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Old 05-28-2007, 03:44 PM
maxtower maxtower is offline
Senior Member
Join Date: Sep 2005
Posts: 1,264
Default Re: Just starting out, keeping it simple...

First off, you need a Roth IRA.

Sniper is right, the 401k money will not be easily accessible at 35, so you'll need some extra savings to cover the difference while you are 35-59.5.

Unless your side income is very good, it will be difficult to retire at 35 in this country. If you are able to pay off your house by then, you'll need a minimum $1500/mon in today's dollars for living expenses after taxes for an extremely modest, no wife no kids lifestyle. To make that kind of money purely from investments (like 4% dividends) you'll need $600,000 saved up outside of your 401k.

If you need to access your 401k money before age 59.5, you should look up the rule of 72T.
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