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Everyone is different on this subject. If you want to quit working and roll the dice that you will be happy without much $ for the rest of your life, than go for it. After all, it is your life.
For me personally, I grew up poor and decided that I did not want to live that way for all my life. So we worked and invested and are able to be comfortable in retirement, which was our goal. While we are not filthy rich by any means, it is nice not to have to be overly concerned about every $. But we worked hard to get to this point, even though we did not have to live like monks in order to do it.
Well now I'm contributing 25% + 4% match, so 29% of my gross income goes to my 401k. But I'm 34 and only have $49K saved up, which is super sad. So what's the point of even saving? It seems like I'll never reach the goal.
I guess when you've created almost 700 threads - - - yeah, you read that right - - - - you have to recirculate some of your old ones, huh?
Well now I'm contributing 25% + 4% match, so 29% of my gross income goes to my 401k. But I'm 34 and only have $49K saved up, which is super sad. So what's the point of even saving? It seems like I'll never reach the goal.
Keep doing what you're doing and invest wisely, I'd bet you'll have $500-1M by the time your retired at 67.
Your jealous friends will be calling you the rich guy.
Well now I'm contributing 25% + 4% match, so 29% of my gross income goes to my 401k. But I'm 34 and only have $49K saved up, which is super sad. So what's the point of even saving? It seems like I'll never reach the goal.
Just keep saving 29% of your gross income for the next 20 years and you will be a very happy 54 year old.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by nep321
I am 34 and single with no kids. ...
Man, I could do so many things NOW, if I wasn't saving for retirement, l...
What is your advice?!
Forget saving for retirement... just replace your earned income with a passive income stream that has inflation protection (Business, income Real estate, Franchise, investments...)
Sooner the better.
Age 16 would have been about right
The LAST thing I would be buying (at age 18, 34, 54...) would be a personal residence (have had 10+, NOT an asset!)
What is your advice?!
Retire early, retire often. Waiting ... just MIGHT be too late to EVER retire
Wage income is 'incremental'...
You can become wealthy (financially independent) using ADDITION, but it takes a LOT of yrs.
or...
you can use MULTIPLICATION (not possible via WAGE INCOME)
So if you don't save for retirement, how do you expect to pay for food, shelter and clothing when you get older? Very few people will remain healthy enough to keep working into their retirement years. Employers don't like to hire older people somewhere around their mid to late 50s, so getting a good job beyond that becomes difficult. If the work you do is physical, you will not be able to do it when you get older.
Maybe you need to moderate the amount you save vs the amount you spend. If you think you are putting too much away, then change the amount. Save some, spend some.
And if you don't like working, look for a different line of work that will be more enjoyable. Or move to a different company where the co-workers are more fun or pleasant to be with.
You'll very likely age out of the labor force to where companies will no longer hire you.
Often by a person's mid-50's, so you will be supporting yourself for 28 years with your retirement funds. Better keep saving!
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