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Message
re: 401k - $100k milestone
Posted on 7/29/16 at 9:35 pm to jimjackandjose
Posted on 7/29/16 at 9:35 pm to jimjackandjose
For those of you seeing the "proud to post" posts, don't fret. These are not the norm. As someone who audited retirement programs in the south for companies large enough to hire large accounting firms, the average person definitely does not have 100k at 30 or even close to it.
My wife and I hit it at 30 combined probably, but at almost 34, I'm just now hovering around it singularly. Kids, location, and student loans are a driving factor in that. A 30 year old specialized physician might not even have a retirement yet, but he is going to make more money in the next 10 years than many on this board will in a lifetime.
For most 23-30 year olds in a salary range of 40-90 per year, it's just not a reasonable expectation. Your 30s are when most white collar folks really start the process of padding their 401ks.
My wife and I hit it at 30 combined probably, but at almost 34, I'm just now hovering around it singularly. Kids, location, and student loans are a driving factor in that. A 30 year old specialized physician might not even have a retirement yet, but he is going to make more money in the next 10 years than many on this board will in a lifetime.
For most 23-30 year olds in a salary range of 40-90 per year, it's just not a reasonable expectation. Your 30s are when most white collar folks really start the process of padding their 401ks.
1
Posted on 7/29/16 at 9:37 pm to jimjackandjose
I passed the 100 k mark more than once. Went above it back during the dot com boom, went way under in the dot com bust, then made my way past it again after that.
What's laughable now is that during the dotcmo boom of the 90s, when 401ks were really getting popular and some funds were growing exponentially, we all were "predicted" or "estimated" to have around 2 - 4 Million at retirement age, say by 2030 or so. I doubt many my age (50s) will be at or near that predicted mark by 2030.
What's laughable now is that during the dotcmo boom of the 90s, when 401ks were really getting popular and some funds were growing exponentially, we all were "predicted" or "estimated" to have around 2 - 4 Million at retirement age, say by 2030 or so. I doubt many my age (50s) will be at or near that predicted mark by 2030.
Posted on 7/30/16 at 11:45 am to MusclesofBrussels
Been contributing since 26.... 35 now and I have 185,000 in there.
Posted on 7/30/16 at 11:57 am to Old Sarge
(no message)
This post was edited on 8/5/16 at 12:58 pm
Posted on 7/30/16 at 3:10 pm to LSUAfro
Physician who is in a surgical sub specialty here. I'd say by 30 my wife and I had maybe $12k if you combined her 401k and the one I started during residency with my hospital. That's basically all we could afford to contribute. Nobody should feel too bad about not having a bunch of money in your retirement account like others have posted.
Posted on 7/30/16 at 3:39 pm to YipSkiddlyDooo
quote:
Nobody should feel too bad about not having a bunch of money in your retirement account like others have posted.
Eh, yes and no. If there's anything to brag about money wise I think a 401k is close to being it. There's very few professions like doctors that are almost guaranteed to balloon salary wise, so it's not fair and makes little sense to compare doctors to everyone else. A doctor certainly shouldn't worry about their 401k before 35, but saying that others shouldn't also really is not true. It's not so much how much is in your account, as much as making saving a habit and a priority.
I guess my point is it takes hard work, dedication, and years of patience to get a large 401k. If there's anything that could be respected to brag about I think it's one of them. That doesn't mean you should feel bad for not having a large one, but it certainly should be a kick in the pants to change your saving habits.
Posted on 7/30/16 at 4:17 pm to baldona
Am I the only one here that contributes up to my match but would rather put extra money in my Roth IRA and brokerage account? I feel it gives me a little more flexibility and not something I can't touch without huge penalty.
Posted on 8/1/16 at 8:46 am to LSUEEAlum
28.
Posted on 8/1/16 at 9:36 am to Powerman
quote:
My strategy going forward is to just use whatever they send back to fund Roth or just throw it at my mortgage
go with your roth, not throwing it at your mortgage. Diversification. if you want to work on your mortgage, add $25 a month to your payment, or better a $100
Posted on 8/1/16 at 9:49 am to Hawkeye95
75K at 26 in my Roth IRA + 401k combined.
I should have 100k in the next year or so.
I'm a bit different than most folks because I grew up in poverty so I'm afraid to spend money now :lol
I should have 100k in the next year or so.
I'm a bit different than most folks because I grew up in poverty so I'm afraid to spend money now :lol
Posted on 8/1/16 at 10:09 am to tissle
quote:
I'm a bit different than most folks because I grew up in poverty so I'm afraid to spend money now :lol
That's not a bad thing. I'm the same, and I am generally ultra conservative with my money. My fingers hurt from pinching pennies, but I do expect that to change when I retire in a couple of years.
Posted on 8/1/16 at 10:14 am to kywildcatfanone
quote:
That's not a bad thing. I'm the same, and I am generally ultra conservative with my money. My fingers hurt from pinching pennies, but I do expect that to change when I retire in a couple of years.
I know man. Part of me things I should be spending lots of money right now enjoying my 20s....but its really hard to "waste" money like that when you grew with nothing.
I do reward myself here and there...so I'm not a total penny pincher.
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