Hello I am new to the form and relatively new to learning about investing. I don’t make a ton of money 47k, and come from a family who didn’t invest. I was very fortunate that at my first professional job that I had a boss that told me the importance of investing in the 401k and that by not doing it I was turning away free money. Thank goodness he did, flash forward 25 years and at age 49 i have 190k saved up in s and p 500 index fund. I know it’s not a ton of money but it’s more than I ever thought I’d have as someone who grew up poor. My question is how do I know how much I need to retire? In my own mind I have the number of about 800k with social security. I feel like I should be able to get there by 62. Any advice on what I should be investing in? Keep with s and p index funds or change as I get older. Also what is a safe withdrawal rate? I hear 4 percent thrown around. I also listen to the Dave Ramsey show some, he throws around the 8 percent withdrawal rate which I feel like many disagree with. My guess a solid number is somewhere in the middle like 6%.
Statistics: Posted by Sodak — Sun Nov 17, 2024 1:18 am — Replies 3 — Views 269