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re: 401k - $100k milestone
Posted on 7/29/16 at 10:51 am to Epic Cajun
Posted on 7/29/16 at 10:51 am to Epic Cajun
quote:Nah. Save 100k by 30, but you need to make 100k by 28. After 5 years working rougly
I thought it was by 30? I would still have 2 years left to make it, but apparently I'm behind on that, too
0
Posted on 7/29/16 at 10:52 am to lsupride87
quote:
This board is what I read when I need a kick in the testicles. If you dont have a 100k in your retirement at 30, buy a home with 20% down at 25, and make 100k by 28 you suck at l
Probably because there are a lot of engineers on here. That's pretty much exactly how my life has gone. Lol
Posted on 7/29/16 at 10:58 am to Fat Bastard
quote:
well WTF those are obviously i'm not there yet
just for deductability, you can contribute post tax.
Posted on 7/29/16 at 10:59 am to LSUEEAlum
quote:
Was just trying to gauge how well I am doing.
1 in 3 Americans have exactly $0 saved for retirement.
The average at ages 55 to 64 is like $104k.
You're doing fine. Better than me, and I'm damned near 50 - I'm projecting $100k right at my 50th B'day. I do have a military pension coming at age 59, which has allowed me to dawdle without catastrophic consequences.
But, if I had been as disciplined as you, I would be projecting about $1 million at age 60, instead of $235k or so.
Posted on 7/29/16 at 11:05 am to Ace Midnight
quote:
exactly $0 saved for retirement. The average at ages 55 to 64 is like $104k.
Yeah but over 40% don't pay income tax at all and will never retire outside of social security.
It's not a wang measuring contest, but I also don't think it's bad to feel like you are behind and need to save more. If everyone saved even 10% most people would be millionaires by 65.
This post was edited on 7/29/16 at 11:10 am
Posted on 7/29/16 at 11:47 am to baldona
Now if all of you ballers are able to stay married, then your funds will continue to grow. If you can`t then you will only have half of what you have.
I threw that in , because it`s going to happen to one of you.
I haven`t reached the 100k mark. Don`t have a college degree, found a job that offered 401k at age 30. I have bumped my percentage up over the years and have over 70k now. I have also invested in company stock options and savings outside of the 401K plan.
Am I in great shape? Probably not, but I`m far better off than most that I know and my house which isn`t a mansion should be paid off in the next three years.
So all of you guys like me that are feeling down because you aren`t at 100k, it will be alright. We can`t be like everyone else.
For all of those who are able to do it
. Cheers on the great work. Just don`t be assholes when you become rich. 
I threw that in , because it`s going to happen to one of you.
I haven`t reached the 100k mark. Don`t have a college degree, found a job that offered 401k at age 30. I have bumped my percentage up over the years and have over 70k now. I have also invested in company stock options and savings outside of the 401K plan.
Am I in great shape? Probably not, but I`m far better off than most that I know and my house which isn`t a mansion should be paid off in the next three years.
So all of you guys like me that are feeling down because you aren`t at 100k, it will be alright. We can`t be like everyone else.
For all of those who are able to do it
. Cheers on the great work. Just don`t be assholes when you become rich. 
Posted on 7/29/16 at 11:59 am to lsupride87
quote:
This is why it is impossible for me to believe there are so many people in here who have 100k before 30.....
I'm sure some are full of shite, but if someone is 30 now, they would have started their 401k in 2008ish. From that point to now, the funds that I'm invested in are up 60%. It's not ridiculous to think someone making $60K/year that puts away $8-10K with a match that pushes it to $10-12k, can be at $100k after 7-8 years in the market we just experienced.
ETA - These are also users visiting a Money board on a college sports forum. A large majority of posters on this specific board were probably raised in the upper-middle class, attended a 4 year university, and graduated with a relatively valuable degree. There will obviously be outliers, but from the years I've posted on this board, I think that's a pretty safe assumption.
This post was edited on 7/29/16 at 12:10 pm
Posted on 7/29/16 at 12:03 pm to lsupride87
quote:
This board is what I read when I need a kick in the testicles. If you dont have a 100k in your retirement at 30, buy a home with 20% down at 25, and make 100k by 28 you suck at life
See my signature.
Posted on 7/29/16 at 12:15 pm to Golfer
quote:
See my signature.
that dude is an assclown
Posted on 7/29/16 at 12:20 pm to Hawkeye95
quote:
just for deductability, you can contribute post tax.
right, the TIRA is like the 401k for deductibility correct me if i am wrong but i cannot do both. I was alluding to income limits on a TIRA which i've never seen.
Posted on 7/29/16 at 12:22 pm to Fat Bastard
quote:
right, the TIRA is like the 401k for deductibility correct me if i am wrong but i cannot do both. I was alluding to income limits on a TIRA which i've never seen.
for destructibility purposes there are income limits.
Posted on 7/29/16 at 12:29 pm to Hawkeye95
quote:
for destructibility purposes there are income limits.
that will never pertain to me as long as i have a 401k. i'm good as long as there is no income limit. not worried about deductions on TIRA.
Posted on 7/29/16 at 2:37 pm to baldona
quote:
I'd say for every person that posted $100k there's probably 5 that opened this topic and said 'yeah not posting mine' haha
Yeah
I try not to worry too much about my 401K because they always wind up sending me a refund check at the end of the year
My strategy going forward is to just use whatever they send back to fund Roth or just throw it at my mortgage
Might not be the best strategy but better than hookers and blow at least
Posted on 7/29/16 at 3:22 pm to gpburdell
I've been with my current company for 6 years. I've maxed my 401k every year and it's already over $200k. It doesn't take long to get a sizable balance if you prioritize savings.
I know not everyone is able to max their 401k, but it pays to be aggressive in your retirement savings as early as you can. Savings percentage and time in the market are two biggest factors for most people.
FYI. I'm definitely not in the 1%. According to:
https://money.cnn.com/calculator/pf/income-rank/
I'm somewhere in the top 10-15% range depending on my bonus.
I know not everyone is able to max their 401k, but it pays to be aggressive in your retirement savings as early as you can. Savings percentage and time in the market are two biggest factors for most people.
FYI. I'm definitely not in the 1%. According to:
https://money.cnn.com/calculator/pf/income-rank/
I'm somewhere in the top 10-15% range depending on my bonus.
Posted on 7/29/16 at 4:02 pm to gpburdell
quote:
I've been with my current company for 6 years. I've maxed my 401k every year and it's already over $200k. It doesn't take long to get a sizable balance if you prioritize savings.
Not sure how that's possible. We are told that a law prohibits us putting in more than a percentage of what the lowest contributor puts in. So no matter what the higher earners percentage is our contribution tops out at around 17k which sucks
Posted on 7/29/16 at 4:07 pm to gpburdell
quote:How the hell did you manage this?
I've been with my current company for 6 years. I've maxed my 401k every year and it's already over $200k
The most you could have put in yourself over those 6 years is 104,500. So unless your company has a badass match, you are full of shitePosted on 7/29/16 at 4:36 pm to lsupride87
Good funds/compounding interest/bull market would be my guess
Posted on 7/29/16 at 4:39 pm to eye65
quote:
Good funds/compounding interest/bull market would be my guess
It would take about a 20% average return for 6 years. Good luck with that the last 6 years in a 401kThis post was edited on 7/29/16 at 4:43 pm
Posted on 7/29/16 at 4:57 pm to lsupride87
I guess that means you still doubt him. I don't. Maybe he was 100% in a health care fund...there's your 20%.
Posted on 7/29/16 at 5:11 pm to lsupride87
I started work at age 23. Turn 31 this year.
Maxed out the first three years with a company match of 7%. Had 100k by age 27. Have 215k now but haven't maxed out the last three years to pay down other debt.
Also, just refinanced for 15 yes at 2.75%. If you can, do it. My note stayed the same. Home equity is also part of my retirement plan.
Maxed out the first three years with a company match of 7%. Had 100k by age 27. Have 215k now but haven't maxed out the last three years to pay down other debt.
Also, just refinanced for 15 yes at 2.75%. If you can, do it. My note stayed the same. Home equity is also part of my retirement plan.
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