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Well .. 18.5K goes into the 401K, leaving 57K. Even if we saved 50% of what we earn, we'll barely be able to save 250K over a decade. Given the pace of house pr
by tostitos1979 10y ago
Well .. 18.5K goes into the 401K, leaving 57K. Even if we saved 50% of what we earn, we'll barely be able to save 250K over a decade. Given the pace of house price increases, it seems like a hopeless situation :(
- monknomo 10y agoAt the end of your 40 year career, with your numbers, not accounting for inflation, raises or the potential for investing, you would have $1.14 million in cash and $740k in 401k principal. At the end of most people's career they have social security... I'd call it pretty well off for having done nothing with the money. Retire to Nebraska, live like a king.
- tostitos1979 10y agoToo bad I'm in my late 30s. Education cost a lot of time, money, and made me delay purchasing a house until it was too late.
- monknomo 10y agoMy scenario does not involve a house purchase until you are 60 and can move somewhere where houses are essentially free, like Phoenix or Omaha, or Buffalo or wherever. I guess, tldr; don't give up hope, consider what you are gunning for and remember everywhere but the coasts is dirt cheap.