Quote:
Originally Posted by E150GT
"They" all say sock away this much a month for 45 years and by the time you retire you will be worth millions. Is that realistically true? I am 25 now, and have been contributing for over two years now. Is it a realistic goal for me to retire at 65 or whatever and be financially independent, or is this accomplished in theory only? It seems every recession is a major setback to all the gains made in good times. What do you guys think or know about the truths about the 401k?
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What many people do is wait until they're 65, sit down and plan for retirement and through the benefit of 20-20 hindsight decide what they should have done for the last 40 years.
Don't be one of those people.
There's a lot of good advice here. By all means, participate in your employer's 401(k) up to the maximum match. Don't leave free money on the table. In answer to your questions, yes, it's a realistic goal to retire comfortably at 65. You are talking about a 40 year span. However, every year you ponder and try to decide what to do is one less year for your money to grow.