re: 1 in 6 millennial: $100k saved in bank

That’s $10,000 a year at 4% withdrawal rate. That’s beans dude.

I’m 32 and just married. We have about $105K between us. 25K in cash on hand.

My father impressed upon me on saving for retirement from the moment I got a real job.

My retirement income is projected to be $24K a month plus whatever the wife scrapes together. That’s 401K, Pension and SS if it exists.

Max your 401ks, people. Start early. Working to 65 is now the expected norm.

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250k for a retiree can last a hell of a long time. With SS, You could stretch that 250k a longggg way. Not to mention the interest it’s gaining.

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Until you have a terminal illness/stroke/heart attack and are hospitalized, and your wife becomes widowed. Not to mention if we experience a reversion to the mean in inflation.

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250k for a retiree can last a hell of a long time. With SS, You could stretch that 250k a longggg way. Not to mention the interest it’s gaining.

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Not really. Due to insurance cost which is my biggest expense each month, it's a killer. Then one has to pay for meds. Even with insurance, one of my meds cost more then $400 a month. Then take a look at SS. Last 9 years, raises in that were less then 7% over that time. That did NOT keep up with inflation. Oh, lets not forget that SS for a married couple with a income over 44K, their SS is taxes up to 85% of it.

Everybody really thinks that a Roth will save them taxes. NOT, due to the fact once one draws SS and from their Roth and once one's income crosses that $44k or $32k single, everything is TAXED.