people 18-early 20s: do you plan to sacrifice your finances to retire early or not?

or are you going to get a career that is high paying? Do you plan to live modest to retire early OR are you just going to work a lot of years?

Public Comments

1. I retired at age 49, it is great to have money and not to have to work anymore. My 55-65 year-old friends that I grew up with will likely be working until the day they die (but they had some nicer cars and houses than I did). Given the option to redo my life, I'd still make the same choice. It is one thing to be poor(-like) when you are young but its terrible to be poor, old and still have to work.
2. Bravo Auntie Mame! You are correct, at least as far as I am concerned. The big advantage that young people have now is the Roth IRA. I wish that it had been available "back in the day". If a person starts a Roth IRA at the age of 20, contributes the maximum $5,000, and averages an 8% return, the Roth IRA will be worth $1.3 million at age 60. If they start at age 18, it will be worth $1.6 million. If they decide that they like working and wait until age 65 ito retire, it will be worth $2 million to $2.4 million at age 65. And it is all tax free. The beauty is that anyone can be a millionaire in this country if they start early and put aside just $5,000 per year. Not really a lot of sacrifice to your finances, is it?