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Reply to "why do so few people have two million dollar 401ks/IRAs?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Because the majority of those with 1M in their retirement accounts are not 45. When it takes someone until 60-70 to hit 1M, there is not a lot of time for the money to double.[/quote] This is the answer.[/quote] +1. It's going to take me nearly 20 years, nearly all donating the max minus the first 2-3, to get to $1 million dollars. I estimate this at a 6% return rate though I've done better than this in the past. Perhaps I'll get there a little faster, but we have Trump as president, so who knows. But I didn't start contributing to my 401k until my late 30s as I was paying off loans, car, first down payment on my house, and paying for daycare. Also, some people have way better matches - there was a thread on this awhile ago. I get 50% of the first 6% of my pay, so overall about 3% of my salary. Others get much better matches than that.[/quote]
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