Likely the financial planning spot I messed up the most. When I was working, the withholdings deducted from the W2 earnings covered the capital gains and self employment taxes. It becomes more noticeable once retired and there's no W2 income to cover it.

Imagine a lot of us hope for that scenario but I'm not sure it'll be the case. Over the next 5-10 years into the future that scenario is probably very likely. Start talking 15-20 years down the road and it could be a different scenario at the rate the dollar is spiraling downward. I suspect the world is going to change at a pace the vast majority of us excluding the Elon Musks cannot even begin to picture just yet.

IMO we would be better off as a society if there were no witholdings and everyone had to write a check on April 15.

People would better understand how much they are paying for what they receive..........and how few are actually paying the freight !!

We also need to put an end to people who pay absolutely nothing from receiving cash back from the IRS

I think a lot has to do with what you're used to. I bet there are plenty on here that spend $100k a year.

The most important part is building the 1.6ish,,,

What a person does after can/will vary,,,,because we are all unique individuals

The goal is to take care of yourself

You guys make it sound like a 100k is a lot of money. If a guy made 100k in 2020 it would have the same buying power as 70k today.

Dirt of course I want to play. I want to maintain the same lifestyle I have today. I suppose I could go uptown and play pinochle when I get old. Why would someone expect to downgrade their lifestyle with more free time?

Steve once you get rid of those children expenses and mortgage payments and other payments you will have more play money with the same income level. Personally, work is a form of play for me. I don't hate my jobs and they keep me entertained. Same reason a lot of seniors take work when they really don't have to.

Dirt, all the kids are off the payroll, everything is paid for. Well except for the gubbemint wanting their real estate taxes. I don't know about AK but not cheap in the lower 48.

I'll work when I retire. Heck might start a business, I think a person should remain productive.

100k a year would be more than enough for me retire on today. As it stands I have to work a few more years because I'm in my 50s. 30 years from now of I'm fortunate or unfortunate enough to live that long?

I might be being a little pessimistic as to the cost of retiring but my motto is better long than short inflation is a killer.

I have a credit card, it’s paid off every month, and we travel a lot. Be smart with a card and use it only like cash you have to spend, period. It’s not hard to do.
But, I have a good job and have saved a ton over my life. Some folks must not be in similar situation or are not smart with their card usage.
Jim

I assume you are not talking about the local Walmart greeters...

I believe we just agreed 1.6 million would not be necessary to retire today? It would be nice, but not necessary and or scraping by? Personally, I could live way better than I lived in my last 45 years in my retirement years if I had 1.6 million dollars. Maybe Barron's is talking about living in New York City?

"Median 401(k) Balances by Age
Looking at Vanguard’s 2024 participant data, the median balances tell a different story than the headline averages:

Under 25: median $12,479, average $15,559
25–34: median $36,110, average $43,149
35–44: median $84,156, average $95,057
45–54: median $151,890, average $164,663
55–64: median $205,341, average $217,851
65 and older: median $184,142, average $194,654
The median saver in the 55–64 bracket, the group closest to actually using the money, is sitting on roughly one-eighth of the $1.6 million figure."

Oh my!

Oh my is right, most people don't have enough saved and will have to work longer or be a burden on the younger generations. It's the American way.

Being I don't have any money it's time I start voting Dem, get a little of that revenue sharing deal going on.

Just get a bunch of credit cards under a fake name and ID or better yet several then run them all up buying up all kinds of stuff and re selling it then repeat.
Thats how everyone else does it.

Lots of people have a million for retirement. Wife and I started 401Ks in our 30s. Weren't together at that time. Through 3 employers I got close to a million. Didn't abuse credit cards. Didn't draw from the retirement account. Retirement is SSA monthly and some inherited money. IRA money is waiting for problems in old age.
It's just not that difficult unless you're clueless!

You are a fool id you die with a million bucks left for someone else to pist up against the wall.

how long before a loaf of bread is 2000 bucks?