I agree the first million is by far the hardest/slowest. I don’t know if it’s compounding effect, or the state of the market, higher contribution limits and my higher income enabling me to max contribution limits or a combo of all but it took something like 25 years to get to the first million and then another two years to get to 1.25.

Anonymous wrote:

Anonymous wrote:I was 50. Now 52 and have 1.5 million. I have been saving since 28 (only maxing out for the last 10 years because I had student loans) and I find some of these numbers hard to believe.

Agreed. People who reached either 500k alone or 1 mil combined with spouse by early 30s - is this just by maxing retirement since early 20s? You must of had a good salary back then to start so early

I started contributing around age 20. Starting maxing out around age 25 (i was making about $70K) and had an employer match. Got married around that time and spouse did the same. We hit 1 mil mid to late 30s

I think the main difference was neither of us had student loans. We didnt go to grad school and did undergrad in state, him with money from grandparents and me on merit scholarships. Those loan payments that others were making we put in retirement.

I started contributing 10 percent of my salary with my first job at 21. I was making mid 30s. My employer gave me 10% of my salary in my 401k as well. Salary grew but never made over $120k. Eventually maxed out 401k in later 30s and on. Staying invested in the market for 20 years helps.

These folks who claim to have hit $1 million in their 30s in retirement accounts are fibbing.

I was 41; DH was 39.

Anonymous wrote:

Anonymous wrote:I was 50. Now 52 and have 1.5 million. I have been saving since 28 (only maxing out for the last 10 years because I had student loans) and I find some of these numbers hard to believe.

Agreed. People who reached either 500k alone or 1 mil combined with spouse by early 30s - is this just by maxing retirement since early 20s? You must of had a good salary back then to start so early

It’s that plus max contributions being higher, expenses fees getting lower and a historic market run combined with an overall good economy.

Anonymous wrote:42. Hit $2M only a few years later. It's the first million that's the hardest.

Ditto this.

Anonymous wrote:

Anonymous wrote:I was 50. Now 52 and have 1.5 million. I have been saving since 28 (only maxing out for the last 10 years because I had student loans) and I find some of these numbers hard to believe.

Agreed. People who reached either 500k alone or 1 mil combined with spouse by early 30s - is this just by maxing retirement since early 20s? You must of had a good salary back then to start so early

I'm the 32/35 PP. I want to say we started maxing around 23/25. Our salaries were not high at all (I think I made $40k and he made $70k) but we rented a cheap one-bedroom apartment in the suburbs together and were able to keep costs low.

Anonymous wrote:Since 5 million in pre-tax retirement accounts, paid off house, paid off vacation home, paid off cars, college fully funded, kids wedding fully funded, enough to give kids downpayment on first homes, and nursing homes fully paid for plus 5 million post tax retirement accounts is minimun to retire according to DCUM you have a way to go.

I don’t know if I am mocking myself here, but this pretty much nails what I want to be able to retire.

To answer your question, I think DH and I combined sometime in our 40s. We had about 1.6 8 years ago, currently have over 4. We are about 6-10 years from retirement (I may retire ahead of DH) at which point college will have been paid for. Just need to get cracking in that second home.

mid 40's. Contribution limits were much smaller when we first started working. We are late 50's now.