And that’s the $5M point

[Anonymous]

Anonymous wrote:No, it’s definitely possible with 2 people saving and investing.

Can you provide a specific, numerical example that substantiates your claim…as opposed to qualitative and unintelligible hand waving?

Of course, it’s possible. It’s also highly improbable. Particularly when one considers the expenses of college, graduate school, saving for a down payment on a first home, etc. This entire post is little more than a microcosm of ill-gotten white privilege.

Bragging on about passing the $5M mark when $4M of that was likely passed down from wealthy family members is hardly a notable and worthy achievement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We just crossed it, this morning, based on this market price advance. (Investment portfolio, not counting house.)

That is nice. But I just heard you now need ten million to retire. It is a big milestone. But what gets me mad is I was told when did my first 401k if I hit one million I could retire rich!!, then around 10 years ago Suzie Orman started pushing you really need 5 million to retire. Ok, I get it inflation. Now in the last year or so people are pushing you need 10 million. They are staying 5 million is ok if you are 65 today but a 45 year old person will need at least 10 million by the time they retire.

When does it stop? I guess kids in college today will need 20 million to retire.

Both you and Suzue are idiots. $5m not enough? Really?

[Anonymous]

It is not hard to reach 5 million invested by your late 40s

[Anonymous]

Anonymous wrote:These numbers are mostly made up I think. Certainly not representative of the majority of folks. Most people would be lucky to have $500,000 when they retire.

Why don't we discuss why they don't have it? I invested $500 out of my $2k take home when I could for 30 years. I will never use up all this money.
I am so interested why others didn't do it and I do ask. Lots of interesting excuses among the 50 I collected.
Not one of them has said that they just didn't know any better.

[Anonymous]

Anonymous wrote:We retired with $3 million in retirement plans and brokerage, and a paid off $1.2m house. Small pension, $3k/month, kids launched/done with college and grad school, and health insurance fully covered.

Health insurance fully covered is the only reason we could retire with these numbers

Wow, that's a little depressing. I am in almost your exact situation, except that I'm in my late 50s and won't retire until I'm 70 probably. But at 70, with projected SS (yes, I realize I can't count on that) and annuity, I'll be bringing home more than twice as much as I do now and I'll have a paid-off house. So I will meet my monthly expenses and have some left over. Why won't a supplemental $3 million last me 20 years?

[Anonymous]

Anonymous wrote:

Anonymous wrote:No, it’s definitely possible with 2 people saving and investing.

Can you provide a specific, numerical example that substantiates your claim…as opposed to qualitative and unintelligible hand waving?

Of course, it’s possible. It’s also highly improbable. Particularly when one considers the expenses of college, graduate school, saving for a down payment on a first home, etc. This entire post is little more than a microcosm of ill-gotten white privilege.

Bragging on about passing the $5M mark when $4M of that was likely passed down from wealthy family members is hardly a notable and worthy achievement.

DP here. We did it, without family money, on mostly 1 income (and a SAHP.) The key is at least one person has to make a fairly high income and live beneath your means. DH started at $140k and went up from there. The median over the years was probably $300-$350k. It’s a little higher now. 2 kids, no private school, luxury cars, or country clubs.

[Anonymous]

DH and I have been investing for just over 29 years. We have about 4.6M. It was all accumulated through the TSP so got matching but that is all. We maxed up until about 5 years ago when we shifted some investment dollars towards college savings (we had some but increased that).

No family money, there may be inheritance in the future, but nothing crazy and we have received zero so far. We both had help with undergrad but paid for our own law school educations.