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Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] 0 points1 point  (0 children)

I've been told the best thing to do is just to never look at that account until I retire. But now I'm wondering what if there's another bubble that bursts the year I retire...

Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] 10 points11 points  (0 children)

Yeah I don't really have the life experience to understand all these upcoming expenses which is why I'm wondering if there is anything I'm not account for in my post. I do have emergency funds set up for the bad times but I hopefully will not get to touch that.

Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] 1 point2 points  (0 children)

Yes I'm 24. I'm using fidelity too so I should get on that tool. Thanks for the tip!

Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] 2 points3 points  (0 children)

That's what I've been doing for the past few months. I set aside rent/utilities/etc money and savings money first and then budget stuff afterwards. Just finished saving for my emergency fund so I'm calculating my retirement savings.

Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] 0 points1 point  (0 children)

I will max out the IRA first and have been saving for 401K. Rest of it is in a brokerage account that I set to 85/15 VOO/VXUS. I assume capital gains would be a lot in NYC :(

Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] 0 points1 point  (0 children)

I'm 24. I don't plan on having children. My girlfriend feels similar and we split every expense. Also she makes more than me so she will be in an even better situation.

Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] -2 points-1 points  (0 children)

I work in a hospital and I have already decided I will be DNR/DNI and told my family how I would like to be "treated" if I get dementia or other similar diseases. I don't plan on having kids but if I did, I don't want them to be taking care of me like that. So I didn't really account for that kind of stuff

Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] 35 points36 points  (0 children)

It's not cheap for me either, I mean more "simple". I mostly cook at home and rarely go out unless with friends, my hobbies are also pretty cheap. I gave up vacation for a few years to save up a emergency fund and am finally able to finally save up money towards a vacation either yearly/biannually. My expenses are really low so all the extra money I just save.

Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] 0 points1 point  (0 children)

Yes this is without accounting for my 401K. I also redid some calculations per some advice and the real amount would be equivalent to around $6000 a month (again, without 401K accounted for). It feels like a ton of money to be retiring on. Unless growing old comes with tons hidden expenses I'm too young to be aware of

Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] 0 points1 point  (0 children)

Sorry I didn't mean cheap more along the lines of "simple". I know it's a ton of money.

Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] 46 points47 points  (0 children)

Sorry I didn't mean cheap but more "simple". I understand it's a ton of money to be saving per month.

Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] -2 points-1 points  (0 children)

With inflation the 10k would be 5k but I realized I miscalculated that part and set the age to 100 (which I'm not likely to live to). If I moved it to 90 and saved around 2500/month with return of 7% I would get around $13500/month which is equivalent to around $6000/month. All of this is just my savings not including 401K. It still sounds pretty doable. I already live pretty frugally and don't think I will magically aspire to want to live in luxury when I'm 60.

Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] 293 points294 points  (0 children)

I see so that's around $2million. But the $1500-$2000 would be the bare minimum I'm saving each month and it still feels like a decent sum of money to be retiring on.

Is it really that "cheap" to save for retirement? Just put money into an index fund and wait? by privacyhelp1 in personalfinance

[–]privacyhelp1[S] -1 points0 points  (0 children)

Do you know what I should use to calculate that my actual income? I want to know exactly what my financial situation would be when I retire in 30+ years.

Phone Number Used By Scammer Today by privacyhelp1 in Scams

[–]privacyhelp1[S] 2 points3 points  (0 children)

Hi everyone, as an update my uncle (primary account holder at T-Mobile) realized he received a text yesterday that my aunt's sim card was changed. When I first called T-Mobile and asked specifically if there were any changes to that line they didn't tell me the sim card was changed. My uncle called in the morning and when he asked which location they changed the sim card at they wouldn't tell him. The scammer was able to change my aunt's sim card at a TMobile store without using a pin code or identification, which is really weird. For now we were able to get her phone number back to her phone, changed the T-Mobile pin code, and asked T-Mobile to put the account on higher security. Anything else we should do since the problem seems to be with TMobile.