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Yes! We did, started in 78-79 as a worked for the largest utility in Florida. I was make 1.80 or so an hour, and the plan at the time was the company matched the first 10% or so. Put in the max at the time and kept the same option for 35 years. We never missed the 15% 401k savings as we never saw it as I moved up in the Company. We left if 1993 and are doing very well. If you start and live with the income you receive each payday the raises you receive minus the 15% will take care of you.
has anyone done it ? there are entire forums elsewhere devoted to those who have planned well and retired early.
I invested in my 401k since my first year graduating college. But I cashed much of it out to buy income generating cash flow rental properties. I figured it would be a good move after the real estate bubble crashed. I guess it could have been considered risky but all those properties are paid off now and generating cash flow each and every month.
I wouldn't consider myself totally retired. But I could pass for "semi-retired" and could retire if I wanted to. I'm much younger than 55.
Do you exist? I'm just wondering if anyone on here has done or know someone who did.
Well consdering the 401k plans as we know them today didn't really start to be used by companies until about 1982 or so (and not even all of them at that point), it's had to say.
If you started working and contributing at age 22 in 1982, you would only be 53 this year.
So you will probably find very few people at this point who have retired solely through steady maxed-out 401k savings and nothing else.
Quote:
Originally Posted by selhars
This IS the personal finance forum, isn't it?
I assume the thread was moved? Otherwise, yeah, weird.
I think that was easier to do when a person started at a company at 22 -- and stayed at that company for their entire working life.
If you are paying off student loans from 25-30 yrs old, don't start making a 'decent' salary until 30, and live in a higher cost of living area....it's MUCH harder to make that happen...IF you do a little living in the meantime.
There are people who do it, but I don't see them living the kind of life I prefer.
we didn't even have 401k's yet when i entered the work force. but i started one of those 50 buck a month plans on my minimum wage income.
Yeah, I think they started in the early 80's if I'm not mistaken.
Besides 401ks, most people I know that retired earlier in life were very well diversified outside of their 401K. Some of them had great luck/timing and got in another investment opportunity at the right time and place. Other's got wealthy with real estate (either selling at the top of the bubble) or buying many years ago when prices were VERY low and renting out NOW expensive properties.
As well, others got wealthy through starting their own business. In fact, most of my wealthy friends are self made people that didn't get inheritances but started their own business, worked hard many years and built up their fortunes outside of their 401K.
Definitely it's wise to max out on 401K but I think it's just as importance to diversify into other assets/investments as well.
Edit: I was posting this above when I just saw some of the follow up posts that were posting at the same time. The exact same point I wanted to make that 401K's haven't been around too long to depend solely on them to retire early for the most part.
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