A 24-Year-Old Asks, 'Am I Missing Something?' They Calculated That $100K By 30 Could Turn Into $1M By 65 Without Adding A Penny

Core Insights - A 24-year-old individual calculated that saving $10,000 annually for five years could lead to $100,000 by age 30, which could grow to $1 million by age 65 with a 7% return adjusted for inflation [2] Group 1: Retirement Planning - The individual managed to save approximately $37,000 in retirement accounts while living at home and earning $26.50 an hour [1] - Many commenters emphasized the importance of starting early for compounding benefits, stating that time is crucial for retirement planning [3] Group 2: Economic Considerations - Commenters noted that $1 million may only support about $40,000 in annual withdrawals, raising concerns about future purchasing power due to inflation [5] - There were discussions about the potential need for $3 million to $5 million or more by the time the individual reaches retirement age to maintain a comfortable lifestyle [6] Group 3: Real-Life Challenges - Several individuals shared experiences of life events such as layoffs and illnesses that disrupted their saving plans, highlighting the unpredictability of life and its impact on retirement savings [7] - The ease of saving for the original poster was attributed to their favorable circumstances, including no debt and a stable living situation [4]