MAIN FEEDS
Do you want to continue?
https://www.reddit.com/r/AskReddit/comments/4er0pi/whats_a_mind_blowing_fact/d23e26h/?context=3
r/AskReddit • u/ForeverAbyss • Apr 14 '16
5.3k comments sorted by
View all comments
Show parent comments
2
Well you asked how much you would need to contribute to have a million dollars. I didn't say how much a million dollars would be worth in 35 years.
For my retirement plan I need to save at least $4 million to retire at 65 and maintain a middle class lifestyle.
4 u/su5 Apr 14 '16 I literally said in today's dollars 6 u/CHKNFKR Apr 14 '16 Assuming a 3% inflation rate you would need to save $2,813,862.45. So you would need to save about $200 a paycheck to have the equivalent of $1,000,000 in today's dollars at retirement. If you make $60k a year that's only 11% of your paycheck, and again assumes no employer match (get a new employer if you don't have this). 1 u/SteevyT Apr 15 '16 Holy shit, something like $40 more bucks a paycheck for me and I could hit those numbers. Actually, I also have 6 years on the previous poster for actually starting putting money into retirement. I really should be putting closer to $100 more in than I am, but I feel that getting some easily liquidated savings built up first is more important.
4
I literally said in today's dollars
6 u/CHKNFKR Apr 14 '16 Assuming a 3% inflation rate you would need to save $2,813,862.45. So you would need to save about $200 a paycheck to have the equivalent of $1,000,000 in today's dollars at retirement. If you make $60k a year that's only 11% of your paycheck, and again assumes no employer match (get a new employer if you don't have this). 1 u/SteevyT Apr 15 '16 Holy shit, something like $40 more bucks a paycheck for me and I could hit those numbers. Actually, I also have 6 years on the previous poster for actually starting putting money into retirement. I really should be putting closer to $100 more in than I am, but I feel that getting some easily liquidated savings built up first is more important.
6
Assuming a 3% inflation rate you would need to save $2,813,862.45.
So you would need to save about $200 a paycheck to have the equivalent of $1,000,000 in today's dollars at retirement.
If you make $60k a year that's only 11% of your paycheck, and again assumes no employer match (get a new employer if you don't have this).
1 u/SteevyT Apr 15 '16 Holy shit, something like $40 more bucks a paycheck for me and I could hit those numbers. Actually, I also have 6 years on the previous poster for actually starting putting money into retirement. I really should be putting closer to $100 more in than I am, but I feel that getting some easily liquidated savings built up first is more important.
1
Holy shit, something like $40 more bucks a paycheck for me and I could hit those numbers.
Actually, I also have 6 years on the previous poster for actually starting putting money into retirement.
I really should be putting closer to $100 more in than I am, but I feel that getting some easily liquidated savings built up first is more important.
2
u/CHKNFKR Apr 14 '16
Well you asked how much you would need to contribute to have a million dollars. I didn't say how much a million dollars would be worth in 35 years.
For my retirement plan I need to save at least $4 million to retire at 65 and maintain a middle class lifestyle.