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re: Here's how much money you should have saved at every age
Posted on 2/24/17 at 12:49 pm to dabigfella
Posted on 2/24/17 at 12:49 pm to dabigfella
quote:
you're assuming the average person has a white collar job with a 401k match lol thats nice
Don't try to crawfish and backtrack.
I didn't say the average person. I was answering the specific scenario *you* citied. And most people at the income level you meationed have some kind of 401k employer contribution. And even if they didn't, you didn't say the average person either. You flat out said it was impossible to reach those limits without sacrificing your social life.
And the math works out no matter what income level you are speaking of. As long as you are saving at least 10% of your check, you will attain every single one of these benchmarks you say is impossible regardless of your income level.
Especially as they clearly state this isn't just investment, even payments on a house qualifies.
And I repeat, if you aren't saving at least 10% of your check, you have serious cash flow issues. You are obviously spending to "keep up with the Jonses." The people who I see not saving at least 10% aren't for the sake of a social life. It's for a new car every few years and an apartment with fancy electronics.
This post was edited on 2/24/17 at 1:02 pm
Posted on 2/24/17 at 3:01 pm to Volvagia
quote:do they? Man I'm in the convenience store business and I have 4 managers that make $1000/week and they don't have any type of employer contribution to anything. Your basic convenience store manager makes $50k annually and they're probably not retiring with $400k in cash but it's nice you think most $50k earners have 401k programs and know about investing in the s&p 500 to generate traditional returns. It really shows how out of touch you are with the numbers included in the op
And most people at the income level you meationed have some kind of 401k employer contribution.
Posted on 2/24/17 at 11:47 pm to Volvagia
It was either Fidelity or Vanguard that said the average 401k employer match was 50 cents on the dollar for the first 6% (i.e. 3%). I'm not sure who is paying 9%. Highest I've seen is 6%.
Agree about saving 10%, but I wanted to point out that your average employer match isn't as high as what you were describing.
Agree about saving 10%, but I wanted to point out that your average employer match isn't as high as what you were describing.
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