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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19414  
Subject: Re: Thought I was doing ok... Date: 6/20/2000 11:20 AM
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sillysally asks,

until I did the Millionaire Next Door worksheet.

I save the max 10% in a 401K (S&P 500) plan with a 6% match. I also max my IRAs every year (they are in stocks). I don't have credit card debt. I also purchase a couple stocks every year. I thought I was doing ok. I was surprised to learn that I spend more and save less than the avg. American.

What am I doing wrong. How much do I need to save? What did early retirees on this board do to be able to retire early?

I retired in 1994 at age 38. The last 4 or 5 years I was working I saved about 50% of my gross income.

I took "Millionaire Next Door" test you mentioned and based on what I was earning in 1994 when I retired and I got a ratio of 1.55.

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