The Wickhams plan to save $10 million for retirement
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
Tags: retirement, savingsRelated Stories
POSTED IN: budget, celebrities, news
2 opinions for The Wickhams plan to save $10 million for retirement
Hsien Lei
Jan 10, 2007 at 7:26 am
I can’t say I’m too impressed with them, although I’m not a financial planning whiz. They have no kids (a HUGE difference in lifestyle) and have a ton of money tied up in real estate. They have debts from buying real estate and student loans. They have lofty goals and it’s good to start saving ASAP and invest, but their investments and investment plan don’t seem failproof either. I do find it amazing that they are able to save all that money on what appears to be just average salaries.
kellys
Jan 10, 2007 at 1:32 pm
I agree that it is much easier to save when there are no kids involved. But by the time kids come around, there needs to be a plan in place for college tuition and savings for all the new expenses. That way, they don’t hurt as much as they should.
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