How much real dollars for FI

[bongo2]

I just saw an example of the sort of information that I frequently see on median retirement savings. This is from MP Dunleavy at MSN How $10 could save your retirement - MSN Money

Unbelievably depressing data

First, let's contemplate the scary data from the 2008 Retirement Confidence Survey (.pdf file) by the Employee Benefit Research Institute, a nonprofit organization that tracks 20 million participants (i.e., real people) in 54,000 401(k) plans:

• Nearly half of all workers 25 and older have less than $50,000 saved for retirement (excluding their homes and any pensions).

• 22% of workers and 28% of retirees say they have nothing saved.

[laurinsane]

Originally Posted by Niko

I am also in my 20s. I made the realization a while back that it makes little sense to set such a concrete plan at such an early age. I recommend saving your pennies (as much as you reasonably can afford) and spend the next few years reading up on some of the books you see recommended here (Your Money or Your Life, Four Pillars, Work Less Live More, etc). If you save a lot, spend little, and read a lot, by the time you are in your mid 30s, you should have a much better idea whether FIRE at 40 is possible.

I agree with Niko. I'm 25 and it tough to understand at the moment if I will be able to retire in my 40s yet. All I do right now is save as much as possible (18% to 401k and montly automatic withdrawals into vanguard funds) and in 5 years hope to have a better understanding of my situation.

[simple girl]

In addition to maxing out DH's 401K (I don't have one) and doing a Roth for him and an IRA for me, we currently have an aggressive goal of investing $50K per year in our taxable account. This is new for us, however. We've only been contributing to the taxable account for since 2006 and didn't start aggressively contributing until 2007. We are 40 and 44, hoping to FIRE or semi-retire in 5 years or so.

When we were in our 20's all we could afford was DH's 401K. We didn't start Roth's until around 2002. Wish we could have been more aggressive earlier but grad school kind of interfered with our ability to save money at that time.

[hova22]

Originally Posted by simple girl

When we were in our 20's all we could afford was DH's 401K.

Encouraging to hear, along with your potential FIRE date.

Originally Posted by simple girl

We are 40 and 44, hoping to FIRE or semi-retire in 5 years or so.

Because this just flat out makes my jaw drop... (I'm 26)

Originally Posted by simple girl

In addition to maxing out DH's 401K (I don't have one) and doing a Roth for him and an IRA for me, we currently have an aggressive goal of investing $50K per year in our taxable account.