Quote:
Originally Posted by jstubbs
Yes, but those entering the workforce today will be told in 20 years when they’re finally starting to consider retirement, that they need $3m to retire comfortably. Just like how 20 years before this article, they were saying you need $1m to retire comfortably.
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You are likely correct. 23 years ago I was talking coworker and we were talking about winning a million dollar lottery. He said anyone could retire winning that sum. I told him no. I said an older guy like himself could comfortably retire as his house was basically paid for. His kids grown and moving out and such. Me in my early 20s couldn’t retire with a million dollar lottery win. I’d be set for life but couldn’t retire. Once he saw the expenses I’d have to pay to purchase a house, raise kids, buy vehicles for 60 years not 20, he saw what I was saying. That didn’t even take inflation into account.
So I’m pretty sure you are right, in 20ish years it likely will be 3 million. So maybe bump up that minimum contribution now. AND START NOW!!! Wish I was smarter when I was your age. Even $100 a month would’ve helped. Time is on your side at this stage. Later in life, when you can, increase it more and more and more. The first million is the hardest. The second million will be easy comparatively. The third million will be gravy.