The Million-Dollar Retirement Plan

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hahaha....if you make SEVEN percent....where the heck do you get SEVEN percent......unless you do some risky investing.....BS

nope of CO 10:08PM December 08, 2010

I'll be 60 next year, raised 6 kids, have a huge mortage and never was able to save a dime. I'll retire when they find me dead at my dest at work ...

Tom Riggs of CA 5:15PM December 07, 2010

I started in my mid 20s, puting in 5% of my salary into 100% stock mutual fund, and got the employer match. I retired a year ago with well over a million.

Comfortable at 68 of CA 4:48PM December 06, 2010

A million IS possible on a salary of $45000 by careful spending, saving and investing. At 35, I started over from divorce. At 57, I am independent and ready to retire. It can be done. If I can, a blue collar, factory worker, you can too.

Devans0 of IA 2:12AM December 06, 2010

"A million for retirement? What retirement" Did you find employment for old farts somewhere? Many will be retired, cause there ain't no jobs!!!!

Beefman of NC 9:37PM December 05, 2010

I have done all of the saving--and then some--suggested in this article. I used an investment allocation appropriate to my age, i.e., heavily weighted in equities. And I have been burned by two major market crashes during the course of my 20 year working career, in 2000-01 and again in 2008. Basically, what I have is the principal amount that I invested, with a very small investment return.
The main value of this article is conveying that, even if you do manage to accumulate $1 million at age 65, you will not be rich. That figure sure ain't what it used to be.

walter of OR 8:11PM December 03, 2010

What is this national propaganda from the rich day? The Wall Street Journal has a story on how the poor are addicted to being poor and secretly desire it and then this? A million is simple... all you have to do is save $5500 a year (about 20% of the median individual income), THEN get a 401K match that few companies are willing to do, THEN get a 7% return for 35 years hoping the market does not tank like it did in 2008 and put you back to square one with nothing again. Seems like a lot of effort on the part of the wealthy just to make themselves feel better about about cutting social security benefits and raiding the trust fund.
A million dollars is easy? My wife and I make well over $100,000 a year and are 35 years or so from retirement age and we've calculated it will be difficult to get to $1 million. We save AND live modestly AND have no children AND have zero credit card debt. We are better off than probably 80-90% of the country and getting to that figure between the two of us if we keep our current jobs until we retire will be a great struggle. There's no way on Earth the average American who is riddled with debt and can not rely on a 401K match or pension can come anywhere close to that figure. U.S. News is lying to you. It's a scam to rob you blind and get you to feel good about letting it happen. The top .01 have more accumulated wealth than the bottom 40% of the country and the top 1% has more accumulated wealth than the bottom 90% of the country. That's reality. This article is pure Horatio Alger myth fantasy.
Don't believe the hype. Fight like hell when they come after social security (and they are coming after it). If you think you're retiring with $1 million and you only make $45-$50K a year you are most likely kidding yourself. I am saying this because I know my family will struggle to get there and we have many advatages most Americans don't have, so to insinuate this can happen for most is a lie. They are just hoping you will roll over when they come after your social security hoping you will buy into this "I will have $1 million waiting" fantasy and not put up a fight.

John of IN 5:44PM December 02, 2010

Pretty lousy timing for this article when two million people will lose unemployment benefits soon, the national jobless rate is hovering around nine per cent, and the vast majority of us who have been searching for any kind of job at all have gone through savings, 401K's, and every salable thing to stay alive.
A million for retirement? What retirement.

Steve Nowak of CO 7:33AM December 01, 2010

Emily Brandon articles in US News and World Reports have been excellent. They are easy to read and include a number of practical tips for the reader. I often include reference to her articles in my recommended reading list in financial literacy seminar presentations.

William Casey of NH 5:51PM November 30, 2010

I can't understand why people, in general, have a hard time investing in the future. I have been an aerospace contractor for 18 years, get paid well and do NOT get matched for any of my investments, yet have budgeted myself to MAX out my 401K for 15 out of the 18 years. And that includes the 401K "catch up" amount allowed those of us over 50. It's quite simple, if you don't see it you won't miss it. I've got roughly 12 or so years left, I did loose a substantial amount in the last years, but the seven figure retirement seems obtainable. I have no degree and I figure if I can do so can anyone else, you just have to structure yourself...

Ptrsn of AL 4:57PM November 30, 2010