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re: 401(k)
Posted on 1/16/18 at 11:28 am to CajunTiger92
Posted on 1/16/18 at 11:28 am to CajunTiger92
So how far behind is someone if they start at 35 versus 25? I mean, if one wants to retire at 65, wouldn’t 30 solid years of investing yield a comfortable retirement? Or are those extra 10 years that critical?
2
Posted on 1/16/18 at 12:20 pm to Paul Allen
The 10 years make a big difference as demonstrated by the graph. I think the idea is to encourage people to save early because it gets you to the steep part of the curve sooner creating even greater wealth (for the same retirement age).
That said, 30 years of solid investment provides a good nest egg. Whether it is enough for a comfortable retirement depends on many factors including life expectancy after retirement and what you think a comfortable life style means.
That said, 30 years of solid investment provides a good nest egg. Whether it is enough for a comfortable retirement depends on many factors including life expectancy after retirement and what you think a comfortable life style means.
Posted on 1/16/18 at 1:12 pm to Paul Allen
quote:
So how far behind is someone if they start at 35 versus 25? I mean, if one wants to retire at 65, wouldn’t 30 solid years of investing yield a comfortable retirement? Or are those extra 10 years that critical?
Not far behind at all. 40s and 50s are your key savings years, I mean how many people have more than $100k in their account before 30? Not many.
The key is really to save hard starting by 35, starting early is really just getting you into the habit.
Look at doctors for instance, many don't really start earning good money until their 30s especially Surgeons. Plenty of them retire before 60 or at least are able to.
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