I was curious about the $1 million figure. If you were to max a 401k at the current limit of $17,000/year and earn an annual return of 7% it would take you 23 years to amass $1 million. Considering that the limit was just raised to 17K for 2012, doing it in the past would have taken even longer (unless you managed better returns). No surprise that only a tiny fraction of participants have achieved that milestone. Very few people even stay in the same job that long.
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Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.
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