Retirement Questions?

Question

Ok here is a toughy I hope some financial guru's can help me out. I am 22 years old and am looking at my retirement. I want to have atleast 2 million to retire on at age 60. I would like to start investing in a Roth IRA asap. I also plan on doing a 401 K plan once I get a real job after graduating. What I'd like to know is what will I have to invest in the Roth IRA up til age 60 and what will I need to invest in my 401K plan to have atleast 2 mill by age 60. Lets assume I am getting 8 percent return a year. Any responses welcome.

Answer 1

To accumulate $2,000,000 in 38 years, starting with $0, contributing the same amount each year and earning 8% per year you will need to contribute $8,729 per year.

But even at a modest 3% inflation that $2,000,000 in 2044 will be worth the same as $670,000 in 2006.

Answer 2

You are a smart man, by learning invest properly will get you there, start as soon as you can, do not delay.
Rule of thumb, set aside 10-20% of your pay, or max out on 401k, max out on the Roth
At the age of 33, my 401K+roth IRA 75000, with addtion 30000 in cash account, combined of more than 100k. It is not a brag, but fire you up too
Learn how to save and invest the right way
Yes you could learn invest by yourself. it is your money, you should know how to do with it. for starter check this site out.

http://www.pathtoinvesting.org/index_fla...
http://www.stockcharts.com
http://www.streettalklive.com section university. a lot amount of information. It will serve you well
I accumulate in good amount in 401k at the young age.I could share with you. when consider invest in stock market. you should consider basic 3 things:

fundamental analysis==(economic data,finincial health, management, business model, competetion)>>what to buy

technical analysis==(chart+indicator)>> when to buy

Sentiment/schycho analysis==>>mood of investor, Contrarian point of view.
Market cycle===>> check out book Trader Almanac by jeff hirsch will give you inside stuff
When you combine 3 thing, It is one of the powerful knowledge goinh with you for the rest of your live

At the age of 32. my 401k is amassed 75,000.00 and 30000.00 in taxble account. by follow simple rule