{ "media_type": "text", "post_content": "Swear this isn't a humble brag post, doing retirement planning. Currently 26 years old, making ~180k a year, 170k in tax free retirement accounts. Reasonable to expect 5M by 50 to retire?", "post_id": "59579b83028afc0016d0f9ab", "reply_count": 55, "vote_count": 11, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Swear this isn't a humble brag post, doing retirement planning. Currently 26 years old, making ~180k a year, 170k in tax free retirement accounts. Reasonable to expect 5M by 50 to retire?

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Ok I'll buy that. There are some great tools out there. Honestly your models probably won't be as good. And since you seem anal enough to track every account you should use one. Personal capital is great. It runs simulations on future projected earnings. I'd take a look at that and since if it meets your needs.

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@OP I'd make sure to think about the two components of the problem: how much do you need and how long will it take you to get there. $5M seems like it may be light for 40-50 years of retirement if you pull down even a pretty aggressive yield of 4%, you're only at $200k per year. In terms of growing your savings to hit the target number, Motley Fool suggests 7-8% returns on investment (relative to the historical 9%). Here's a decent article with a link to a calculator: https://www.google.com/amp/s/www.fool.com/amp/retirement/2017/06/29/do-i-have-enough-to-retire-heres-how-to-find-out.aspx

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Fuck off op, your not humble brag is a brag and, you are right, not humble at all.

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Not if is a good one, man. That'd be the same as your client saying "why hiring BGC for this cost reduction effort if it's gonna cost us money"

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It's 6:08 am... can the dick measuring questions wait a little bit????

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If I told you yes, would you promise not to ask this stupid question again on FB?

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P1 - why you so angry big fella?!

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@BCG1, if you want to meet your financial goals and you don't have a business degree yet, relying on FB for advice is not what I would expect from a highly analytical mind. It's, let's just say, dumb!

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FB is a great case study on how highly successful people could be so unhappy, jealous, negative, etc. People too busy trying to poke holes in OPs story and shit on him. Seems like we could all learn a thing or two. Putting money in 401k in HS was something that never even crossed my mind.

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@OP, how? Roth contrition is maxed at 5500/yr. 4 yr HS + 4 yr BS + 3 yrs = 11 x 5500 = 55k. To get that to 170, that's a 17% growth rate per year. If you can make that you might be in the wrong profession

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I thought millennials worked at Starbucks and complained about student loans? 🤔

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Been consulting for 20 years. Have $8.6m in investments and own my $900k house. So yeah - if you are not dumb - you can make your goal.

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P1 I'm not trying to be arrogant. I have made some assumptions in my financial model, but want to get Fishbowl's collective sanity checking mind on it. A1, I could hire a financial advisor, but that would be counter to accumulating the wealth, no?

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How are you at 180? This doesn't make sense to me.

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Yeah but we spend all of our money on avocado toast.

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Hire a financial advisor with all that cash since you have it

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No reason to give OP heat for asking a legitimate question. On the question, yes - it is reasonable assuming you keep getting promoted and keep your fixed costs in line. I know junior partners at Deloitte who are already in that range at ~40.

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It's only unreasonable if you go on to have kids. Damn, those little darlings are expensive!

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If you go to partner and stay in consulting you'll have a lot more than 5m by 50

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BCG1 - my father gave me money to start but not that much. Just $1M. I was tremendously fortunate.

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Yeah I'm an Associate who was promoted to consultant, about to go back to business school soon

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16 years old, making $50M/year, $600M/year in Roth, privileged...am I underpaid? I'm worried I'm a little behind.

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