So, since I'm very new to all this at the age of 38, I've made some screw ups, but I've got a 5 o'clock shadow that I'm grooming.
I'm putting 17% of my income into 401k, and 7% into a Roth IRA. At 38, assuming I worked until 65 (let's hope not, but let's assume). Even if I up my contributions a lot, I would end up with @ $1.2m in there. I pull down @ 50k.
My wife works part time at Home Depot. Makes about 10k right now. After this year we're hoping she'll at least work full time, which would have her bringing in @ 20k.
if she puts 25% of her income in there, she could retire with $1.6m
This is nothing new to most of you, but some people need a matter of scale to make it real.
Never underestimate the power of small amounts and time!