EASY way to retire a millionaire

[GasX]

Originally posted by: LordJezo
How much does one need to start investing in those fund companies directly?

Do they have monthly/quaterly fees and special IRA handling fees like many of the online traders?

go to vanguards site and read the faq or something...

 

[LordJezo]

What's the advantage of going through Vangard as opposed to something like etrade?

 

[GasX]

Originally posted by: LordJezo
What's the advantage of going through Vangard as opposed to something like etrade?

etrade lets you buy ANYTHING, Vanguard lets you buy Vanguard...

 

[LordJezo]

Well, I am going to start this index fund thing everyone speaks of. Suppose I will start with the Vanguard one once my money transfer goes through.

Check back with me in 40 years and see how I did.

What are the other big index funds people use for long term investing? These usually grow in the long (decades) term correct and I shouldnt be scared off by them losing over the past 5 years?

 

[RossMAN]

I wish I had opened a Roth IRA when I was 18

At least I participate in my employer's 401k (which matches up to 6%).

 

[FeathersMcGraw]

Originally posted by: RossMAN
I wish I had opened a Roth IRA when I was 18

At least you can console yourself with the fact that the Roth IRA likely didn't exist when you were 18.

 

[lobadobadingdong]

Originally posted by: DaVortex
from the article And $1,114,423 by the time you are 67 by the time you are at that age you will probably have alzheimers so their is no need for $1million

and figure in 4% anual inflation your 1mil is worth what? around 200k-300k in todays terms? (anyone know how to do the math on that one?) point being you can't save for 4 years and let it ride, you have to keep investing in yourself.

 

[GasX]

Originally posted by: lobadobadingdong
anyone know how to do the math on that one?

Present Value Calculator

 

[Krakerjak]

I don't know about anyone else, but I plan to retire well before I'am 67.
I guess I need a faster plan.

 

[RossMAN]

Originally posted by: FeathersMcGraw

Originally posted by: RossMAN
I wish I had opened a Roth IRA when I was 18

At least you can console yourself with the fact that the Roth IRA likely didn't exist when you were 18.

True, I forgot about that

However I could have still opened a traditional IRA.

 

[tnitsuj]

I am 25 and only have about 40k in tax deferred or tax free retirement funds Roth/401k. I am probably going to end up eating dogfood when I am old.

 

[StageLeft]

Originally posted by: tnitsuj
I am 25 and only have about 40k in tax deferred or tax free retirement funds Roth/401k. I am probably going to end up eating dogfood when I am old.

If that's the case everyone else will be eating dried dog food. At your age with that retirement you're easily ahead of 90% of the population.

 

[LordJezo]

Originally posted by: tnitsuj
I am 25 and only have about 40k in tax deferred or tax free retirement funds Roth/401k. I am probably going to end up eating dogfood when I am old.

You already have 10x the amount that most other people 25 have.

 

[GasX]

Originally posted by: tnitsuj
I am 25 and only have about 40k in tax deferred or tax free retirement funds Roth/401k. I am probably going to end up eating dogfood when I am old.

Well, that's going to be about $2 million when you are 65. Assuming you continue to contribute until then, you should be doing OK...

 

[FuZoR]

i looked into ROTH IRAs when i was 18...
20 now and i still havent gotten around to it

guess i'll check back.

 

[tnitsuj]

Originally posted by: Mwilding

Originally posted by: tnitsuj
I am 25 and only have about 40k in tax deferred or tax free retirement funds Roth/401k. I am probably going to end up eating dogfood when I am old.

Well, that's going to be about $2 million when you are 65. Assuming you continue to contribute until then, you should be doing OK...

Ok, but not great adjusted for inflation. It is expensive to be old. Medical expenses alone will probably eat up a lot of that.

 

[tnitsuj]

Originally posted by: Skoorb

Originally posted by: tnitsuj
I am 25 and only have about 40k in tax deferred or tax free retirement funds Roth/401k. I am probably going to end up eating dogfood when I am old.

If that's the case everyone else will be eating dried dog food. At your age with that retirement you're easily ahead of 90% of the population.

90% of the population doesn't save at all, so that doesn' really say that much. My wife want's to buy a boat before we buy a house. I am trying to talk her out of it, but she seems set on it. There goes fiscal responsibility.

 

[sparkyclarky]

Originally posted by: FeathersMcGraw
Of course, with rising medical costs and longer life expectancies, $1M at retirement likely won't be enough. But it's not bad for doing all your investing before age 21, not that that's a savings strategy I'd suggest to anyone.

True. Also, it's sort of hard to donate that much cash when things like school and housing require payments. Furthermore, this doesn't factor in inflation. You will NOT be able to retire on a million dollars 40-50 years from now, if inflation continues at the current rate.