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Yes. Do not spend money. Start cutting out coupons for groceries. If after cutting out said coupons, if said groceries still cost money, do not buy said groceries. Borrow money from friends. Do not return it. If you follow this advice, you can retire by 64, at the earliest.
90%??? that's way too lavish. at your age you need to b at least 95. next year at 93 minimum. .
Dude if you make 5% average return on all that annually, you'll probably hit the million mark by 35. And 5% is a conservative estimate. Average market returns are usually closer to 8 for an all stock portfolio.
You have more savings than 99.999% of people your age and you have virtually no expenses. Dont let your parents or whoever scare you into living at home forever. I mean, if uou want to, great, but I'd personally go nuts.
I'm 25, i have about 15k in a Roth and 10k in savings. I have another 10k in student debt to pay off. I split an apartment with a friend, we each pay about 900 a month. I too am on track to retire at or before 60, so long as the US inflation rate doesnt go full Argentina. Talk to a financial advisor and get your numbers straight. Ask a MD or partner to recommend one they use.
Retirement is a number, not an age. Find out how much you want you annual income to be in retirement. Then calculate what kind amount of savings you would need to withdrawal 4% annually to get to that annual income. Even at the inferior EY we understand this, I would expect more from a Deloitte.
I know man jking
I hate y’all. Some of us have student loans (100K+ after college) and didn’t get college paid for by our parents. If we’ll make it then so will you
Doesnt matter, can still get deployed and drive over an IED.
Well don’t get into a relationship because that will cost you money. Otherwise...keep saving and don’t worry about it
I don’t disagree as I’m married myself but it seems like OP is hellbent on pinching pennies and retiring early.
I used to dream about retiring at 50 but seeing family members go through depression and another health issues right after they retired has made me not retire till my time is up
Also, your savings ability accelerates in your older prime earning years. I’m a 55 YO and save substantially more annually now than 10 and 20 years ago. Don’t let up, but you’re doing well.
What type of plan do you have your 401k on? You can change the aggressiveness of your portfolio or set your own target retirement age (in theory). Also don’t forget Roth and other options if those are available to you.
I’d be more worried about
Living at home than retirement with 100k socked away at 23.