"From 38 to 65, you guys invest $4,500 a month, you never make more than $360,000 at 10% return on average, you'll have $7.4 million."
"Baby step 4 is you're investing 15% of your gross income every single month. And once you're doing that, it's kind of like that's the set it and forget it."
"Is it more than 2% of the headaches in my life? That question carries real financial weight."
At 38 years old, a couple with a combined income of $360,000 had no retirement savings. They were advised to invest $4,500 monthly, potentially accumulating $7.4 million by age 65. This projection is based on a 10% average return, reflecting the U.S. stock market's long-term performance. The hosts emphasized the importance of starting retirement savings immediately. Additionally, the couple considered whether to pay off an investment property, which generated $600 monthly, weighing the opportunity cost against the management effort required.
Read at 24/7 Wall St.
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