A great story from a couple that retired successfully by saving
Christopher Lynch says he and his wife have “always been the saving type,” The Lynches started investing their savings in to their pension plan at the start of their career.
Today, they have a net worth of more than $1.5 million. “We achieved this through aggressive investing in our retirement accounts, keeping our debt low and not living extravagantly. By aggressive investing, I don’t mean risky, most of our investments were in indexed mutual funds, but by allocating more than 25 percent of our salaries to our retirement accounts.”
When Lynch’s wife retired in 2001 at 50, they were each earning about $60,000. Though Lynch’s income had reached $100,000 when he retired in 2014, he was accustomed to living on much less.
While the Lynches, who have two children, didn’t drive fancy cars, splurge on clothes and jewelry or purchase the latest electronic gadgets, they lived comfortably. “We never felt that we were underprivileged; we just didn’t feel a need to keep up with the Joneses,”
What is your experience with saving for your retirement?
Posted on Wed, May 16, 2018
by Simon Snelder filed under