Ah millennial's, you're boned (where's Bender when you need him?).
http://finance.yahoo.com/news/millennials-told-jpmorgan-want-retire-133327510.htmlAccording to JPM, you're smoking a bunch of dope since you want to retire at 60.
Some laugh worthy quotes:
Sure, you can set early retirement as a goal, but a combination of the current state of financial markets and plain old life is most likely going to make retirement by age 60 impossible.
Of course, it is possible to retire by 60. To do so, however, you have to have phenomenal pay, no expenses, or very modest expectations for your standard of living both before and after retirement.
Assuming an average salary of around $75,000 between ages 24 and 35, our hypothetical millennial would have to save a whopping 35% of their salary on average each year to be set up for retirement at 60.
35%...whopping...yeah, what a whopper. Well hello genius, if ya read Jacob and consulted his plot, reality is that if you save 35% and make a paltry 4%, time to FI is only about 25 years or so. So our hypothetical millennial starting at 24 would actually be able to punch out at about 50.
And oh my goodness, something I didn't realize until reading this article....did you know oh wee little ones of the Millennial generation that if you retire at 60 you won't be eligible to steal from the post-millennial generations (aka socialist security) for two more whole years? (Facepalms) Why, you'll actually have to finance your own retirement entirely during that time - the horror....the horror.
So, get back in mom-n-dad's basement, retreat to your safe space, since there is no hope for you.
This comedy brought to you by the crony bastards at JPM who have been donating to major party candidates for years, to enable their thievery from the public purse.