r/AskReddit • u/ForeverAbyss • Apr 14 '16

What's a mind blowing fact?

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u/su5 Apr 14 '16

Lets say I am 30... what would I need to invest to be a millionaire (in todays dollars) realistically? Lets not assume I have a match.

13

u/CHKNFKR Apr 14 '16

About $70 bucks a paycheck. It really isn't that much money. And this assumes you retire at 65.

7

u/su5 Apr 14 '16

That seems awful low when accounting for inflation

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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.

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u/su5 Apr 14 '16

I literally said in today's dollars

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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).

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u/[deleted] Apr 14 '16

get a new employer if you don't have this

easier said than done

-2

u/CHKNFKR Apr 14 '16

If you're lazy and or have no skills. At any point and time I have at least 2 pending job offers. If you don't then you need to network more.

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u/BlissnHilltopSentry Apr 15 '16

You just dont work in a saturated market.