How Others Get to Retire Rich. You'll Need $1.7 Million by the way.

So just Retire Rich? That sounds easy enough.

Table of Contents

Still not rich yet?

Well, Summer is in full swing and you are just about to travel.

Tuesday is indeed the cheapest day to fly. Or you are catching up on Stranger Things 3.

Too late, this article just popped up on your notifications and you dodged it. You grab a Starbucks and mistakenly logged back into Facebook; it’s too late again.

You read the headline. You’re welcome.

Sorry to burst your Instagram travel life bubble, but this is the reality. Stop being aimlessly busy flexing.

The more you spend now, the more you will regret it in the future. It’s true that you don’t want to regret current opportunities but it’s quite another thing to survive into your 70s with no money and mooching off your kids until they hide you in the basement and wheel you out for photo-ops.

Check out this Free resource: Money Management Estimator

According to the Research, You Didn’t Read

According to a survey from Charles Schwab (the serious nerds), Americans believe they need $1.7 million, on average to retire. About four months ago, I did the research and I can confirm that $1 million just won’t cut the mustard for the future. Shoot, 25% of older Americans plan to never retire. The survey was conducted by looking at the 401k plans for over 1,000 participants, but most folks aren’t average.

New data from Vanguard (2018) revealed that the average 401(k) balance among their participants was $103,866 which was higher than the previous year, $96,495. To dig deeper, Personal Capital noted that the age group of 55-64 with an average of $247,169. Those numbers are slightly off by about $1,500,000.

In the voice of Sir. Patrick Stewart, Average Americans are @#$%^!

What’s your current net worth?

Nathan Voris, a managing director at Schwab Retirement Plan Services, stated that “the bulk of folks do not get there.”People often underestimate retirement costs. Only 42% have ever done any retirement calculations. Fewer than 33% of workers have tried to figure out how much money is needed for medical expenses. Your mom/dad is about to retire with nothing in the bank. They are gambling at this point. You are likely the contingency plan.

It’s ok. Deep breath. You are reading this so at least you have an advantage. It’s up to you to be above average and cram for the test (college style). I guarantee you that the Net/Max Financial Plan series works. If you are single, I got you covered party animal. If you have kids that eat your money, I also got you covered.

There are various opportunities available to pivot right now. You will not miss out on anything. There will still be opportunities to travel and even go out clubbing. You will not get to brunch as often though. That’s the tradeoff. Not trying to pick on #brunching but it’s one of those, “death by a thousand debits” that you really need to watch out for.

You also need to learn to shift to invest. Here’s how to build a 5-yr Portfolio with over 500% growth.

Down with Brunch! It’s not even a real meal.

Get yourself a plan by clicking this link because anything is better than no plan. Unless you aspire to beg your kids and grandkids for money and support.

As a Marine Corp Veteran Sgt., I’d also recommend that you work till you die at your desk to make your boss feel bad. And stick around to haunt the next generation from 9-5 with mandatory breaks.