I have a feel good story I thought I'd share. A friend of mine was telling me that saving 15% of her income was the easiest thing when she was working and that it did a lot of heavy lifting for retirement.
Well she started at costco at 18 and didn't go to college. She started saving 10% for the first 2 years then 15% from years 20-38, she only ones part-time now because of her kids. She maxed out at $50k/year and has always saved 15% of her income and she's 39 and has $300k in her 401k. She's now set for life even if she never saves again. All the early saving did it for her.
She said I always tell people starting out to save 15% of their income and it'll do it for them. But most people never do. She looked at me and I said "no worries we're fine."
We missed saving in our early 20s and so we had to save A LOT more money to make up for it. We're still socking it away because of it. But the compounding works!
So it doesn't matter what you make but what you save.
15% to retirement works!
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Petunia me too I wish we had saved earlier.
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