I read a story in the USA Today yesterday that inspired me and shamed me all at once.
Luke and Hanna Wickham of Orlando, Florida desire to have $10 million in savings and retirement investments buy the time they are in their 50⿿s. How awesome is that! They don⿿t want to have to work when they are older so they are starting to save now. They are in their late 20⿿s and early 30⿿s.
According to the story, they have saved over $157,000 in investments and plan to add $30,000 this year. Their goal is to put 20% of their gross income each year towards retirement. Above their retirement investments, they have socked away $50,000 in savings for emergency funds. I feel so shamed. We have a little saved up but with me only working part time, one child here and one on the way, we do good to put a few dollars a months on savings and still make our bills. Savings and tithes are considered a bill in our budget so putting a little extra each month is a bonus.
The story is very interesting and their financial plans are very transparent. The
financial advisor interviewed for the story says they are ⿿off to a good start but need to be careful⿿. Check out the article on the Wickhams and their goal to save $10 million in retirement investments and see how you measure up.
Picture by Todd A Anderson courtesy of USA Today
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