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Everyone should keep in mind that inflation will eat away at the $1 Mil. In 40 years, it will be worth $0.5 Mil. This equates to an endless stream of $2,000 per month in 2008 dollars. Still not bad.
I am going to add to Agititan's fine treatise. To underscore how important it is to start early, if a person wanted to save to $1 Mil but started at age 50, he would have to put in a lump sum of $240k. This is the amount when compounded at 10% yields $1 Mil.
To add more fire to this brimstone; within the next ten years, Congress will get off their duff and fix Social Security. You know what is going to happen. Something will be taken out of your pocket, either in more taxes or lower benefits.
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06 Nismo 6M 4X4 Blue
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