Question for you...Have any of you considered (or actually done it) saving early in your career, then letting compounding take over?
I'm considering getting out of engineering to follow a path that pays "a lot less" money (like 60% less). I think that I can make ends meet on a month to month basis but I know I won't be able to save much more fo retirement.
I've been saving for a long time now and I'm thinking that if my current retrirement savings balance continues to compound at a market rate (say 8%) for another ten years, I'll be okay, even without additional contributions.
Have any of you done something similar? Any advice?
thanks,
cataman
I'm considering getting out of engineering to follow a path that pays "a lot less" money (like 60% less). I think that I can make ends meet on a month to month basis but I know I won't be able to save much more fo retirement.
I've been saving for a long time now and I'm thinking that if my current retrirement savings balance continues to compound at a market rate (say 8%) for another ten years, I'll be okay, even without additional contributions.
Have any of you done something similar? Any advice?
thanks,
cataman