Yesterday we met another milestone in our retirement. We exceeded $550K! At the beginning of the year we were at $500,483. With contributions, and market appreciation, we have increased our totals by over 10%.
I decided to look back and see where we were nearly six years ago, or specifically the end of 2012. Our total retirement balances were $188,290.
In five and a half years...okay 5 years, 7 months, we have another $368K
I post this for my information but also for you! It's not to brag at the amount. I'm sure many have less, and many have more. The real point is that making a regular contribution to your retirement adds up. If you make the commitment to spend less than you earn and invest the rest, you absolutely can save for retirement.
We have always saved at least 10% of our income. We are now close to 18%. We save automatically through my husband's paycheck AND automatic deduction towards our Roth IRAs from our checking account EVERY single month. No exceptions.
Saving for retirement is your key to freedom in your later years. Freedom to chose where you live and the type of care you may be able to receive.
Pay off your debt and save for retirement. It works!! You will not regret it!
Retirement: 5.5 years ago
July 27th, 2018 at 01:31 am
July 27th, 2018 at 03:28 am 1532662086
I feel the same way about retirement savings. I started late and remember what a sacrifice it seemed at first to find 100 bucks to throw at it. And I couldn't buy a fund until t met the $3k minimum - it seemed to take forever to build that much in the 401k account. Then it became automatic so I didn't even think about it, usually logging into my account only when I felt broke to remind me that I wasn't really. I contributed even when I still had consumer debt and I don't regret that because that money had time to compound and time is something you can't get back. Now, like you, most of the increase in my balance is due to growth, not contributions. It's a great feeling - MMM refers to the money as little employees working for you.
I echo your encouragement for those who haven't started saving to start. I wish I'd started sooner, but I'm thankful that the healthy fear of the future did finally prompt me to do something.
July 27th, 2018 at 03:17 pm 1532704644
July 28th, 2018 at 12:01 am 1532736097
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September 4th, 2018 at 07:25 pm 1536089125