So if I keep putting £10k pa into my pension and £8k pa into my Vanguard investment account when I'm 55, at 5% pa growth I'll have £ 1 million.
Can it be that easy? 5% seems like a pretty modest expectation.
So if I keep putting £10k pa into my pension and £8k pa into my Vanguard investment account when I'm 55...
Adrian Wilson
Other urls found in this thread:
bogleheads.org
bogleheads.org
twitter.com
Gabriel Richardson
it's a little more complicated than that but that's basically how retirement works
Justin Gonzalez
Anything I should be aware of?
Samuel Adams
Read both these pages, take them to heart, apply them for 20 years, and you'll outperform like 80% of people without breaking a sweat:
bogleheads.org
bogleheads.org
Logan Robinson
just some minor things that can save you a bit here and there, more so when you get into the higher tax brackets. also some risk management so you aren't caught with your pants down during a crash. but as long as you're saving that's the bulk of the work.
it's more than I'm going to sum up here, also I'm not from the UK. reddit is honestly a better resource if you want to ask about specifics.
Camden Bailey
Thanks man. Appreciate it. Will take a look tonight.
Okay cheers. Regarding the tax issue, my investment account is in an ISA wrapper. That means I'm not liable for any tax on it (20k pa limit on contributions). Is there a specific Reddit you are aware of?
Carson Reed
/r/personalfinance, just go through the side bar. there should be a UK specific one as well.
Jonathan Turner
Pretty much this user.
Everyone can become a millionaire by retirement, it just requires maxing out your IRA/pension/403/etc each year. It's just that the average person is too ignorant and uninformed and cares more about wasting their money on iPhones, Disneyland annual passes, and other stupid shit they can't actually afford.
The key to retiring with millions is start saving early and often.
I max out my Roth IRA at the beginning of the year, put 5-10% of each paycheck into a taxable account with the same portfolio composition as IRA, put 10-15% into a savings account, and another 20% into crypto.
Lincoln Butler
I'm extremely ignorant regarding cripto. I guess a small portion of my portfolio should be cripto speculation. Where should I start?
Jace Morales
Just put everything into crypto and you will be enjoying your billions in 2 years