MONEY This is the same person who told people to buy homes in 2006, at the height of the bubble
MONEY I started saving for retirement at age 31. I’ve gotten more aggressive over the last 6 years, and I plan to continue becoming even more aggressive now that I am starting in to my 40’s. My wife and I are fiscally conservative and we save while still enjoying ourselves.
MONEY There are too many missing variables. What are your estimated retirement income needs, how do you plan to spend your time while in retirement, what are your estimated annual healthcare cost, and don’t forget to include any assisted living expenses in your last years. Save early!
MONEY $5 million is more than most people earn before taxes in their entire lifetime, maybe even if they lived twice
MONEY Healthcare costs are a huge factor. If you are lucky to keep a group plan after retirement, you can dial down your lifestyle and live on so much less. Do you want freedom or more things?
MONEY No, you don't, unless you want to live an extravagant lifestyle, which is totally a personal choice. This is misguided advice and can cause people to panic.
MONEY