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ilovepizza wrote:
This is the sad part. We will need more money than we are making today to live tomorrow. That makes it really hard to save and live on what is left over. Less and less are able to retire at 60, 70, and even 80 yrs old. It takes a lot of money to retire. People will need to make more than they do now. It is already a problem. I am trying to figure out what I will do in 30 years. My plan is to some how start making more money. So far I do fine now, but I'm not saving. I fall in to this problem area. We need to invest or save serious money to have financial freedom later. It's not going to happen for more than many people.
Last year when we were 32 to 33K in revolving debt.. I had to zero out our 401K contributions in order to come up with a 3 to 5 year plan to be free from revolving debt.. My wife and I have now knocked it down to 23K since.. Its getting hard to make this plan work with the price of gas.. and grocery items going up as a result..
The problem is.. If I decide to retire in 25 to 30 years.. I will need at least 3 to 5 million in a retirement account to afford the lifestyle I do now.. I will be lucky to have 250K..
I don't mean to discourage people or sound like there is no hope. EVERY little bit helps.. but in reality I probably won't have enough..
Also when a young person graduates college.. Chances are there will be very high student loan debt.. That still only leaves a person with 30 to 35 years to pay off current debt and build wealth,.
The lifestyle has to change or the career in my case....
Pants wrote:The problem is.. If I decide to retire in 25 to 30 years.. I will need at least 3 to 5 million in a retirement account to afford the lifestyle I do now.. I will be lucky to have 250K..
Pants wrote:Last year when we were 32 to 33K in revolving debt.. I had to zero out our 401K contributions in order to come up with a 3 to 5 year plan to be free from revolving debt.. My wife and I have now knocked it down to 23K since.. Its getting hard to make this plan work with the price of gas.. and grocery items going up as a result..
The problem is.. If I decide to retire in 25 to 30 years.. I will need at least 3 to 5 million in a retirement account to afford the lifestyle I do now.. I will be lucky to have 250K..