At what age did you reach the $50K and $100K mark in your 401(K)?
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re: At what age did you reach the $50K and $100K mark in your 401(K)?
Posted by Bayou Tiger on 2/1 at 11:54 am to TulaneUVA
quote:

Y'all need to check out this thread.
Some people in that OT thread calling out "liars" are pretty mad and not familiar with the oil industry.

When I worked for Chevron they put in 8 percent if you put in 2 percent (I was single so I put in 15), and other companies probably had similar deals. And I started before the salary boom.


This post was edited on 2/1 at 11:57 am

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Posted by jimbeam on 2/1 at 11:55 am to Bayou Tiger
Damn!


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Posted by homeskillet on 2/1 at 12:06 pm to stendulkar
50k about 28, will hit 100k and then some this year. My company match is pretty sick right now (15% regardless of my contributions, which I max)

Edit: am 30, turning 31 this year.


This post was edited on 2/1 at 12:09 pm

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Posted by Fat Bastard on 2/1 at 12:14 pm to homeskillet
quote:

My company match is pretty sick right now (15% regardless of my contributions, which I max)


wow. that is great.



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Posted by Athanatos on 2/1 at 12:18 pm to stendulkar
19 months on at my current job and right at $29k in my 401k. Small piece of overall asset allocation though.


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Posted by BROffshoreTigerFan on 2/1 at 12:53 pm to homeskillet
My company offers the same match. One year in their plan and already at 30k.


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Posted by ItNeverRains on 2/1 at 4:28 pm to ItNeverRains
quote:

30 for 100k, then again at 34


quote:

30 i'd guess, although lost a bit of that in the crash. now 36 got 150k in IRA and another 20k in HSA.


If another thread is started, my answers will mirror these two previous ones given



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Posted by jimbeam on 2/1 at 4:31 pm to BROffshoreTigerFan
quote:

One year in their plan and already at 30k.



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Posted by stendulkar on 2/1 at 5:55 pm to CptRusty
quote:

50k @ 30

Started working at 25. Only contributed 5% for the first few year

Wish I would have maxed out earlier.

All three of your points apply to my own personal situation also. I went to grad school straight after my undergrad and was 25 by the time I started working. I didn't contribute as much as I could have the first few years because I had racked up so much student loans and was to paying it off. By the time I realized my mistake of not contributing the maximum every year, I had lost a few years. At least I know better now.



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Posted by TEAUXLER on 2/1 at 8:25 pm to CptRusty
Age 34
401k $210,000 started in October 2002



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Posted by Cholo on 2/1 at 8:28 pm to TEAUXLER
Some motherfrickin ballers on this site. Got 47k in my TSP and 11k in my ROTH but I'm also gonna have a pension at 43 as long as I don't get thrown out of the Army. Wish I had started a ROTH sooner.

This post was edited on 2/1 at 8:30 pm

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Posted by peopleschamp on 2/2 at 10:17 am to stendulkar
Some of you guys haven't hit a huge downturn in the market yet. It also looks like some of you started investing when the market was down. I can see your optimism. My experience is most companies offer limited choices in their 401Ks. If you have the knowledge like some of the guys on this Money Board do then invest in a Roth IRA where your investment options are limitless. You can still invest the company minimum to get your match but if all your money is in a company sponsored 401K you will likely feel a market downturn. That's just my opinion as an old timer. Good luck.


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Posted by siliconvalleytiger on 2/2 at 12:01 pm to stendulkar
100k around age 27. I actually forgot about it and then logged in to check and went woaaah. Mid 30s now.

stendulkar huh? Sounds like a cricket fan.


This post was edited on 2/2 at 12:02 pm

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Posted by TulaneUVA on 2/2 at 4:55 pm to Bayou Tiger
quote:

Some people in that OT thread calling out "liars" are pretty mad and not familiar with the oil industry.


Yep, just cause they majored in some liberal arts or some shit, they can't imagine how this is possible



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Posted by JonTheTigerFan on 2/2 at 9:01 pm to TulaneUVA
quote:

Yep, just cause they majored in some liberal arts or some shit, they can't imagine how this is possible


No joke. I see people at work all the time who barely finished high school, retiring with $2 million in their 401k and cashing out a huge lump sum pension.



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Posted by Powerman on 2/3 at 7:49 am to polizei11
quote:

I'm at 34k at 24. Bought a house last June. Had 5k in my 401k from internships in June 2011. Should hit 100k at 26-27.




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Posted by Powerman on 2/3 at 8:10 am to JonTheTigerFan
I'm in the oilfield with a contractor

Their 401K plan looks terrible

No match at all. I can't contribute till I make a year there (July) so I've maxed out my IRA in the meantime. (Still need to put in 5500 for tax year 2013)

I'm not sure how much I'm going to contribute to their 401K plan. Part of me thinks it's wise to do the 15% if I can afford it but it's not like I get anything other than the tax benefit. I'll assess my financial situation when the time comes. If I have a big enough cash reserve in short term savings I'll go 15%




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Posted by pleading the fifth on 2/3 at 8:39 am to stendulkar
0K at 30. Just finished residency last June and can't contribute for a year. Hopefully I'll catch up.


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Posted by homeskillet on 2/4 at 11:10 am to peopleschamp
quote:

Some of you guys haven't hit a huge downturn in the market yet. It also looks like some of you started investing when the market was down. I can see your optimism. My experience is most companies offer limited choices in their 401Ks. If you have the knowledge like some of the guys on this Money Board do then invest in a Roth IRA where your investment options are limitless. You can still invest the company minimum to get your match but if all your money is in a company sponsored 401K you will likely feel a market downturn. That's just my opinion as an old timer. Good luck.



Correct on my part. I got out of the service in 08 and started then, so the largest portion of my contributions came after the market started up (not intentional, just the way it worked). And correct again on the options, I like the Vanguard approach. The best I have in my 401k account is a S&P 500 index fund. It has a low expense ratio and beat the rest of the options the last 2 years. I have been begging our benefits department to switch us over to Vanguard, but no luck yet. Until then, I am just keeping it in the index fund and limiting what I give the brokers.



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