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Politics : Politics for Pros- moderated

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To: kumar who wrote (116527)	5/27/2005 7:10:31 AM
From: John Carragher	Read Replies (2) of 793756

see how much smarter you are than me. i would have put it all in a 401k program like enron, k mart, etc. then after 35 years watched it go away. never thought of a savings account. calculator on line says i would need about $1100 a month added to savings at 4% to get $1000,000. in 35 years. so i would have to average over $100,000 a year in salary to put 10% in a savings account to get close to 1m and still fall short. that number includes compounded interest at 4% over the 35 years. maybe someone else can show me my error but 401k still seems to be alternative to increase savings over life time.

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