A recent article from U.S. News & World Report asks “Is $1 Million Enough to Retire On?”
The short answer: Maybe. But probably not for spoiled consumerist whores like yours truly.
This depressing news comes on the day I became eligible to begin 401(k) contributions.
Lovely coincidence, no?
For what it’s worth, I’m contributing 10% of my income to my Roth 401(k) plan in order to max out my company’s match. I have to stay three full years before I’m fully vested. If I leave before then, I’m only eligible to keep a certain percentage of the matched funds.
As with my Roth IRA, I chose a target-date retirement fund in order to simplify the investing process. As they have been explained to me, target-date funds are great because they are automatically rebalanced as you approach retirement age. No muss, no fuss.
I’m a fan of target date funds. I’m also a DIY girl, but I’ll probably end up with my own approximation of one. I’m going to recommend that Micah just get a target date if anything happens to me…simplify his life a bit.
Maybe salaries will increase to match inflation?