I spend the entirety of my work day fighting two enemies that show up to do battle with me every day: taxes and inflation. Most people don’t realize that taxation is the single largest expense in their lives, but fewer still understand how profoundly they’re impacted by inflation.
Just how bad is it? If you’re 42 years old today and you manage to save $1 million by the time you retire at 67, that nest egg will only provide a $19,000 annual income in today’s dollars. If you’re 30 today, that $1 million will put you below the poverty line. The bottom line is: save as much as you possibly can for as long as you can, and protect every dollar you’re able to from taxes.