of 55. If you leave employment with your employer that 401 is with the year you turn 55 or after you can use the 401 from that employer but only that employer. So any others you had from previous employers you have to wait tell 59.5.

If you get enough in your 401 early enough you get to the right amount you dont need to add Any more to it and growth alone will build it to your # for retirement know as cost fire. . At that point contribution to taxable accounts to use to bridge those gap years tell you can access retirement accounts if you dont use the rule of 55.

If you become disabled you can also access retirement accounts without penalties. Lots of forms for the doc but you can access them.

Ultimately it depends on the lifestyle you want to live in retirement and your expences.

I guess I should retire, but then my job is pretty easy and it pays my health insurance and I get 2 months of vacation/PTO each year and more if I want it. Keeps me out of trouble. The vast majority of my retirement savings is in ROTH IRA and ROTH 401K, the rest is in non-qualified stocks and money market accounts. Alot easier to retire when you aren't forking over 20% of your income in taxes. I'm gonna go to 59-1/2 anyway, we will see after that. I will be 56 in a few days.

I gotta admit......
If I had a million dollars at any age, Ida been retired right then and thetr.

Sounds like a solid plan. All my contributions are roth 401,my roth ira, and my wife's roth IRA im right there with you on the taxes. Golal is hit the contribution limits for all 3 and put more in after tax and roll that over int my roth
Rolled over some from IRA to roth this year taking advantage of the over time tax credit to neutralize my tax liability on the conversion. If my health holds up I will be eligible to draw my pension at 56. So fingers crossed I will be able to work and earn enough to keep uo my savings rate and be able to retire July 1st 2036.

Im not going to hold my breath. The projections look great but nothing ever goes as planed. Its a nice fantasy and keeps me moving though.

Edit to add in left out the 529 savings plan. Absolutely wonderful way to save. Indiana give a 20% tax credit on a limited amount. Last year it was up to 7500 I know because I hit the limit on that. 20% return guaranteed with zero risk that grows tax free. Saved me/ gave me $1500 more back from the state= $1500 deductions on what my daughter school cost last year.

Healt savings accounts are triple tax advantages if you qualify to open one. My insurance is good enough I dont qualify to open one but would if I did.

I've put +15% away pre-tax for the first half of my career and then post tax for the last half and am on target to hit the high end of my goal at age 60. I'm currently 51. Looking at 90% pre-retirement income range through at least age 95 based on my current goal. The +15% coupled with my employers' contributions will allow me to retire a multi-millionaire after a 39-year career if I do work another 9 years and hit age 60.

My wife's salary went towards kids' 529s, vacations, etc., and the leftovers from both of us went into buying a 170-acre farm and building a rather large house, which has always been a dream of ours. Not until the last 10 years or so have I made into the six figures. Worked in Operations all of my career with 2 associates degrees as education.

I look at all of my accounts several times a week, rebalance everything every couple of years and don't try to time the market. All 3 of my boys have been well schooled in my approach and at 26, 24 & 19, all have IRAs and Roths that they actively contribute to and are in better shape than I was at their ages.

I understand that LIFE (divorce, job lay-offs, etc.) just happens sometimes and everyone has unexpected things come up, but if young folks will follow this simple gameplan, there's no reason that I see that the majority can't easily meet or exceed what is needed to live very comfortably in retirement.

I've got $1,548.37 in a savings account at the credit union.

I started with nothing and with some shrewd investing, I still have most of it left !!!

LOL

Show off!

How bout it?

I don't even have a savings account

Give us this day our daily bread . He didn’t say give us tomorrow our daily bread.