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Message
re: 401k - $100k milestone
Posted on 7/28/16 at 1:33 pm to Bayou Tiger
Posted on 7/28/16 at 1:33 pm to Bayou Tiger
Do you all have just amazing fund choices? I don't see the benefit in doing more than the minimum to get full match when the fees and fund options are just shite in my company plan.
2
Posted on 7/28/16 at 1:46 pm to gamatt53
My plan has BrokerageLink so I'm free to invest in any security or mutual fund already available through Fidelity.
Posted on 7/28/16 at 1:50 pm to LSUEEAlum
Hit it right at 30. Been contributing for about 6 years plus company match.
Posted on 7/28/16 at 2:33 pm to baldona
quote:
Its not "average" for America, but I'd say its easily average for college graduates. You have to figure that the average college graduate marries a college graduate so they will probably have combined incomes of around 100k at 30, probably more. So if the average college graduate puts 15% that is $15k a year which would take 6.5 years without interest to hit $100k.
Its really not hard for 2 college graduates to have combined incomes of $150k by 30, 15% of that is $22.5K a year. If you start working by 24 its very manageable to have $100k by 30-32.
100k net worth at 30 puts you in the 85% percentile
LINK
Posted on 7/28/16 at 3:47 pm to gamatt53
quote:
Do you all have just amazing fund choices?
f no
quote:
I don't see the benefit in doing more than the minimum to get full match when the fees and fund options are just shite in my company plan.
agreed. a 401k is the last investment vehicle i use only to get the match.
Posted on 7/28/16 at 3:57 pm to Fat Bastard
quote:
a 401k is the last investment vehicle i use only to get the match.
my investments are OKish. I have several vanguard funds that I can use, which is cool. But they are sorta all the same fund.
I max out mine to reduce my tax burden.
Posted on 7/28/16 at 4:06 pm to Hawkeye95
I was a late starter but thankfully married someone smarter than me. I hit 100k in Oct 2013 at 39. My wife is 5yrs younger than me and hit 100k in Sept 2013. We should cross the 400k mark, combined, next year if all goes well in the market.
Posted on 7/28/16 at 6:27 pm to GCTigahs
I never did contribute for the first several years at my company and when I did I only put in 3% 
I should have listened to everyone 14 years ago and put in as much as possible. I'm 35 now and won't hit $100k till probably 37. I have several other investment accounts but this is just my work 401k.
I should have listened to everyone 14 years ago and put in as much as possible. I'm 35 now and won't hit $100k till probably 37. I have several other investment accounts but this is just my work 401k.
Posted on 7/28/16 at 6:34 pm to LSUEEAlum
I'm 45 and am doing great working towards my retirement goals but I started late compared to many of you.
But all of you that are saving and thinking about this at a young age should be very proud of yourselves and keep it up! Regardless of how much and where you stand in comparison to others!
But all of you that are saving and thinking about this at a young age should be very proud of yourselves and keep it up! Regardless of how much and where you stand in comparison to others!
Posted on 7/28/16 at 7:37 pm to LSUEEAlum
I don't have records as I've switched companies a couple times. I'd estimate, that I hit $100k in late 20s.
Turned 40 earlier this year. If I count just my current 401k and rollover ira from prior 401ks I'm at $500k.
Once I started making good money, I maxed my 401k and been doing that for 10 years now. With company match and capital gains, that adds up alot over the years.
Turned 40 earlier this year. If I count just my current 401k and rollover ira from prior 401ks I'm at $500k.
Once I started making good money, I maxed my 401k and been doing that for 10 years now. With company match and capital gains, that adds up alot over the years.
Posted on 7/28/16 at 7:45 pm to Hawkeye95
quote:
I max out mine to reduce my tax burden.
+1. Tax deferral is a big plus which people don't always seem to appreciate. Maxing my 401k combined with my mortgage deduction puts a big dent in my tax bill each year.
Posted on 7/28/16 at 8:55 pm to LSUEEAlum
I've never had a 401k, so I am still at 0.
Posted on 7/28/16 at 9:21 pm to DeathValley85
quote:
Well this thread is depressing. Took me too long to figure out a career and now starting from scratch at 28.
Sigh...
Thanks to graduate school I didn't start my career until I was 29. I feel your pain
Posted on 7/28/16 at 9:47 pm to WavinWilly
I just hit 30 and I'm around $55k :/
Posted on 7/28/16 at 10:00 pm to Hawkeye95
quote:
100k net worth at 30 puts you in the 85% percentile
Interesting.
It's all somewhat relative depending on what you're net worth is when talking about 401k's. I'm 36 and have about 65k in mine, but I lowered my contributions about 5 years ago because I started saving to tear down and rebuild my house. By doing that last summer, I instantly gained about 300k in equity in the house, so between my my 401k, my wife's 401k and a few other assorted investments including an inherited IRA, our net worth is about 600k at 36 years old. I feel pretty good about that.
Posted on 7/28/16 at 10:00 pm to Golfer
Looking back, alcohol and women sure did put a dent in what I could have right now.
Worth it
Worth it
Posted on 7/28/16 at 10:10 pm to TexasTiger34
quote:
Looking back, alcohol and women sure did put a dent in what I could have right now.
Worth it
Ha ha. Yeah, that's got a little something to do with why mine's not as high as I'd like it, but as you said, it was worth it. I'd hate to be sitting there with a bunch of money as an old man regretting that I didn't have fun while I was young.
Posted on 7/28/16 at 11:55 pm to LSUEEAlum
This thread makes me feel old and broke.
I need to get my shite together ASAP.
I need to get my shite together ASAP.
Posted on 7/29/16 at 6:19 am to LSUEEAlum
$96,000 at age 30 and 9 month. Will hit it by 31. 
I have been contributing 10% for 7 years, and it includes a 6% match from employer.
I have been contributing 10% for 7 years, and it includes a 6% match from employer.
This post was edited on 7/29/16 at 6:21 am
Posted on 7/29/16 at 6:25 am to LSUEEAlum
I was about 39 when I got there. Took me many years to realize the value of saving for retirement.
But I went thru an unexpected job change at that time and it woke me up. I started saving more aggressively at that time, also focused on paying off debt.
That was 13 years ago, I'm completely debt free now, including house, and am saving about 50% of my total income with a goal to retire at 55, have saved enough money to float me to 59.5 and then have a good retirement savings to live on from there.
But, I don't have kids, so I didn't have those kinds of expenses to deal with.
But I went thru an unexpected job change at that time and it woke me up. I started saving more aggressively at that time, also focused on paying off debt.
That was 13 years ago, I'm completely debt free now, including house, and am saving about 50% of my total income with a goal to retire at 55, have saved enough money to float me to 59.5 and then have a good retirement savings to live on from there.
But, I don't have kids, so I didn't have those kinds of expenses to deal with.
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