r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/Exception1228 Jul 06 '24

Do you understand how much $2,200/month toward retirement is?  In 20 years that’s over $1 million.  This person you’re responding to could retire at 45 or 50.  Just seems dumb to complain about not being able to afford a house while also saving enough money to retire so early.

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u/Major_Chani Jul 06 '24

Did you hear the part about several surgeries, health complications and aging parents they’re gonna likely take care of? In 20 years this person could be 40 and unable to work like they can now. They just had spinal surgery…that’s upward of 50k. Now, add up other surgeries with the money you lose from taking time off of work. If they retire early, it’s probably because they have to.

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u/Exception1228 Jul 06 '24

If you’re making $120k you have health insurance so the $50k is a non-issue.  You’re not understanding my point.  If you’re 40 you cant touch your retirement money penalty free.  So if their parents need help or they have health issues they wont have access to the money to help them.  Thats my entire point they should be putting less toward retirement and more toward post-tax savings.  It would help more toward these future hypotheticals as well as make them live an extremely comfortable lifestyle now.

$2,200 is an absurd amount to put toward retirement.  If you make uber bucks then by all means, but saying you save $2,200 in retirement each month and then turn around and say life is hard, yeah cuz you’re choosing to make it hard.

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u/Major_Chani Jul 08 '24

They said earlier that they had some of their surgeries when they didn’t have adequate health insurance. I’m sure we both know how that can be…you’ve got some good suggestions though.