If I match my mortgage every month ($1300) stashing it into a Roth IRA, and then 401k (basic index funds), will I have enough to retire at 55 when my mortgage is paid off. I like my house and don't plan on ever moving.

>When I say "retire" I mean work just enough to cover all my expenses minus the paid off mortgage and investment contributions for 5-10 years until I can crack open those piggy banks and get social security.

I'm very frugal, have no debt other than mortgage, maintain and repair my paid off vehicles, enjoy cooking, and wear socks/underpants till they've got holes.

There are thousands of free retirement calculators available via a Google search. Pick your favorite and plug in the numbers for your situation then determine if you can afford your life style on a 4% annual draw down.

>>60528793
The calculators are free but my time is not. I will ask some Reddit fags and they will figure this out for me for Reddit points

>>60528757 (OP)
no

>>60528757 (OP)

How much do you want in your Roth to completely 'retire'?

>>60528757 (OP)

You'll be fine. I don't think most people understand how easy it actually is to live in America as long as your house and car is paid off.

Literally at 65, if your house and car are paid off, plus you're collecting $3k+ in Social Security, plus you have retirement funds, plus you have 80% off most of your medical care, you're completely set. If you then choose to work part-time just to keep yourself busy and moving like 3 days a week, you're good.

>>60528757 (OP)
First question to ask yourself is how much money you think you'd need to retire today, then double it. This is because the purchasing power of a dollar 20 years in the future will likely be half of what it is today. So if you want the equivalent of $1 million today, your aim should be for $2 million.
Second, consider your rate of return. Conventional wisdom is that a "safe" ETF like the SPY will likely give you 10% CAGR over 20 years. If you do only that, at the end of 20 years you'd only have $930K.
If you invest your money into a combination of SPY and a growth ETF like the QQQ, then you might be able to raise your CAGR to 12%, and get $1.18 million at year 20. The problem with growth ETFs is that you have higher sequence of return risk - withdrawing during a down cycle.
Let's say you actively pick your own stocks and you are good at it, and you get 20% CAGR. You'd have $2.18 million at year 18. This is harder to do, because few people can consistently beat the market over a long span of time. (Warren Buffet's CAGR is about 20%.) Also, should conditions change for a company you hold and you decide to close the position immediately, there will be severe tax implication since you are actualizing your gains all at once.
So what I would suggest is that you buy a combination of S&P 500 ETF and a growth ETF in your retirement accounts, and open a self-directed investment account and pick a select few stocks with long term potential, and perhaps allocate a small percentage to speculative investments like crypto. Increase your investment amount over time as your income increases.
Better yet, see if you can live even more frugally and raise your investment amount to $1500. If all goes well and you attain a 15% CAGR, this means you can invest for 17 years, stop investing but let your money sit in your accounts, and hit $2 million+ after 5 more years.

Theoretically using 10.5% returns (blow me doomers) you'll have ~$945k after those 20 years. Using the 3% withdrawal rule, that gives you $28k per year. So compare your expenses with that.

>>60528757 (OP)
If your company offers a 401(k) match you best be taking that free retirement money nigger

>>60530116
/thread

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