You guys got me down the rabbit hole in thinking about my retirement future. Yes, I'm asking advice from known gear whores and enabliers. But I trust your opinion over a forum on financial advice because my quick look at them did not impressed me. Not with their knowledge, but with a sense of suprioirty that I get from them. Like 'I know the asnwer, just listen to me!' kind of vibe. I understand most are trying to be helpful and offering free advice, I'm free to take it or not.
Anyway, based on my reading. Most are saying that you need 1.5-2 millions to retire. Other use simple rate as in age 30, has X1 annual income in saving, age 40, has X3 annual income in saving, etc etc.
I'm turning 40 in 3 months. Based on all calculation I'm way behind those number. And even if I max out annual 401k and IRA contribution, I'm not going to reach that number without doing other things beside 401k and IRA. I don't see how you can reach that 1.5 millions with just maxing annual contribution. You have to invest outside of 401k and IRA.
So if you're comfortable. How is your situation? It is also based on where/how you want to spend your retirement? What actions are you taking to ensure you are meeting your retirement goals? If you ARE retired, any advices? Mistake you don't want other to make?
Not politically, but I don't plan to calculate social security into my plan. It would be nice to have it, but I don't plan to depend on it.
Anyway, based on my reading. Most are saying that you need 1.5-2 millions to retire. Other use simple rate as in age 30, has X1 annual income in saving, age 40, has X3 annual income in saving, etc etc.
I'm turning 40 in 3 months. Based on all calculation I'm way behind those number. And even if I max out annual 401k and IRA contribution, I'm not going to reach that number without doing other things beside 401k and IRA. I don't see how you can reach that 1.5 millions with just maxing annual contribution. You have to invest outside of 401k and IRA.
So if you're comfortable. How is your situation? It is also based on where/how you want to spend your retirement? What actions are you taking to ensure you are meeting your retirement goals? If you ARE retired, any advices? Mistake you don't want other to make?
Not politically, but I don't plan to calculate social security into my plan. It would be nice to have it, but I don't plan to depend on it.
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