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Originally Posted by Pillzilla
I believe the answers to these questions are quite complex and that's why you're not getting straight forward answers. Here are my simple answers.
"Fuck it, I'm done son" = 15 million now after taxes and shit. I can make that last until I'm at least 85.
I do think it is pointless to think about retirement unless you are making a certain annual income or you are extremely frugal. I have no idea what that annual income may be. There will be a lot of people that will never be able to retire or if they do will be in poverty/government assistance.
I'm in my mid 30's and think about retirement quite a bit. I would like to retire or semi retire by the time I'm in my mid to late 50's. I really don't have a solid number that I'm shooting for. There are just too many variables and years left to know what amount I need. My plan is to max out 401k and Roth IRA every year and be smart/satisfied with what I spend money on and save any excess.
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I know what you're saying, but not pointless.....at minimum, everybody should be doing $17,500 to a 401k, and $5,500 to a ROTH, provided you are not phased out (many on a BMW forum will be).
That's starting very simply, if you're not doing the above, figure out how you can. Sometimes it does involve cutting expenses, like a car lease, etc.
imho it doesn't go that if you're not rich, don't think about it. Because savings is a formula, and time is of the essence. I wholeheartedly believe there is a generation (they can be even in their 60's today) who believe in leaving nothing to anybody, reverse mortgaging and living a life of debt and luxury. But that's not right, in my opinion.