[packagingguy]

“$446,565”

That’s the recommended amount?!

I’m in the poorest metropolitan area in the nation and you’d need to plan on dying young to retire on that.

[NautiNurse]

I surmised the $500K savings was the target for age 55.

[texas booster]

If these GenX’ers bought a home in the 80’s with 12% interest (low gain), suffered a loss during 2008, stagnated under Obama or lost a decent amount during Covid, then they are in tough shape.

And yet people expect to retire and not need to work.

[SamAdams76]

What people don't take into account regarding 401(k)s is that even once you retire, it should be still making money.

So let's say you use the 4% rule in retirement and take out $40,000 your first year on a million dollar 401k.

You still have $960,000 left and if you get a 5% return on that, you end the first year with $1,008,000 despite taking out the $40,000.

$40,000 might not seem like a lot to live on but even with a mediocre Social Security check of $2,000 a month (most will make more), that's a $64,000 income - which is slightly more than the U.S. average $59,228 salary as of 2024.

Toss in a part time job for pocket change and you are living pretty well in retirement. Not the golf club retirement people fantasize about but you won't go hungry.

[shanover]

The Democrats say that Social Security is the ticket!