The walk may have felt the longest in his life for Dommaraju Gukesh.

After his game with Hikaru Nakamura ended in a draw at the Great Hall in Toronto in the final round of the Candidates chess tournament, and listening to the commentary on the ongoing game between Ian Nepomniachtchi and Fabiano Caruana for a while, he decided to take a walk along with Grzegorz Gajewski, his second (sparring partner).

He hadnt felt so much stress even during the three-week long tournament, in which he had to face the most of the worlds best chess players twice.

He had done his best. But was it enough?

Gukesh was in no position to answer it, though. That answer had to come from the game between Nepomniachtchi, the man who had won the last two editions of the tournament, and Fabiano Caruana, the top seed. The ideal answer would be a draw.

It didnt look like a draw though.

Caruana seemed poised for a win, and that meant Gukesh would have to play a tie-breaker the following day. If Nepominiachtchi and Caruana drew, they would remain on 8.5 points, along with Nakamura, the second seed. That would leave Gukesh, who had nine points, the undisputed champion: no tie-breakers would be required.

Gukesh got what he and a country of one billion that is increasingly becoming fascinated with the mind game wanted.

Beating At 17, he became the youngest-ever challenger for the World chess championship beating the record set by the Russian legend Garry Kasparov, in 1984, at the age of 20.

The news was broken to him by his father Dr. Rajinikanth, an ENT surgeon who has to schedule his surgeries according to Gukeshs tournaments. He ran towards his son and stopped his walk. The doctor managed to do what none of Gukeshs seven rivals could in Toronto.

Five of them were rated above him. He wasnt even the highest-rated Indian. That was R. Praggnanandhaa, nine months older, and a fellow-Chennaiite.

Gukesh wasnt among the favourites. Caruana, Nakamura and Nepomniachtchi were.

Among the many he surprised was Magnus Carlsen. The five-time World champion from Norway is no longer part of the World championship cycle he has cited a lack of motivation had predicted how all the eight players would perform at the Candidates.

He had picked Caruana and Nakamura as the likeliest winners, followed by Nepomniachtchi. His prediction for Gukesh: I cannot imagine him winning the Candidates. He is not quite ready yet to make the leap.

Carlsen wasnt the only one who thought so. He hadnt even qualified for the Candidates till the last minute. It took him a Super Grandmaster tournament in Chennai in December that was specifically conducted for the purpose.

For those who had been following his career closely, Gukeshs win may not have come as a complete shock. Two years ago, at the Chennai Chess Olympiad, he had come up with an incredible show, winning his first eight games in a row for India-2 on the top board.

It is regarded as one of the greatest performances in a chess tournament ever. If someone could play like that at 15, there was every possibility that he could deliver in a tougher event when he became older and stronger.

How much stronger he could become is indeed an interesting thought. Given his exceptional talent, the maturity and the ability to make the right judgment his penultimate round game against Alireza Firouzja at Toronto is an example, as he avoided a draw and went for a win he should be among the worlds top players for a long, long time.

He could soon begin preparing for his World title match against Ding Liren. Not many may want to bet against him walking further into record books as the worlds youngest-ever chess champion.

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Chess: D. Gukesh profile | A young knight who has the armoury to reign supreme - The Hindu

D. Gukesh will play for the World chess championship as the youngest challenger in history. The 17-year-old from Chennai won the qualifying event, the Candidates tournament, in Toronto after drawing his final round encounter with second seed Hikaru Nakamura of the United States on April 21.

There was still the possibility of either top-seeded American Fabiano Caruana or Russian Ian Nepomniachtchi, who won the last two Candidates, catching up with him. The two men were facing each other, and the winner could set up a tie-break match.

But that game, after some fluctuations, was finally drawn. Gukesh will take on the reigning champion Ding Liren of China in the World championship match later in the year.

Gukesh wins the Candidates Tournament

The womens tournament was won by Chinas Tan Zhongyi, who finished with nine points, 1.5 ahead of the competition. The Indian duo of Koneru Humpy and R. Vaishali finished with 7.5 points and were placed second and fourth respectively.

Lei Tingjie of China, who was beaten by Humpy, also scored 7.5 points and was third. Vaishali defeated Russian Kateryna Lagno to register her fifth win in a row; that was after losing four in a row.

Tan will meet her compatriot Ju Wenjun for the womens World championship.

Gukesh had black pieces against Nakamura in their Queens Gambit Accepted game which lasted 71 moves; it ended with just the two kings on the board.

I am so relieved and so happy, Gukesh said after he was confirmed as the champion. Following this crazy game (between Caruana and Nepomniachtchi, I was completely emotional. Now I am feeling quite good.

Open: Hikaru Nakamura (USA) 8.5 drew D. Gukesh 9; Fabiano Caruana (USA) 8.5 drew with Ian Nepokniachtchi (FIDE) 8.5; Nijat Abasov (Aze) 3.5 lost to R. Praggnanandhaa 7; Alireza Firouzja (Fra) 5 drew with Vidit Gujrathi 6.

Standings: 1. Gukesh 9; 2-4. Nakamura, Nepomniachtchi, and Caruana 8.5; 5. Praggnanandhaa 7; 6. Gujrathi 6; 7. Firouzja 5; 8. Abasov 3.5.

Women: Anna Muzychuk (Ukr) 5.5 drew with Tan Zhongyi (Chn) 9; Kateryna Lagno (Ukr) 6.5 lost to R. Vaishali 7.5; Le Tingjie (Chn) 7.5 lost to Koneru Humpy 7.5; Aleksandra Goryachkina (FIDE) 7 drew with Nurgyul Salimova (Bul) 5.5.

Standings: 1. Tan 9; 2-4. Humpy, Lei and Vaishali 7.5; 5. Goryachkina 7; 6. Lagno 6.5; 7-8. Salimova and Muzychuk 5.5.

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Candidates Chess | Teen prodigy Gukesh earns the right to battle Ding for the World crown - The Hindu

Gukesh D won Candidates Chess event PTI

Chess legend Garry Kasparov heaped praise on India's 17-year-old Grandmaster D Gukesh after his victory in FIDE Candidates and said that it was an "Indian earthquake in Toronto". The 17-year-old Indian on Monday created history as he won the FIDE Candidates Chess Tournament 2024, becoming the youngest-ever challenger to the world title after an exciting final round in Toronto. Kasparov took to his official X (formerly Twitter) account and congratulated Gukesh for winning the FIDE Candidates Chess Tournament 2024 on Monday. He added that Gukesh will take on Ding Liren of China in the world championship final.

The 61-year-old concluded by saying that the "children" of Viswanathan Anand are on the "loose".

"Congratulations! The Indian earthquake in Toronto is the culmination of the shifting tectonic plates in the chess world as the 17-year-old Gukesh D will face the Chinese champion Ding Liren for the highest title. The "children" of Vishy Anand are on the loose," Kasparov wrote on X.

In Round 14 of the FIDE Candidates, Gukesh used black pieces to hold rival championship contender Hikaru Nakamura to a draw and secure his victory.

Earlier, speaking to ANI Gukesh said he is now aiming to shine at the World Championships.

"My next goal is to make it big at the World Championship. I am just planning to do my absolute best and try to do the right things. And be in the ideal shape required to play good chess. And I hope things will go my way," Gukesh told ANI.

Gukesh expressed that he wanted to challenge the current champion Ding, saying it has always been his aim to win the crown.

"I haven't really thought about the preparations yet; I did not get much time to. I will soon start thinking about the match. I try to do as well as I can and give my absolute best everywhere possible. I am really eager to start preparing for the final. Going there and giving my best," he added.

Gukesh became only the second Indian player to win the Candidates Tournament, after Viswanathan Anand. Five-time world champion Anand's victory came in 2014.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Topics mentioned in this article

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Chess Legend Garry Kasparov's "Indian Earthquake In Toronto" Post For Gukesh D Breaks The Internet - NDTV Sports

The nation is rapidly approaching "peak 65" as younger baby boomers turn 65 this year, initiating the biggest wave of retirements in U.S. history. Yet most of those Americans are financially unprepared to stop working, and many risk living in poverty, according to a new analysis.

The retirements of the youngest boomers those born between 1959 and 1965 are likely to reshape the U.S. economy, and not in entirely positive ways, according to the study from the ALI Retirement Income Institute, a non-profit focused on retirement education.

The new research underscores the impact that income and wealth inequality has had on a generation that, at least on aggregate, is the nation's wealthiest. Boomers who are White, male or have college degrees are the most likely to be financially prepared for retirement, but many people of color, women and those with only high school educations are lagging, the study found.

click to expand

"A majority will find themselves with inadequate resources for retirement, and a large majority will either have inadequate resources or are likely to suffer significant strains in retirement," Robert J. Shapiro, a co-author of the study and the chairman of economic consulting firm Sonecon, told CBS MoneyWatch. "This isn't part of the American dream."

The findings echo other research that has found more than 1 in 4 older workers are nearing retirement without a penny in savings. While many younger people have yet to start putting money for their later years, it's more concerning for younger boomers approaching retirement age given they have only a few years left to sock money away.

About 53% of "peak boomers," or the tail end of the generation who will turn 65 between 2024 and 2030, have less than $250,000 in assets, the new study found. But huge disparities exist between within the group, the study found, based on its analysis of data from the Federal Reserve and the University of Michigan Health and Retirement Study.

For instance, peak boomer men have a median retirement balance of $268,745, while women of the same age have savings of only $185,086. Peak boomers with only a high school degree have saved a median of $75,300 for retirement, compared with $591,158 for college graduates.

Many of those peak boomers will be unable to maintain their standard of living in retirement, and also are likely to be reliant on Social Security as their primary source of income, the report noted. For instance, one-third of these younger boomers will rely on Social Security benefits for at least 90% of their retirement income when they are 70, the analysis found.

Social Security is designed to replace only 40% of a person's working income, while the average benefit is about $23,000 per year far from enough to provide a comfortable retirement. Additional problems could arise if the Social Security system isn't shored up before its trust funds are slated to be depleted in 2033, which could lead to across-the-board benefit cuts.

The wave of retirements by younger boomers is likely to reshape the economy, the report noted. Productivity could slow as they exit the workforce, while consumer spending could also take a hit as they pare spending.

However, there could be an upside, at least for younger workers, the report notes. With the last of the baby boom generation retiring, Gen X, millennial and even younger workers will be able to fill their vacated jobs.

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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Baby boomers are hitting "peak 65." Two-thirds don't have nearly enough saved for retirement. - CBS News

For many people, retirement means enjoying life at a slower pace in a tranquil place away from the hustle and bustle of cities. A 2022 study revealed that 45 percent of Americans wanted to retire in a small or beach town versus only 10 percent in cities.

So GoBankingRates.com surveyed communities nationwide with populations between 1,000 and 10,000 residents and ranked them for income, livability, monthly expenses, crime rates, and quality of life to find the best small towns to retire. The winner is a community in Pennsylvania.

Camp Hill, located in Cumberland Valley along Susquehanna River a short drive from the state's capital, Harrisburg, which was named last year as the best retirement community in the country, has a population of a little over 8,000. According to the website, retirees would need $3,356 on average to cover monthly expenses, of which $1,454 would be for housing. The town's quality of life score is 92, with a total crime rate of just 9.4 per capita.

Camp Hill is also popular with families in Cumberland County for its excellent public schools, and recently, Niche.com ranked it the second best for retirement in the area. About 15 percent of its residents are aged 65 and over. And while the cost of living here is a little higher than the nation's average, the median home value is lower$302,958.

Camp Hill is a quaint small town with plenty in store for its senior citizens, especially if they like to stay activeit has over a dozen public parks and trails and is just 25 minutes away from Roundtop Mountain Resort with ski trails for skiers of all levels.

Second on BankingRates.com's list is Northville in Michigan, west of Detroit, with a livability score of 86. Here, retirees need $3,383 for monthly expenses, of which $1,545 for rent.

And the bronze medal goes to Fort Mitchell in Kentucky, part of Cincinnati's larger metropolitan area. The town's livability score is the same as Northville's 86; however, monthly costs are slightly lower $3,347 and $1,495 for housing.

You can read GoBankingRates.com's full report here.

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This East Coast Destination Was Just Named the Best U.S. Small Town to Retire - Travel + Leisure

Atlas, the humanoid robot that dazzled followers for more than a decade with its outdoor running, awkward dancing and acrobatic back flips, has powered down. In other words, it is retiring.

On Wednesday, Boston Dynamics, the company that created it, announced the arrival of the next generation of humanoid robots a fully electric robot (also named Atlas) for real-world commercial and industrial applications.

For anyone worried about what would happen to the hydraulic bipedal machine (a robot home? the junkyard? a window display?) that was created for research purposes, the company had an answer. A spokesman, Nikolas Noel, said that retirement would mean that the Atlas would move to its robot retirement home, which is to say that it would be sitting in our office lobby museum with other decommissioned robots.

The old Atlas was used to research full-body mobility and to explore what was possible in robotics, Mr. Noel said. It was not designed for commercial use and was first developed as part of a competition to further the use of robots in future natural and man-made disasters, according to the Defense Advanced Research Projects Agency of the Pentagon.

For almost a decade, Atlas has sparked our imagination, inspired the next generations of roboticists and leapt over technical barriers in the field, Boston Dynamics said in a farewell video posted on social media on Tuesday.

Now its time for our hydraulic Atlas robot to kick back and relax, the company said.

The companys farewell video captured the brawny 6-foot-2 machine in action over the years. That included taking a stroll in a grassy field, leaping on boxes (or picking up 10-pound ones), carefully walking on a rock bed and awkwardly shimmying.

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Atlas, a Humanoid Robot From Boston Dynamics, Is Leaping Into Retirement - The New York Times

Experience is the worst teacher. It always gives the test first and the instruction afterward. This is a quote by Vern Law who played 16 seasons pitching for the Pittsburgh Pirates baseball team. This is a relevant quote to start todays column because it was through some very tough experiences that it was discovered that very important instructions were not followed that would allow lifetime insurance coverage under a postponed Minimum Retirement Age+ 10 retirement.

It is also possible that better instructions need to be written for former federal employees who choose the option to postpone applying for retirement under the FERS MRA + 10 retirement option. The postponed retirement date is allowed so that the applicant can avoid a 5% reduction for every year they are under age 62 (prorated by the number of months) at the time the FERS annuity benefit commences.

The FERS Application for Deferred or Postponed Retirement (Form RI 92-19) is used when a former employee wants to apply for an annuity which will begin at least one month after they separate from federal service and they have completed at least five years of creditable civilian service and are eligible for a deferred retirement at age 62, or they have completed at least 10 years of creditable service (including at least five years of creditable civilian service) and are eligible for an annuity at the MRAThe MRA is age 57 for individuals born in 1970 or later and as young as 55 if born before 1948. The RI 92-19 should be used by those who are eligible for a deferred annuity at age 62 or the MRA, as well as those who were eligible for an immediate annuity at the MRA, but who chose to postpone the commencing date to reduce or avoid the age reduction.

Today is Part 1 of a two-part column that addresses the option to choose a postponed commencing date of an immediate MRA + 10 retirement. The potential problem that you will see in the following examples is that there was no clear correlation included in the instructions for form RI 92-19 between the date retirement begins and the entitlement to reinstate valuable federal insurance benefits. The instructions on Form RI 92-19 may have lacked three critical elements important when writing instructions: The author(s) of the form failed to consider 1) who would be completing the form, 2) how they would understand and interpret the instructions; and 3) how important it is to know the difference between a postponed and deferred retirement.

Consider the following real-life examples:

Mark separated from federal employment at age 57 after completing 20 years of federal service. He initially filed his application based on the advice of his HR specialist who told him to file after he separated at age 57 requesting to have the retirement begin at age 60. She didnt say how long after he separated, so he mailed the application in immediately after his last day on the job. OPM returned the application explaining that they could not keep an unprocessed signature longer than one year. The letter stated the following: A Deferred Annuity under FERS commences on the annuitants 62nd birthday with 5 years of creditable civilian service, or if MRA with 10 years of creditable service.

Based on this letter, Mark delayed his application until he was 62 as instructed in the letter that accompanied his returned application. Due to Mark selecting a starting date of the first of the month after his 62nd birthday, Mark found out that he made two very expensive errors.

Mark appealed his loss to OPM based on the letter he received earlier from OPM that he interpreted as instructing him to wait until age 62 to re-apply for his retirement. His request was denied because he was told that the date elected must fall within a window which opens 31 days after the date the application is received and closes two days before the applicants 62nd birthday. He was provided instructions to file a request for reconsideration of this denial. For the second time, OPM denied his request to backdate his application to his 60th birthday and denied his request for reinstatement of insurance. He filed an appeal with the Merit Systems Protection Board and lost this appeal as well. Apparently, the law on this matter is clear even though the instructions on Form 92-19 were not.

Tammy (not me!) reached her MRA and completed 10 years of federal service in March 2018. She filed for her postponed retirement to begin on May 1, 2023, the first of the month after reaching age 62. Tammys husband felt responsible for choosing this date as they both read the instructions on Form RI 92-19, and he agreed with her that it was important to be 62 when the benefit began. After all, she had to reach her MRA before she separated from federal employment to qualify to apply for a postponed retirement. She knew that if she separated before reaching her MRA that the retirement would be considered deferred, and she would not be eligible for reinstatement of her insurance. Little did this couple know that she had to be at least two days younger than age 62 to qualify for a postponed retirement that would have provided the opportunity to reinstate insurance benefits. Tammy is appealing on the grounds that the instructions werent clear when she chose the date based on no warning to let her know that choosing a date after turning age 62 would result in the permanent loss of insurance benefits. So far, OPM has denied her request to change the date.

Warren is another former employee who resigned from federal service with entitlement to a postponed FERS retirement benefit. He left federal service at the end of January 2022. He turned 62 in November 2023 and requested an annuity commencement date of Dec. 1, 2023. After all, like Tammy, he thought it was important to be at least age 62 to begin the unreduced benefit. Because he chose to begin his FERS annuity the first of the month after reaching age 62 rather than the first of the month of his 62nd birthday, OPM denied him reinstatement of his insurance and denied his credit for his unused sick leave because his application was processed as a deferred, not a postponed retirement. When he realized his error, Warren submitted a request to OPM to change the commencement date to Nov. 1, 2023, rather than Dec. 1, 2023. OPM denied his request and replied to Warren providing only two options:

Something must happen two times to be considered a pattern and the three examples outlined seem to be a pattern of former employees misunderstanding the importance of the commencement date of the postponed annuity and reinstatement of insurance. These three examples are only from my experience; could there be more? I feel certain that there are, and I would love to hear from you if you have been impacted by missing some important points when filing your application for a deferred or postponed FERS retirement. Next week, well consider some reasons for these mistakes and how to avoid them.

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Postponing retirement problems: Part 1 - Government Executive

Getty Images/iStockphoto -

Odds are you cant correctly answer this basic question about retirement investing.

It was included in a survey released earlier this week by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC). More than half of the respondents got the answer wrong.

The question is below; the correct answer is at the end of this column:

Latisha plans to start saving for retirement by setting aside $2,000 this year. Her employer offers a 401(k) plan that fully matches a workers contributions up to $5,000 each year. Under which scenario does Latisha have the largest amount in retirement savings at year-end?

This question was one of five retirement fluency questions that were part of the TIAA/GFLEC survey. Another focused on how Social Security benefits are calculated, and even fewer (42%) answered it correctly:

Which statement about Social Security is false?

The point of these questions is not to make us feel bad about ourselves. The authors of the survey found that financial literacy can make a big real-world difference in how well prepared we are for retirement.

This is illustrated in the chart below. Of those who correctly answered at least four of the five retirement fluency questions, 75% were very or somewhat confident that they will have enough money to live comfortably throughout their retirement years. That compares to just 41% among those who correctly answered none of the five questions.

Furthermore, notice that theres a monotonic relationship between the number of retirement fluency questions correctly answered and retirement confidence.

Some of you may still wonder if its worth it. Financial planning requires mastery of a number of different fields, ranging from econometrics to human psychology. Just deciding when to start claiming Social Security benefits is a complex calculation involving close to one hundred separate variables.

Acquiring this mastery can be lengthy and arduous, and the potential benefit can be offset by one or two strokes of bad luck. As legendary investor Benjamin Graham, the author of The Intelligent Investor, famously admitted near the end of his illustrious career as an investment adviser (as well as being a mentor to Warren Buffet): One lucky break, or one supremely shrewd decision can we tell them apart? may count for more than a lifetime of journeyman efforts.

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It would be a mistake to see luck and literacy as in tension with each other, however. Opportunity knocks at the door of those who are ready for it.

Graham followed up his quote above with this point: Behind the luck or the crucial decision, there must usually exist a background of preparation and disciplined capacity. One needs to be sufficiently established and recognized so that these opportunities will knock at his particular door. One must have the means, the judgment and the courage to take advantage of them.

Luckily, you dont have to become a master at all aspects of retirement planning. You can engage the services of a qualified financial planner who has acquired that mastery. Just dont think it isnt worth the effort.

The correct answer to the first question is #1, since it leads to a retirement portfolio that is twice as large as #2 $4,200 at the end of the year, in contrast to $2,100.

The correct answer to the second question also is #1, since the amount you receive in Social Security benefits is a function of your 35 highest-paid years not just the last two.

Mark Hulbert is a regular contributor to MarketWatch. His Hulbert Ratings tracks investment newsletters that pay a flat fee to be audited. He can be reached at

More: Take MarketWatchs 2024 Financial Literacy Quiz

Also read: Financial Literacy Month is about more than saving or budgeting. Its about taking stock of your life.

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Test yourself: See if you're one of the few who can answer these 2 basic retirement questions - Yahoo Finance

If retirement looms for you and your partner, the timing of when each of you decides to leave workforce may not align. In such scenarios, where one spouse is still actively employed while the other has already transitioned into retirement, navigating this period can present challenges. Yahoo Finance's Kerry Hannon joins Wealth! to provide valuable insights on how couples should strategize and manage this phase of their lives.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Angel Smith

BRAD SMITH: Well, retirements it's an exciting time, so I hear. But what happens when your partner retires before you? To break down how to balance money conversations when one half of the couple is retired we have Yahoo Finance reporter Kerry Hannon. Hey, Kerry.

KERRY HANNON: Hey, Brad. Great to be here. This is a big issue, particularly this year, which is peak 65, which means more people are turning 65 this year than in any other year previously. So a lot of people think about retirement. And a study I saw last week, Ameriprise came out with a study, said that most people or most couples are fine with the other person retiring, but very few couples retire at the same time.

And so that becomes an issue because you're shifting from saving to spending. So your roles are shifting in your relationship. And what happens is resentment can really build up because most couples actually do not agree on spending priorities. So it's really critical for people to pay attention to some of these very basic things before this resentment starts to fester.

And so I recommend people really take the time to, you know, have a money date. I mean, prior to stepping away from the workplace, if one partner is stepping away, you need to have that conversation about, OK, where's the money coming from? Like I said to my-- my husband decided he wanted to step out at age 70, but I said, hey, you know, OK, so how are you going to pay yourself?

So you need to think about setting up what we're used to getting a paycheck. So you need to set up which accounts are you going to pull from. These are big questions to ask. And you also need to think about, you know, I think it's a great idea not only to have that money date but also to bring in a financial advisor.

If you're not already working with somebody, it's really important to bring somebody who's sort of unbiased that can holistically look at all your accounts and say, OK, let's set up a recurring payment that's going to cover these costs going into the accounts so that there isn't this disconnect about one person earning and one spending. And so this can become an issue.

And frankly, what's really important is you've got to think about marriage. Marriage is at its very heart a business partnership. So it's cash flow. It's income in. It's spending out. So you really need to be on the same page. And I just think a lot of couples are going to be facing this in the next period of time. So it's important to get a grip on it.

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Retiring at different times? Here are some things to discuss - Yahoo Finance

You'd be hard-pressed to find someone who doesn't have a single financial regret. Even millionaires and early retirees likely had a few stumbles on the road to financial freedom.

Take Steve Adcock. The 42-year-old retired from his corporate job in 2016 with about $900,000, a total that market gains soon pushed over $1 million. These days he pegs his net worth at about $1.3 million and lives with his wife in a home he purchased for cash in Arizona.

The couple don't currently draw from their ample savings, instead electing to let their investments continue to grow while they pursue passion projects to bring in the money they live on.

But even after seven years of blissful semi-retirement, the author of "Millionaire Habits" says he wishes he'd done things a little differently early on.

"The one thing I really wish I did more of was saving, and especially investing more aggressively," he says. "It's exponential growth. The longer you invest, the more money you'll have at retirement. Period."

Adcock recalls his early 20s as a time where he was doing the "bare minimum" financially.

"I was saving 10%, which is the commonly recommended saving/investing percentage of your income," he says. "So at least I was doing that."

For many would-be savers, what Adcock describes as the minimum is a very reasonable starting point especially given how he invested his savings.

"I was at a company that offered a 401(k) and also had a Roth IRA, and contributed a portion to each," he says. "Thanks to [advice from] my dad, I contributed enough to get the match in my 401(k) that was literally free money."

If you hear a faint rumbling in the distance, that's the sound of a legion of financial planners nodding in approval. By contributing enough in his 401(k) to receive a full match, Adcock was theoretically earning a 100% return on his money. And by investing some of his savings in a Roth IRA, he set himself up to be able to make tax-free withdrawals in retirement.

For many young investors, Adcock's set-up would be considered a great start. The key, financial experts say, is to find a savings rate that you're initially comfortable with and gradually up it over time until it it's in line with your financial goals.

Adcock would eventually do just that he just wishes he saved a little more money earlier on.

"My problem was, I was used to living like a college student not spending on anything and not really getting to enjoy anything," he says. "So when I finally got a job it's like, 'Yes, I've got all this money coming in. The last thing I want to do is save and invest it.'"

Adcock, at least initially, had fallen into a trap that financial experts call "lifestyle creep" a state in which your spending rises along with your salary.

By 2014, the year Adcock married his wife, the couple were making a combined $220,000 the equivalent of about $290,000 in 2024 dollars. Hoping to accelerate their savings and kickstart a journey toward early retirement, the couple put themselves on a strict budget and funneled 70% of everything they made into 401(k)s, IRAs and taxable brokerage accounts.

"We would take our budget, we would look at our necessary expenses, like our mortgage, our cell phones and food, things that you just have to spend money on, and we would invest the vast majority of the rest, because we wanted to achieve early retirement as quickly as possible," Adcock says.

"If we were on a 10-year plan, maybe we wouldn't have been so strict. But I hated what I did. I wanted out, like, today. So that was the motivation."

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Self-made millionaire who retired at 35 shares his No. 1 money regret: I was doing the 'bare minimum' - CNBC