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Reply to "Stupid me emptied my 401k to buy a house at 42"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If his house is paid off by the time he retires, I think the between social security and 401k he will enough to live no? Or do we all need 3 million a least (excluding social security) to retire? [/quote] 42 with no retirement savings. Even if they contribute 30K every year, by 62, it would barely reach $800K, and that's with 8% annual return for 10 years - highly unlikely. They could always sell their house and move to a smaller one when they retire. They just have to hope that the real estate market doesn't tank when they need to sell. Yes, the stock market could tank at any time, impacting retirees investments (ahem.. like the past couple of months), but if you are a smart investor, you would've moved most of your assets to something less risky by then.[/quote] $800,000 is slmost a million dollars. That would be a lot of money when factoring in social security + no mortgage. assuming OP downsizes. [/quote]
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