Posted on 06/18/2007 9:50:25 AM PDT by dakine
If you're a newly minted college graduate, the $1 million-plus needed for retirement might seem impossibly large.
Feeling discouraged? Try lowering your sights, aiming instead to accumulate savings equal to two times your annual income.
Once you hit that milestone, the financial wind will be at your back -- and reaching your retirement-savings goal should be a breeze.
Breaking through. Suppose you expect eventually to earn $80,000 a year. Looking ahead to retirement, you reckon that -- in addition to Social Security -- you will want maybe $45,000 a year from your portfolio, adjusted for inflation.
(Excerpt) Read more at biz.yahoo.com ...
First, get yourself a really high-paying job. Got it? Good. The easy part’s done. Now, just try to protect your income from the government.
“..protect your income from the government.”
Or inflation...
Won’t the North American Mexican government continue our SS system?
How to make a million dollars and pay NO taxes!
First, make a million dollars... /Steve Martin...
Another way the government takes your money.
Same thing.
First, set aside two year's worth of income.
Second, save 12% of everything you earn.
As I say, that's good advice. But there's millions of Americans sending 40% of their income to Uncle Sam and living pacheck to paycheck. Such people may find the sort of advice above to be not all that helpful.
Depending on what lifestyle you want, and when you plan to retire (now or 30 years from now), $1MM may not be even close to enough.
The government shows no signs of maintaining the value of the currency. A diversified portfolio of stocks, real estate/REITs, bonds, cash, and investment grade hard assets is the best protection against inflation, job insecurity, and other risks.
Get a house and pay it off. With no $2000 per month mortgage to worry about, you’ll be able to have a fine life — travel, nice Christmas presents for everybody, shopping, new electronic gizmos — with a whole lot less than a million bucks in the bank.
Kicking the bucket heavily in debt is the only way to win.
Know that...explains to folks how the SS ‘debt’ will be paid down....
The Amnesty bill will kill any hope of a high paying job or cashing in a 401K...
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I heard it will also cause cancer, and take our guns away/ sarcasm.
That would be nice, but when the end of the month rolls around, there is no money left to save...
hahaha...Yep, the check to the funeral home should bounce...
Put all your money on Enron.
Start with 2 million.
“First get a million dollars. Then don’t pay any taxes and then when they catch you, say; “I forgot”” - Steve Martin
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