{ "media_type": "text", "post_content": "I’m 30 and my spouse and I want to save a million dollars in 15 years by age 45. I figured 1,000,000/15=66,666/yr need to save. To get to 66,666/yr, need to contribute:\n-401k at 19500k x 2\n-Roth IRA at 6000 x 2\n-remaining $7833 x 2 in a brokerage account \n\nDoes this look good? Am I missing something? With discipline 2 people can save 1 million in 15 years?", "post_id": "5eb565d079bef0001a187998", "reply_count": 46, "vote_count": 10, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }
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I’m 30 and my spouse and I want to save a million dollars in 15 years by age 45. I figured 1,000,000/15=66,666/yr need to save. To get to 66,666/yr, need to contribute:
-401k at 19500k x 2
-Roth IRA at 6000 x 2
-remaining $7833 x 2 in a brokerage account

Does this look good? Am I missing something? With discipline 2 people can save 1 million in 15 years?

likeuplifting
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It’s absolutely possible to save 1 mil in 15 years. The biggest factors are income and spending. For a mil, u need a solid income well above $100,000 and a great savings rate way above average like at least 40% if not closer to 70%. To help you run the numbers you can try this link: http://networthify.com/calculator/earlyretirement?income=180000&initialBalance=35000&expenses=54000&annualPct=5&withdrawalRate=4

likesmart

Kids? If considering kiddos, that can divert some $.

Other additional expenses? House?

Income growth? That can help...or be used for kids/ house.

Compounding? Theoretically, you can double your money every 7 years, so your first two years of contributions can theoretically get you to >$500K...super doable, OP.

Inflation? This ones a B. Protect against it!!

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Recent IconRecent

You can marry someone who already has a million dollars or more and save yourself the effort

likefunnyhelpful

Accepting referrals, M2..

like

You are missing a growth rate assumption on the amount you are saving. Even some savings account can get you 1-1.5% these days. Compound that over 15 years on all the dollars you save is something . So it won’t be a flat 66k a year.

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Cone, yes - but with positive drift that should dominate in the long term if you have a little diversification and occasional rebalancing. Over 15 years, the chances of winding up below 0.5 (or even below 1) are pretty low, and the chance of winding up above 2 are fair.

I wouldn't put a flat amount each year. Your earnings will increase.

If you can afford to save 66k now you can afford to save more than that in 5 years. I'd put some ratcheting up in there.

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No, on $160k household income the $66k/yr hurts and is the max limit right now, but our expenses are under control and we prioritize high net worth so are mentally committed to the lifestyle trade-off.

like

You're not retiring at 45, you just want to save that amount by 45, right?

Because otherwise you'll need to factor in early withdrawal %

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Maybe that’s not necessary. I suspect that you assume the federal tax rates will be the same and you’ll move to a no income tax state. The Roth wins if future tax rates are higher and the 401k wins if future tax rates are lower. I’m saving for the worst case market so when I retire (perhaps into a typical market) I will have a lot of assets. I like the tax diversification and future flexibility of when I draw it down.

Factor in TVM if your goal is to get to $1M. Assuming X% of annual growth/earnings, your contributions will be less than those you mention above.

But if you contribute the same amount every year, you’ll definitely get more than $1M, which wouldn’t be a terrible thing!

likesmart

What is your combined gross income right now? Without knowing any other details like expenses, mortgage etc, it is totally doable with discipline. Also rememebr that invested money will grow over 15 years, so you might not actually have to save 1 mil to get to 1 mil.

likehelpful

Do you have 0 savings today? I doubt you'd be able to save even half that amount if you havent been used to saving anything at all in the past 30 yrs. If you do have something saved up already, factor that into the calculation and that should allow you to hit 1 million sooner than 15 yrs or save more than a million in 15 yrs

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Rent this on Amazon..
https://youtu.be/sOc-m49JfHw

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Buy few rental properties and become a property shark. Much easier...

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after dealing with two floods, I’m beginning to wonder if it really is easier!

You can get there on 401k contributions only.

Assuming an average rate of return at 7%, $39,000 per year would get you to about $1,089,611 by 45.

Compounding interest is a powerful thing.

If you assume you do all the things you say, with all the compounding interest you would get to $1,003,750 by the age of 39.

like

Does this look good? This looks fantastic! With dual income, even if each is $100k, this should be achievable by all.

What you haven't taken into consideration is the growth you'll have on the base $1M that you have. With a conservative estimate of 6% CAGR, you end up with $1.6M.

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