Yes! But keep in mind, you would need to invest $1.5 billion a year to get to that level.
What is the “normal” retirement amount?
For most Americans, that annual amount could range from $35,000 to between $42,000 and $51,000 (depending on your age).
What can retire on?
If you have a decent work history and don’t need to get rich quick, then it makes sense to invest more in your 401K and 403B funds. But the higher your 401K and 403B contributions, the harder it is to get out.
So you can retire on a nice pension, as I did until I retired from the Army in 2011. It took me 30 years.
But the other key factors to take into account are your salary, tax rates, health insurance and retirement savings.
How many hours to retire? This can be tricky. It depends largely on whether you work part-time. If you’re working long hours, such as at a bank, don’t go for more than 15 to 40 hours a week or so depending on your hours.
If you’re doing well with your job and feel you can handle a higher workload, you can stay at your job until age 55 or 60, when you can take a second job to generate extra income. But if you’re making around $40,000 or $45,000 per year, this is not an attractive option for most people.
Your options in retiring might change as you continue to age.
But, one important thing is that, if you are planning to retire early, avoid allocating any excess savings between your 401K and other investments.
What happens to your employer’s match if you retire early?
Most companies offer matching contributions based on whether you’re 40 or over, which can be between 50% and 65% of your salary.
But do not expect to get this money back until you retire.
If you’re going to have an employer match and would like to take your money to retirement, you would have to put it into an IRA or a 401K. The match would remain the same.
Doesn’t a government program like Social Security and Medicare give me more in my 50s?
Social Security will continue to grow forever.
Medicare as well as Medicare Parts B and D together are likely to provide you with about $1,500