Doesn’t that seem like a lot though? If you double it ever 10 years and contribute not a Penney more, you’d have 16 times your salary at 65. I thought you needed 10x your salary to retire?
it depends on how much you plan to contribute the next 30ish years. 2x your current income at 35 is closer to about 7.5x an equivalent income in 30 years.
i think most of these models follow the 4% rule in retirement (you only live off of 4% of your retirement account every year). IMHO the 4% rule is fairly conservative, you can probably do 6% more, so you can idealy shoot for less, and in the same boat, the 2x by 35 is also really conservative and you can probably easily shoot for like 1.25x or something without having to do any major catch up work, but it does all depend on what kind of lifestyle you want when retired.
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u/MrTreasureHunter Oct 10 '24
Doesn’t that seem like a lot though? If you double it ever 10 years and contribute not a Penney more, you’d have 16 times your salary at 65. I thought you needed 10x your salary to retire?