I cannot see how it is possible to save enough $ by contributing to a 401k plan to actually be able to retire at a decent age (45years old).

Even if you started at age 25 @ $40k salary and put in 6% per year and your employer matched it......and got 8% return... you would end up with about $374k at the end of your 45th year. (assumes a 5% pay increase per year). That would be enough to eat cat food and pay for a mobile home pad.

The currently 16 properties that I have will NET ~ $70k per year when they are paid off.... which should be in less than 3 years from now.

Just curious what people had planned. None of my neighbors seems to have anything planned or any $ saved......

This board seems to have a pretty smart group of people (especially compared to the evolution board).

 

I plan to retire on monday after I win the powerball this weekend.

Actually I hope to retire at 55, I put away the equivilent of 20% of salary each year. But if I ever get married and have kids, that throws a monkey wrench into the whole plan. Unless I dig for gold like John Kerry.

 

Retire at 45? That's a bit early don't you think? You're only planning on working for 20 years? Most people I know work 30 to 35. With those added years on the 401k you end up with significantly higher returns. My stocks, if I add nothing to them, will net me $2.5M by the time I'm 60, which is 35 years from now. Then assume I live for another 30 years beyond that and I can spend $83k a year and have some left over.

But yes, property does better in the long run. I have a 401k, stocks, personal savings ... gonna marry a smart girl ... I think the last one there is my ticket (:

 

I like that powerball idea'r........ how about that guy just winning 250M or whatever it was........ I would be such a whore if I won that kind of $.

I cannot imagine having to work until I am 60 years old....(25 years from now)..... I hate work as it is.... and I get to around most of the day.......

I would not just sit around if I retired at 45....... I would just not *need* to go to work....."Scot's used cars"... blaaa.

 

ASAP to playgolf and have projects.

 

Im too young, but I plan to own and operate a business early, then let others take it over, but I'll still be earning money every year.

 

Retiring at 45 does seem a little early. However, it isn't to say it can't be done.

I had a calcutlation run for me. At age 27 I contribute $218 per paycheck to my 401(k) and invest for 35 years, 8% hypothetical growth, can net approx $3 mil.

Of course this is hypothetical, but considering the premises in the calculation I could reach a generous portion of the projection.

The main thing is to continue to save and let the time you have work for you!

 

im planning on working with state police. i plan on retiring at the age of 55. even though im 21 now, hehe

 

Started my 401k at age 25. If the stock market keeps going the way it is I will retire at age 48. I maxed my contributions when the stocks I had hit the dumps and made a very large gain this last year. This gain was the jump I needed. I really will probably retire at age 50+ something but 48 is good. I will have the basics like my S paid off next year and the house and property paid off in 2009. Then I am going to buy rentals.

 

I'm 47 and I haven't really worked much since 97 and not at all in the last 5 years. I worked 80 to 100 hours a week for over 20 years so I could retire early. I'm not living the good life because to make this work I have to keep investing and making good investments. Every investment that I make money off of I roll into something else to try to increase it for the future while we live off my wife's paycheck. I guess I'm not retired, I'm just an investor. So far I'm getting by with it. If things continue as planned life will get easier each year.