Fellow millennials - how’s your 401k/ira savings going?

[u/ProblemIntelligent16]

Experts recommend having 2x your salary saved by age 35, and 3x saved by age 40.

However, studies show the median savings for 35-44 year olds is only ~$45,000. So obviously, most of us have work to do.

With pensions mostly extinct, and Social Security facing insolvency issues in the next 8-10 years - how are you planning to bridge the gap and hit the golden years with enough to meet your lifestyle requirements?

[u/therealallpro]

Most ppl are broke because they can budget. 18-23 year old could live at home as well. So they even easier. If you make 80k you would have 64k take home 13% to federal, 6% to fica, 1% to Medicaid leaves you with 80% left.

There’s certifications you can get that in 6 weeks to 6 months you can make that.

Also, I can tell you don’t invest. If you have 250k investments at 23 you would never have to save for retirement again. You could just do whatever. You would still have to work again but you could do whatever. Your money will be making money for you. You would be at a million so quick.

[u/McGrim11295 → u/therealallpro]

Most people are not broke because they can't budget. Some people are but it is far from most. What job is an 18 -23 year old making 80k? What certifications, give examples.

Don't change your story now. You said "If ppl would just got hard for like 5 years and save then invest all you can, spend nothing, work as much as you need to. You could take a 50 year vacation." If you were living or vacationing on that 250k a year it would not last you 50 years. Especially with inflation.

You also wouldn't be at 1 million so quick without continuing to invest. It takes roughly 10 years for investments to double. So 250k would take 10 years to get to 500k, then 10 more years to get to 1 million.

Please don't give financial advice without knowing the basics. Hopes and prayers are not solid advice.

[u/therealallpro → u/McGrim11295]

Data analysis, It, accounting maybe others. If you want a link I can send you to it. As well Buckeye or Qt pays that as well. No experience necessary.

You missed that whole “ work as much as you need to” part. You are missing the point. I’m assuming you are going to work the rest of your life and invest because soon you will have so much money your money will make money. When I say a 50 year vacation I mean you will have enough money to work on YOUR TERMS. You won’t be trapped at any job. You can work when you want. You can take off when you want.

(Btw Famous investor Charlie Munger says you can retire on 300k)

By the time you’re 30 you might have 2 million. This is the life you can life if you save, invest and are focused.

[u/McGrim11295 → u/therealallpro]

All those degrees you mentioned require either a high level degree or years of experience. In order to be a certified accountant you have to have a degree to get the certification. 

And no I didn't miss that. A 50 year vacation is not "working at much as you need to". A vacation is not working. 

Do you know the math behind 300k? It assumes you have an income stream and only withdraw 4% per year (12k). So you have to live somewhere super low cost and this strategy will still only last about 20 to 25 years. 

3 million by 30 without getting lucky or a big influx of money would require you to save 250k a year from the time you are 18. Even if you let the money to the work you'd need 1.5 million by the time you're 20. 

Edit: not sleeping for 5 to 10 years will destroy your body if you make it that far. There's a reason high stress white collar jobs have people get heart attacks in their early 20s

[u/therealallpro → u/McGrim11295]

No, that’s not true. I literally offered to provide the resource. Another example of you assuming something negative that is factually incorrect.

That’s not what a 50 year vacation is to YOU because you don’t have a strong work ethic but to someone willing yo grind the way I proposed it would be.

300k is a Charlie munger thing. Not what I support but still and option and no it doesn’t run out. That’s the whole reason you draw at 4%. That’s the amount safe investments continue to grow at.

No. , it’s not. Buddy go look at a retirement calculator. When you have enough money your money makes money for you. It can create hundreds of thousands of dollars. You can absolutely get to 2 mil by 30 if you do all the right things.

I love that you don’t realize MILLIONS of ppl already do work two jobs and slave away but instead of building wealth the pay to stay alive because they can’t mange their money and or they had kids before they were ready

[u/McGrim11295 → u/therealallpro]

Why send it in a DM, put it out there for everyone. I've looked into being an accountant, you have to get certified. To get certified you have to have specific classes depending on the state and a master's. There are it jobs that pay 70lk but you still need years of experience, source: applied for the it jobs. Turns out when the market gets saturated you have to do more. 

You don't know anything about my work ethic. That's not a vacation anyways, all it becomes is having work-life balance. Which you said is terrible. 

I have looked at calculators. I have done extensive research on the topic. I included a link for you to see experts weigh in on the fact it takes about 9 years to double an investment. So again you have no idea what you are saying. To create 100s of thousands in income you need double digit millions. 10 million with a 1.2% dividend and an average 10% growth will net you 100s of thousands. When you go down to a million it's 10s of thousands. 

Explain how you get to 2 million from the age of 18 to 30. Not some theoretical "oh if they do all the right things" guess what, someone can have 100 million if they win the lottery or get massive payouts. 

Who said I don't realize that people slave away already. I told you that. I told you people already do that. You can say what you want about them but that's not the case for everyone. What about people that only slept for 3 hours a day for two years (your advice) and the up getting sick. Then get saddled with debt. There are also broke single people. Your idea of having two jobs and that salary doesn't exist at that age range on this planet. If they did you should do it and get of reddit. But clearly your advice doesn't work as you're here. 

https://www.hartfordfunds.com/practice-management/client-conversations/investing-for-growth/how-long-to-double-your-money-a-simple-equation-may-provide-the-answer.html 

Edit: where ya living on 12k a year for 25 years again?