https://www.moneypeach.com/episode-135-five-steps-to-become-the-401k-millionaire-next-door/ Clear A Path To Financial Freedom. Fri, 19 Jun 2020 18:08:14 +0000 hourly 1 https://wordpress.org/?v=6.4.5 https://www.moneypeach.com/episode-135-five-steps-to-become-the-401k-millionaire-next-door/#comment-53279 Fri, 19 Jun 2020 18:08:14 +0000 https://www.moneypeach.com/?p=14918#comment-53279 I retired five years ago with way more than a million dollars in my 401K. That was a reasonable amount then but for someone retiring in 25 years inflation will eat away at over half of its buying power. In other words if you want a million dollar lifestyle then you’ll need 2.1 million dollars to pay for it. On the other hand I was only allowed to put in around $7,000 when my company first opened up 401k accounts and now the contribution max is $19,500. So today if someone maxes out their contribution every year, like I did, they’ll have several million by the time they retire. I never noticed the money I invested, it was invisible to me. And when that balance finally hit seven figures? It was a pretty happy day for us!

]]>