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this post was submitted on 29 Oct 2024
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Fuck Cars
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$554 a month at 5% growth is $440k after 30 years. So yeah not millions.
S&P averaged about 10% over the last 30 years. That means it would be over 1.2 million.
Working life is more like 40 years. Those back end years are huge, it goes up to 840k. Which is why you're supposed to start on your 401k right away. Of course 99% of people don't get this talk until they're 40; go through a poverty period after high school; or never make it out of paycheck to paycheck living for other reasons. (Like medical debt)
Very few people get the good pay, good contributions, and consequently the good retirement. We also completely lie to people about retirement. We tell them they have to scrimp and save so they aren't homeless when they're 80. In reality half of us will be dead by 75 and half again by 85.