Major milestone reached

gindie · 12-18-2006, 11:36 PM

My wife and I are so proud of our accomplishment.

On December 7 (Pearl Harbor Day), we finally reached $1,000,000 in our retirement accounts. The journey started exactly 20 years ago with $0 saved when my previous employer started their 401K.

I feel so fortunate to have switched to a company 2 years later that has a superb 401K with many 4- and 5-star choices and a good company match. Our entire retirement stash consists of mutual funds in 401K's and various IRA's. We have no real estate beyond our modest house, and no pensions.

We have also funded 3+ years of a public university tuition for our 12-year-old son.

My goal is to retire in 8 years at 55, but health insurance is the big wildcard. But I think we are well on our way.

crazy connie · 12-18-2006, 11:46 PM

Congrats!!!! You 2 have made it to a major milestone! Feels good too hu

h?

uncledrz · 12-19-2006, 05:05 AM

Quote:

Originally Posted by gindie

My goal is to retire in 8 years at 55, but health insurance is the big wildcard. But I think we are well on our way.

Keep going and even though it will be expensive, you will be able to purchase your own health insurance if need be. FI will allow you to allocate resources in that way.

Spanky · 12-19-2006, 06:14 AM

Quote:

Originally Posted by gindie

My goal is to retire in 8 years at 55, but health insurance is the big wildcard. But I think we are well on our way.

COBRA is good for 18 months after employment. Under Cobra the premium is slightly higher than cost to the employer. That means you might need coverage from 56.5 to 65 (about 8 years). The premium varies significantly based on the amount of deductible. For example, a $5000 deductible would cost about $300 per month while a $150 deductible would cost 1,011.66 per month (in today's dollars) for a couple.

LOL! · 12-19-2006, 07:08 AM

Congratulations. It is a big deal to break into 7-figures.

Just don't be disappointed if by March 2007, stock markets have gone down and you are back to $800,000.

Rich_in_Tampa · 12-19-2006, 07:12 AM

Congratulations!

What's really fun as the numbers rise it to watch it grow by 6 figures a year as you just sit there. Well, some years

.

**REWahoo** · 12-19-2006, 07:23 AM

Quote:

Originally Posted by LOL!

Congratulations. It is a big deal to break into 7-figures.

Just don't be disappointed if by March 2007, stock markets have gone down and you are back to $800,000.

Try to look at the above in a positive light: You're probably going to get to celebrate this milestone again, and maybe even a third time!

rs0460a · 12-19-2006, 08:53 AM

Quote:

Originally Posted by REWahoo!

Try to look at the above in a positive light: You're probably going to get to celebrate this milestone again, and maybe even a third time!

Amen - done that (3 times, already since 1999). OK now (since I am still Wor*ing) but after '07, I'll be more concerned...

- Ron

Outtahere · 12-19-2006, 08:55 AM

Congratulations, as the other said something you'll celebrate a couple more times before it sticks.

Spanky · 12-19-2006, 09:16 AM

We are fortunate (knock on wood) that we crossed the threshold in 2003 and it still holds. Our target is $2 mil in three years based on an estimated return of 7%. Our asset allocation now is quite conservative - 40/50/10 (stocks/fixed-income/cash).

OkieTexan · 12-19-2006, 09:31 AM

Congrats! on the milestone.
We hit ours in 2002 ($1M) when the market was down. It really looks good now!
I bought some more equities when the Dow dipped (Oct. 2002). I can draw a 45 degree angle on the chart to where it is now!

Nords · 12-19-2006, 10:54 AM

I'm surprised no one has said it yet, so I will: "The first million is always the hardest."

And, to get you in the right frame of long-term mind:

"To turn $100 into $110 is work. To turn $100 million into $110 million is inevitable."
-- Edgar Bronfman

Patrick · 12-19-2006, 10:56 AM

Quote:

Originally Posted by Nords

". . . To turn $100 million into $110 million is inevitable."
-- Edgar Bronfman

I wonder if General Motors or Ford would agree with this?

mickeyd · 12-19-2006, 11:02 AM

Quote:

we finally reached $1,000,000 in our retirement accounts.

Nice going!!! Now you know what is meant by the old saying "The first million is the hardest to make". I hope that you will not be satisfied with only a million and will hardly notice when two million rolls by in a few years! 8)

Nords · 12-19-2006, 11:39 AM

Quote:

Originally Posted by Patrick

I wonder if General Motors or Ford would agree with this?

Good point... which brings up another quote,

"Never underestimate the stupidity of large crowds."

I think I'll continue to manage my own money...

perinova · 12-19-2006, 02:04 PM

Quote:

Originally Posted by Nords

I'm surprised no one has said it yet, so I will: "The first million is always the hardest."

And, to get you in the right frame of long-term mind:

"To turn $100 into $110 is work. To turn $100 million into $110 million is inevitable."
-- Edgar Bronfman

Congrats gindie.

Thanks for the optimism Nords. Hope it's true.
I just passed the same milestone this month myself. Hope this will hold. I am ahead of the curve drawn up in 1994 by now about 3 years. Close to this milestone investment income starts to become a significant portion of the whole.

from Wikipedia number of millionaires:
HNWIs (more than $1 million, in 2005)
Global: 8.7 million
Europe: 2.8
North America: 2.9
Asia-Pacific: 2.4
Latin America: 0.3
Middle East: 0.3
Africa: 0.1

12-18-2006, 11:36 PM	#1
gindie Recycles dryer sheets Join Date: Jul 2004 Posts: 253	Major milestone reached My wife and I are so proud of our accomplishment. On December 7 (Pearl Harbor Day), we finally reached $1,000,000 in our retirement accounts. The journey started exactly 20 years ago with $0 saved when my previous employer started their 401K. I feel so fortunate to have switched to a company 2 years later that has a superb 401K with many 4- and 5-star choices and a good company match. Our entire retirement stash consists of mutual funds in 401K's and various IRA's. We have no real estate beyond our modest house, and no pensions. We have also funded 3+ years of a public university tuition for our 12-year-old son. My goal is to retire in 8 years at 55, but health insurance is the big wildcard. But I think we are well on our way.

12-18-2006, 11:46 PM	#2
crazy connie Full time employment: Posting here. Join Date: Feb 2006 Posts: 715	Re: Major milestone reached Congrats!!!! You 2 have made it to a major milestone! Feels good too hu h?

12-19-2006, 07:08 AM	#5
LOL! Thinks s/he gets paid by the post Join Date: Jun 2005 Posts: 2,299	Re: Major milestone reached Congratulations. It is a big deal to break into 7-figures. Just don't be disappointed if by March 2007, stock markets have gone down and you are back to $800,000.

12-19-2006, 07:12 AM	#6
Rich_in_Tampa Moderator Emeritus Join Date: Feb 2006 Location: Tampa Posts: 5,889	Re: Major milestone reached Congratulations! What's really fun as the numbers rise it to watch it grow by 6 figures a year as you just sit there. Well, some years . __________________ Rich Tampa, FL (10% retired) As if you didn't know..If the above message happens to contain medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any medical purpose whatsoever. Consult your own doctor for all medical advice.

12-19-2006, 08:55 AM	#9
Outtahere Thinks s/he gets paid by the post Join Date: Sep 2005 Posts: 1,677	Re: Major milestone reached Congratulations, as the other said something you'll celebrate a couple more times before it sticks. __________________ Dogs aren't our whole lives, but they make our lives whole. - Roger Caras

12-19-2006, 09:16 AM	#10
Spanky Thinks s/he gets paid by the post Join Date: Dec 2004 Location: Minneapolis Posts: 2,784	Re: Major milestone reached We are fortunate (knock on wood) that we crossed the threshold in 2003 and it still holds. Our target is $2 mil in three years based on an estimated return of 7%. Our asset allocation now is quite conservative - 40/50/10 (stocks/fixed-income/cash). __________________ May we live in peace and harmony and be free from all human sufferings.

12-19-2006, 09:31 AM	#11
OkieTexan Recycles dryer sheets Join Date: Nov 2006 Posts: 105	Re: Major milestone reached Congrats! on the milestone. We hit ours in 2002 ($1M) when the market was down. It really looks good now! I bought some more equities when the Dow dipped (Oct. 2002). I can draw a 45 degree angle on the chart to where it is now! __________________ OkieTexan

12-19-2006, 10:54 AM	#12
Nords Moderator Emeritus Join Date: Feb 2004 Location: Oahu Posts: 15,752	Re: Major milestone reached I'm surprised no one has said it yet, so I will: "The first million is always the hardest." And, to get you in the right frame of long-term mind: "To turn $100 into $110 is work. To turn $100 million into $110 million is inevitable." -- Edgar Bronfman __________________ * * For more info see "About Me" in my profile.

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