How To Better Manage Your 401(k) For Retirement Success

Are you looking to learn how to better manage your 401(k) for retirement success? You're in the right place. At 34, I managed to grow my 401(k) to over $500,000 during my relatively short 13-year career working in finance. Today, my 401(k) is now worth over $1,000,000 after I rolled it over to an IRA.

My 401(k) is seen as gravy for when I reach 60 because I've been focused on building my taxable investment portfolios for passive investment income. If your passive investment income can cover your desired living expenses, you're golden.

Treat your 401(k) as a “nice to have” retirement vehicle you do not depend on. Treat Social Security the same way. If you do, you'll likely end up having a lot more in retirement than expected.

Early Retirement And Your 401(k)

Early retirement is fantastic. There's only one problem. Most early retirees no longer contribute to their 401k's unless they start a business. If you start a business, preferably an online one due to the global pandemic, you can begin contributing to a Solo 401k.

However, most people can't be bothered. If you can't contribute to a 401(k), then you also lose out on employer 401k matching and profit sharing. I just took a look at my final year's employer 401(k) profit sharing plus match and it came out to $27,000. There's much more to your job than just your salary!

My 401(k) now makes up a minority portion of my stock investments. The reason why Is because I've been focused on building up my taxable accounts. It is your taxable accounts that will generate enough passive income to live off if you retire early.

That said, I still believe the 401(k) is one of the most retirement vehicles we have today. It is one of the legs in the new three-legged stool for retirement. Here's how to better manage your 401(k) for retirement success.

How To Better Manage Your 401(k) For Retirement

To better manage your 401k, you must first understand the reality of the financial landscape.

Financial Samurai on the beach in Hawaii - How To Better Manage Your 401(k) For Retirement

With the way the government loves to spend our money, I wouldn't be surprised if the retirement age for distribution without penalty increases beyond 59.5. Alternatively, the government could impose a “distribution tax” to take more of our money.

After all, with a massive government budget deficit due to the global pandemic, taxes will be going up to pay for all the stimulus spending. That said, we can hope for the best by reducing our mutual fund expenses and creating different scenarios to better prepare for our future.

The best way to increasing our odds for retirement success is to run various 401K investment scenarios. To do so, sign up for Empower, the #1 free financial tool. I've used PC since 2012 to manage my finances and analyze my 401K for excessive fees.

I will run three investment scenarios (Conservative, Realistic, Blue Sky) using the free 401k investment analyzer by Empower.

Regardless of whether you are retired or not, I encourage everybody to perform at least these three scenarios and write down some notes.

Early retirees need to be extra diligent given we are more dependent on our investments to survive. If you have years to go before retirement, I suggest you pretend you are retired now so you can develop a fire to be all over your money!

Conservative 401(k) Portfolio Analysis Part 1

General Instructions: Once you have signed up for Empower and linked your 401k, go to the “Investing” tab on the top right and then choose “401k Fee Analyzer.” This is the page where we plan to do all the analysis to get an idea of how different assumptions make big differences.

Base Assumption: The 401k alone is not enough to provide for a comfortable retirement. A 401k needs to be coupled with Social Security and other after tax investments to give ourselves a chance for financial security. This is my new three-legged stool in retirement.

In this example, we will use an existing 401k balance of $405,000. I assume no contributions and no employer match or profit sharing forever. Portfolio growth assumption is 4% per year with 0% additional fees. 4% annual growth is conservative given the average return for the S&P500 since the 1950's until now is roughly 7%. The 2009-2010 economic downturn helped bring the average down.

I'll also share what I'd do under each scenario to better manage my 401k.

401K Conservative Assumptions - how to better manage your 401k for retirement

Conservative 401(k) Portfolio Analysis Part 2

The Good: Despite not contributing anything to the 401K, even a conservative assumption of 4% allows the 401K to grow by $754,920 to $1,160,000 by the time I'm 65. $1,160,000 is OK if I were to live abroad or in cheaper US locations, but it won't go far in San Francisco or New York City.

The Bad: In 30 years, things will be much more expensive thanks to inflation. Honda Civics that now cost $20,000 will probably cost closer to $40,000. I expect all prices to at least double in 30 years thanks to inflation.

Hence, the buying power of $1,160,000 is more like $580,000 in today's dollars after fees. Let's subtract another 20% income tax on $580,000 (spreading the distribution out), and I'm left with only $464,000. The figure is kind of depressing after starting off with $1,160,000.

Conclusion: Once you've built a decent sized nut, investment performance is the #1 criteria for portfolio growth and not contributions. The key is to build that nut. With ~$464,000 in buying power after taxes, fees and inflation, I could probably only live comfortably for 5-8 years in retirement before the money runs out.

As a result, I need to rely on the government's good graces, which is always a crap shoot. By now, I hope alarm bells are ringing in your head as to why it's so important to max out your 401K.

Realistic 401(k) Portfolio Scenario Part 1

Portfolio Assumptions: I assume $10,000 total annual 401K contributions (includes employer match) and a 1% higher 5% per annum investment return for 30 years. In my case, the contributions come from a self-employed 401k plan. If you are working, contributions will just come from your paycheck and employer.

Base Case Portfolio Assumptions fee analyzer

Realistic 401(k) Portfolio Analysis Part 2

The Good: By just contributing $10,000 a year and performing 1% better, the total gross 401K figure after 30 years grows by $1,551,642 to $2,429,266, or more than double the conservative case scenario. Meanwhile, the percentage lost to fees goes from 17% down to 14% or two years of retirement lost compared to four years lost. $2.4 million should be enough for most people to live comfortably in retirement.

The Bad: I'm still paying $262,693 in fees based on my existing portfolio largely due to a Fidelity Blue Chip Growth Fund that has a 0.74% expense ratio vs. 0.35% or lower for similar Vanguard Funds. We should all run the mutual fund fee analyzer on our 401Ks and see where we can optimize.

Conclusion: A little effort goes a long way. When you combine multiple improvements to your portfolio (increased contribution, increased employer match, and 1% increase in annual growth), you end up with explosive long term results.

Let's cut the $2,429,266 in half due to inflation to account for today's dollars. We get $1,214,633. Take 20% tax and we're left with $971,706 in buying power.

I can live comfortably for the next 11-20 years just off my 401K. Unfortunately, I plan to live longer than age 72-80. This means the 401k is still not enough or I have to cut down on my lifestyle.

Blue Sky 401(k) Portfolio Scenario Part 1

Portfolio Assumptions: Let's contribute $17,000 a year, receive a $17,000 match/profit sharing from our employer, and earn a 7% annual return. Please note for 2021, the maximum contribution is $19,500, but goes up to $20,500 for 2022.

We aren't Warren Buffet. Therefore, 7% will have to do to account for large double digit returns and losses throughout the years. Remember, it's still better to be conservative in a Blue Sky scenario. You don't want to come up short in retirement.

Portfolio fee analyzer using Personal Capital

Blue Sky 401(k) Portfolio Analysis Part 2

The Good: We don't have to financially worry in retirement anymore! By contributing $17,500 to the 401k, receiving a 100% employer match, and returning a reasonable 7% a year thanks to good research and good luck, our 401K has now grown by $4,821,749 to $6,844,000.

The Blue Sky scenario leads to an amount 2.5X greater than the base case scenario. Furthermore, we'll probably earn at least $30,000 a year in Social Security. Note that you can contribute up to $51,000 in your self employed 401K up to 25% of profits.

The Bad: $647,216 in fees is an incredible amount that equates to 10% of my entire 401K balance. Think what you can do with $647,216? I'm imagining a $147,000 Range Rover Super Charger with $500,000 left over to go on 10 world cruises! Even a half percent in fees really drags down returns over time.

Furthermore, we are assuming we'll have the desire to work until age 65. I thought I was going to work until 40, but got tired and wanted to pursue my online endeavors. Things are always changing.

Conclusion: Maxing out our 401K, working for a company until 65, and doing due diligence on our investments pays off big time. A lot of folks hop around firms. This results in a temporary stoppage of compounding and contributions since it takes a while for shares to vest.

If we can stick it out with a company long enough, while diligently saving by adjusting our lifestyles accordingly, there is no doubt we will become multi-millionaires by the time we are 65.

Inflation And Taxes Hurt 401(k) Returns

Take half of $6,844,000 for inflation and 30% off for taxes and you still get around $2,400,000 in today's dollars for retirement. With $2.4 million and no mortgage at 65, life is pretty good. However, if you want to be a real millionaire, thanks to inflation, you need to have a net worth of at last $3 million.

We can book first class tickets to Bali and stay in a waterfront bungalow for a month. Or, we can eat and drink until our heart's content. Another great idea is to pay for our children's education. More money means more options!

The best thing is that during all our years, the markets did most of the work and we probably didn't even notice the pre-tax savings pinch. This is how you better manage your 401(k) for retirement success!

401k savings targets by age

Better Manage Your 401(k) By Being Consistent

To better manage your 401k to achieve financial you chould:

1) Take a proactive step in analyzing your portfolio. If you don't have any idea what you are investing in, how much in fees you are paying, and how much you have, it's hard to build wealth.

2) Run multiple scenarios based on different savings, matching, and investment returns. I only introduced three, but you can and should put in your own assumptions in the 401K Investment Analyzer section. We all have different 401K amounts, risk tolerances, and investing prowess.

3) Estimate the net present value of your retirement savings and account for taxes. Inflation is a real killer. Which is why you should consider investing in real assets that inflate over time. Real estate is my favorite asset class to build wealth. Even more so than stocks. I've personally invested $810,000 in real estate crowdfunding for more passive income and diversification.

4) Draw some conclusions after each scenario analysis. Conservative portfolio scenarios generally require extra after tax savings and/or alternative income streams to fund retirement. You don't want to end up short in retirement so it's best to keep your forecasts low.

5) Set realistic return goals and consider rebalancing when such goals are achieved. It's important to have discipline during extreme market swings. The average net worth for the above average person is higher due to aggressive 401(k) contributions.

I'll be the first to admit I love doing scenario analysis in practically everything I do. So should you when it comes to buying a car, getting a new job, choosing a school and more.

Stay On Top Of You 401(k)

To replicate the charts in this post with your own figures simply sign up for Empower. Then link your portfolio on the left hand side of the dashboard. Finally, click the Investing tab on the top right to see the results.

The process only takes a a minute to sign and is completely free. I recommend running your 401k and investment portfolios through the Retirement Fee Analyzer tool as well. The software found $1,700 in 401k fees I had no idea I was paying. Finally, you can easily track your net worth in one place automatically.

For even more powerful retirement planning tools, you should also check out NewRetirement. NewRetirement is specifically built to help plan for retirement. You can learn more about NewRetirement by reading my review.

Diversify Your Investments Into Real Estate

In addition to investing as much as possible in your 401(k) for as long as possible, also consider diversifying into real estate. You can buy your primary residence and you can also invest in private real estate funds for further diversification.

Fundrise runs private real estate funds that predominantly invests in the Sunbelt region where valuations are lower and yields are higher. Its focus is on residential and industrial commercial real estate to help investors diversify and earn passive returns. 

Fundrise currently manages over $3.5 billion for over 500,000 investors. I've invested $954,000 in private real estate funds since 2016 to diversify my investments and make more money passively. After I had children, I no longer wanted to manage as many rental properties.


Another private real estate platform to consider is CrowdStreet. Crowdstreet is a marketplace that mainly sources individual commercial real estate deals from various sponsors around the country. This way, you have more customization to build your own select private real estate portfolio.

Make sure you diversify your portfolio and do your due diligence on all the sponsors. Look up their track record, their management, and whether they have had any blowups before. Although CrowdStreet screens the deals, you have to do your screening as well. 

About the Author

Sam began investing his own money ever since he first opened a Charles Schwab brokerage account online in 1995. Sam loved investing so much that he decided to make a career out of investing. He spent the next 13 years after college on Wall Street. During this time, Sam received his MBA from UC Berkeley.

In 2012, Sam was able to retire at the age of 34 largely due to his passive income investments. Sam now spends his time playing tennis, spending time with family, and writing online. He hopes you will better manage your 401k as financial freedom rocks.

For more nuanced personal finance content, join 60,000+ others and sign up for the free Financial Samurai newsletter. Financial Samurai is one of the largest independently-owned personal finance sites that started in 2009.

52 thoughts on “How To Better Manage Your 401(k) For Retirement Success”

  1. Allana Miles

    Is it enough if I max out my 401k and Roth IRA every year (saving $26,500 in total)?
    I am 27 years old and have roughly $20k in a taxed brokerage account.
    Is it adequate if I just max out those two accounts and don’t put any money aside?

    1. If I was to do it all over again (I am retired at 56) I would do exactly what you are doing. Save for retirement first….then spend the remainder as you want. I saved and saved and saved but I didn’t max out until about 13 years after I started working.

      Just my $0.02

    2. If you retire past 59.5, certainly doable but if you decide to retire early, its easier to have some / lot in tax accounts so you aren’t reliant on 72t rule and its quirks to access your money. What I’d probably do if I was you at your age is keep doing what you are doing and as you get raises, spend half of it and save the other half in taxed accounts to begin building that up over time.

  2. Additionally, for those looking to better their 401k and retirement plan: If you leave a company the year you turn 55, any withdraws from that company’s 401k are penalty-free, mitigating the penalty conundrum for those who do not have Roth conversions or principal to remove.

    Additionally, the government mandates a 20% tax withholding on all 401k and defined contribution plan withdraws, regardless of your income. This means that if you are in a lower tax bracket, you have to sell more investments than needed and cut Uncle Sam a check, only to have to wait to receive your money back interest-free.

    Just some food for thought when planning out how to use your 401k!

  3. Are there any 401k account for the small business owner?

    I owe a restaurant with employees, there doesn’t seem to be a 401k plan out there that would allow me to contribute my salary or business profit to the 401K plan.

  4. Troy Blackburn

    I like that you mentioned that one of the best ways to increase your odds for retirement success is to invest your 401K. I’ve heard that those who invest their money are 25% more likely to have all the available money they desire in retirement. I’ll have to keep these incredible 401K management tips in mind, but it’s also comforting to know that there’s pros that can help out in the management of it all!

  5. Sam,

    I love the website. I have been reading for a couple of months now.

    I too am big on scenario analysis. I have a spreadsheet that I created a few years back that uses Monte Carlo analysis (1,000 simulations) based on estimated risk and return as well as other inputs. At the beginning of each year I update the inputs, and create a base case. This year’s base case assumes I will retire at 62 five years from now, and that I will live to 95. It assumes my portfolio will return 6 percent with a standard deviation of 16 percent.

    Then I created an additional 17 scenarios. Each scenario changes one of the base case assumptions. I change asset allocation, inflation rate, Social Security assumptions, annual expense assumptions, tax rates, and the year I retire. I also figured out a way to model “black swan events”.

    What I have learned is: inflation is the biggest retirement portfolio killer out there. My base case for this year gives me a 92 percent probability that I won’t outlive my money. The base case assumes a 3 percent inflation rate. If I increase the inflation rate to 5 percent, my probability of not outliving my money falls to just 38 percent. Ouch.

    Surprisingly, if I model a 50 percent loss to my portfolio three years out into the future, my probability of not outliving my money only drops from 92 percent to 84 percent. This convinces me more than ever to not panic during major Market corrections, and stay the course.

    My portfolio would be considered very aggressive for my age, as it closely mirrors the Vanguard 2040 Target Fund allocation. I can afford to be this aggressive because I am lucky to have a pension, and I am planning to have at least two years of living expenses in cash before I retire. I am currently maxing out my 401K, and Roth IRA. Like a lot of folks, my only regrets are I wish I had started earlier, and contributed more throughout my working years.

    1. The older we get the wiser we become when it comes to investing. Many “youngins” don’t know the importance of investing early whether it be in metals, 401k, bitcoin, crypto etc etc. I just invested my 401 with a huge company that gives sooo much back.

  6. My son is 20, working an entry level job part time. He is investing the money in a Roth as he is not eligible for a 401k. Do you have any advice since I know you do not advocate the Roth, and my son does not have a 401k?

  7. Each scenario assumes different return rates, which makes a lot of work for the reader to attribute the results. Good article otherwise.

  8. Thanks in advance for responding! Just starting to make some money at the age of 26, it sounds like maxing out my 401(k) at 17,500 is the way to go on top of a Roth/traditional IRA?

    Currently making around 75k.


  9. I am almost 47 and am very conservative with 55% of my portfolio in index equities with the rest in tips and enough cash to last about 2 years. 65% of our overall portfolio (my wife included) is in tax-deferred vehicles. In addition to cash I also have 2 index funds in a joint account and Roth IRA’s that were fully funded for every year we were eligible. I have 2 children and have saved (in ESA’ and 529’s) 70K (13 year old) and 56K (10 year old for college). Not counting the college savings, we have accumulated about a million dollars. Our only debt is our mortgage which is steep. We owe 235K (8.5 years left with a 3.25% int rate on a 10 year). My issue is that I am completely burned out with the corporate life and would like to do something on my own. My income drop will be steep but my wife runs her own practice and we can make up some of that with me helping her. I find myself paralyzed by fear of the unknown. Has anyone else here been in this situation? I am worried about health and dental benefits and don’t want to put my family in a bad spot. Yet, I am afraid the stress of the corporate world will put me in a grave early. Can anyone offer any suggestions that might help me overcome my fears? Thanks in advance. This is one of the best blogs on the internet. Not just for finances but overall.

    1. 42 and not retired yet

      MD, Sounds like you’re doing well. Does the 2 years worth of cash equal enough to cover paying off the house? Having a paid off house will reduce your stress and provide more monthly income because you’re not paying the mortgage. More importantly: You will sleep very good at night. As for insurance, for the 6 of us it costs about 14-16K a year and will probably go up over time. However, it is tax-deductable if you setup a 1099 or to your MD business practice. You have options…nice of you to set aside so much for your kids.

      1. Obamacare will help wrt health benefits. In populous blue states, the prices and coverages are quite competitively priced with its Costco style volume discounting via the healthcare exchanges if you review the Silver plans.

  10. Thanks Ben. Yes, I really think it is unwise to blindly assume a 8% constant rate of return. 4% is much more reasonable in this low interest rate environment. Better to lower our expectations and come up with too much than come up with oops too short.

  11. RichUncle EL

    I didn’t expect to cut my nest egg in half due to inflation, that’s a big hit. Good post with a lot of fun analysis. We all should look into ways to maximize savings for the best results.

  12. Great post Sam! Need to break my habit of avoiding detailed scenario analysis. The results always point to a gloomy retirement due to a possibility of not having enough to live comfortably in the golden years. Thanks for the wake up call to be more responsible and will give this tool a spin!

    1. Sure thing Buck. The great thing about doing a scenario analysis and seeing gloom is that it should MOTIVATE you to work harder, save more, and find other income streams to make up for the gap!

  13. Excellent post and good to see how Personal Capital really works through the eyes of someone with your knowledge and experience. Whether with your 401(k) or an entire portfolio looking at several scenarios is the key to looking at where you stand in terms of your long-term financial planning goals. The one thing I would say (and this is from an avid index fund/ETF user) is that while low expenses are a very key factor, paying for solid, consistent active management is not a bad thing either. I still use a number of active mutual funds for both my individual client base and in the 401(k) plan sponsor for whom I provide investment consulting advice.

    1. Roger, I appreciate you stopping by. No doubt there are index+/active fund managers who have shown historical prowess to consistently outperform the markets. I know and worked with many of them over the past decade. The key then is to really do your research on the active funds and the fund manager! I’ll put together another post on this. Cheers

    1. If it did nothing, then you tremendously outperformed in 2008 when the market went down 30%! Did you recently graduate in 2008 or thereabouts? Or were you just not investing yet?

  14. Hi Jeremy, profit sharing is different from company match in that it is a percentage of profits you receive based on your title at the company. The money, at least for me just gets injected into my 401K every year and allocated based on what I pre-determined.

    I hope you do get to a scenario 2, or even a scenario 1 while building up your alternative income streams!

  15. Manette @ Barbara Friedberg Personal Finance

    Great post! Personal Capital looks like a great tool for analyzing retirement forecast to achieve everybody’s dream — financial security after retirement. Thanks for sharing!

  16. As someone who didn’t get clued into all of this until later in life (I’m 49 now), us older (and hopefully wiser) FI seekers get a bonus. Since I’ll be 50 later this year, I get the opportunity to invest an additional $5500 into my 401(k). I believe I’m allowed an additional $1000 investment in my IRA. I’m on track for an “early” retirement at 55 so I’m also putting money into taxable vehicles so I can live comfortably until I can/will access my retirement accounts.

      1. Fortunately, I am a bit farther along than “just getting started”. I’ve got about $230K in 401(k) and IRA’s, $11K emergency fund, $10K misc cash (car fund, vacation, taxes/insurance, home improvements). The only debt I have is my house which will be paid off in 9ish years (at 2.625% I don’t feel the need to pay off sooner as the extra money is now going into investments). I just wish there had been information available like this 10 years ago. I’ve done a fair job savings but have really ramped up the past year and a half. I’ve gotten so many ideas from this community of bloggers. I can honestly say I detest my job and now I have the focus to exit the coporate foolishness sooner rather than later.

  17. Don’t forget that if you run a small business or partnership, you can do far better than the $17.5k per year. Basically, for 2013, everyone with decent revenue/margin can sock away $50k (IRS limit) per year in a tax advantaged 401k (employee 401k + safe harbor + profit sharing contributions). Double this if you have a spouse that you also employ. Moving to $100k/year in tax advantaged savings is huge!

    1. Hi Jamin,

      what is this 401k that you referring to ?

      I own a small business with employees, i would love to know if there is a 401k plan that doens’t require profit sharing to employee or contribution matching.

      thank you.

  18. I was all set to join my wife in retirement in 2008. But beginning in October 2007, the S&P 500 (75% of the entire US stock market) declined 57% over the next 15 months. Imagine looking at your life’s work of saving and investing, and seeing 43 cents for ever $1 you had just 15 months prior. I know, right?!?!!

    I had loaded my data into retirement calculators for four commercial applications: 1) Financial Engines, created by a Nobel Prize winner in economics, using Monte Carlo simulations and costing $300/yr, but available free to Vanguard Admiral shareholders; 2) T. Rowe Price; 3) Fidelity; 4) Lawrence Kotlikoff’s ESPlanner, $149/yr plus $50/yr renewal for software updates; 5) my own custom model.

    Not one of them predicted a scenario where wealth would be destroyed so dramatically, the S&P would nominally be 10% lower in 2013 than it was in 1999, and forward-looking GDP growth would be less than 2%.

    I’m not cr@pping on Personal Capital, and will try it. But for those who have not yet inferred the point I have implied above, the future is unknowable. It is good to plan. But life is long, and will be a lot longer for those with plans that crater under real-time stress testing.

    1. JC, I hear what you say completely, which is why I’m thinking my “Conservative” scenario of 4% growth and 0 contributions forever might be optimistic! Worst case I think is 0 growth in 25 years and I have what I have now.

      Personal Capital is simply a tool to help one get from point A to point B easier. I could walk 1,000 miles, but I’d rather use a car. I still have to drive!

      I hope your retirement accounts have recovered since 2009?



      1. Yes, I will definitely use Personal Capital, it is a fantastic product and your breakouts look awesome.

        Yes, I have nominal NW recovery since 2009. Psychologically…no. When a ‘Black Swan’ event occurs (and is still occurring), to borrow a phrase you used elsewhere…’there is no spoon’.:-)

    2. Jay,

      I am interested in ES Planner. What has been your experience with using the software? Thx!

  19. Seeing those 401k fees in big bold numbers is really an eye opener. I’m doing more contributing to my IRA now that my 401k doesn’t get a match for the sole purpose of keeping those fees as low as possible.

    I don’t do analysis like this very often, but I do always tend to err on the conservative side when forecasting possible portfolio returns etc… I’d rather end up with too much saved than too little.

  20. I need to run some scenarios too. Are you contributing to a solo 401(k) now that you’re self employed?
    Mrs. RB40 is still maxing out her 401k so I think we will be OK in 25 years. You never know though.

  21. This is a really cool post Sam. I love how you say small differences plus consistency matters. It really does! What a big change in the outcomes. That’s good to hear they increased the max contributions this year. $500 sure doesn’t sound like a lot but it’s better than nothing. I need to pay more attention to the fees in my 401k for sure. It’s pretty painful to see how much money goes into them over time.

  22. I love the advice to keep your forecasts low. I’ve seen WAY too many rosy forecasts kill retirement dreams. Anybody remember stocks in 1999? Real estate in 2008?

    1. @AvgJoe, I do, I do! I have been tracking my own progress towards retirement since 1994, along with the changing NW, Goals, and Earned Value. An example to bolster your point: in 1999, after 5 consecutive years of 20%+ stock market returns where everyone was a genius, 29 year-old Ryan Jacobs was managing a tech fund returning 90% annually and on the cover of every PF and business magazine, my NW was 1/3 of what is is today, yet the “Realistic” numbers showed me I could retire.{s_canned laughter}

      1. Ahhh, in a bull market, everybody is a genius! Time will eventually smooth out the crinkles. That’s why we need to stay conservative and humble in our portfolio expectations and performance.

        The Russian Ruble and Asian Crisis of 1997 was a nice doozy too!

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