Being a millionaire just isn’t what it used to be…
Being a millionaire just isn’t the same these days - isn’t that the truth? The article brings up some excellent points - anyone, with enough planning can become a millionaire. You and I can retire rich - it’s just a matter of saving, planning, and maybe a little investing. Even more aptly - is a million going to be enough when we retire? Inflation, kids, medical expenses, grandkids, longer lifespans (leading to great grandkids)… so many things that can chip at your nest egg!
Will I retire rich? I’m working on it. I’ve come to the basics that have been repeated so many times:
- if you work for a company that matches your 401k - use it! Get that free money! If you aren’t even sure about 401ks - you are *losing* money by not taking advantage of the match! (I currently invest more than the matching, but now I am currently looking into Roth IRAs for everything over the matching)
- from what I’m reading in the Vanguard Diehard forums - your savings should go along this line:
- 401k to the match.
- Roth IRA to the max.
- 401k to the max.
Currently, the max on a 401k is $15,500, and $4,000 for the Roth (it’s important to note - this depends on your age and income levels! I’m aiming at people in my boat - the <50, <$110,000 single or <$168,000 joint)
I know I’m not alone in this! Start early - retire rich. Sure, you can take that money and play with it now - buy that Acura, that pimped-out ride with the booming sound system. I’m not saying you can’t - but in twenty years when your car is worth less than you put in it, my retirement savings will be able to give me what I want and need (without having to resort to drastic measures!)
posted in goal, retirement, roth | 0 Comments
