[QUOTE=coffeesnob;20436420]
Originally Posted by
350htrr
it all depends on how much you make. My boss said all in all he has a million dollars.He has saved the max amount in 401-k since hire date..But.....he has made really good money. And has received yearly bonuses and stock options. He deserves it in the since he went to school and is a professional engineer. But he just doesn't realize that not everyone makes that kind of salary to be able to do so.
Fair enough! But in most cases, both partners in the couple work, so the Roth example might get you to 2M.
Being 65, all I can tell you from experience, is that the biggest problem is the consumerism that plagues most. You don't need a new car every 3 years, we junked a Honda Civic at 14 yo. You don't need a 4 bm house for retirement. Downsize when the kids leave for college. That will be a disincentive if they contemplate coming back.
I mentored a lot of young engineers back in the day and it was always, 'we want to buy a new home', the baby is coming, we 've never had a decent vacation... etc. Etc.
But why am I saying all this? We are over 50, aren't we? If you are and just started planning for Roth and 401k plans, it's pretty late.