That is the 72 rule and I think it is rather correct but do keep in mind, as it states,
it is an example.
Even if you double your money in 7 years, would you still be alive?
Maybe I shouldn't be so negative when it comes to retirement years but I can't
help but realize how fast the years go by.
Let's just say I live to be 83. That is only 20 more years.
What I am saying, a lot of people think or feel they need hundreds of thousands
of dollars for retirement. Well sure that is nice to say the least but I think it
depends on their situation. If they are a retired married couple, they may be
receiving $4,000 per month social security, one or both might have a pension too,
their house is paid for, they have everything they could ever need and mostly
whatever they want. Does this couple need hundreds of thousands of dollars for
retirement? Might be nice. Good to have money. Realistically, they probably will
not need it and it will go to either their children, nursing home, or the city.