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Message
What is a good 401(K) balance target for someone that's 35 years old?
Posted on 8/30/16 at 9:44 am
Posted on 8/30/16 at 9:44 am
Just trying to get a feel for where one needs to be in terms of their 401(K) savings by the time they hit mid-30s.
Posted on 8/30/16 at 9:48 am to Street Hawk
Well well well, you have come to the right place. Most in here have 100k by 30, so I would imagine 200k or so is the rock bottom number you will hear around these parts
Posted on 8/30/16 at 9:50 am to lsupride87
quote:
Well well well, you have come to the right place. Most in here have 100k by 30,
Posted on 8/30/16 at 9:57 am to Street Hawk
when did you start really making money? I'm about the same age but didn't start making a real income until I was about 30.
Posted on 8/30/16 at 10:10 am to white perch
quote:
when did you start really making money? I'm about the same age but didn't start making a real income until I was about 30.
I went to 3 years of grad school right after my undergrad. Didn't start making any real money until I was 25-26. Didn't maximize my 401(K) until I moved out the west coast when I was about 31 and had a significant pay bump. Been contributing the yearly maximum or very near that much for the past 4 years. Right now I am sitting at about $150K, which is my only retirement savings vehicle at this time. Don't have any savings in IRA or Roth. But I still regret not contributing more in my late 20s, when I didn't know or care about saving for retirement or the power of compounding. Oh well. Better late than never I guess.
Posted on 8/30/16 at 10:24 am to white perch
quote:
when did you start really making money? I'm about the same age but didn't start making a real income until I was about 30.
Same here. Had zero at 30 and over $100k now. Probably have to work till I die but I played hard while I was young so oh well.
Posted on 8/30/16 at 11:08 am to BeerMoney
i'm 33 and have just over $100k.
I also have a cash value life insurance plan too . with a good balance already.
liquid is very solid. could go a year without pay.
my attitude...I am working a couple buckets for retirement therefore I am not overly concerned about my lone 401k account. as long as I take full advantage of it each year I am pretty happy.
I may buy an investment property in the next two years. I like having freedom with my money.
I also have a cash value life insurance plan too . with a good balance already.
liquid is very solid. could go a year without pay.
my attitude...I am working a couple buckets for retirement therefore I am not overly concerned about my lone 401k account. as long as I take full advantage of it each year I am pretty happy.
I may buy an investment property in the next two years. I like having freedom with my money.
Posted on 8/30/16 at 11:20 am to LSUtoOmaha
quote:
Your gross income.
This is probably as correct as you can get. Unless you are a doctor or otherwise have a huge income postponed, then if you don't have your gross income in retirement by the age of 35 you are definitely behind.
Frankly I think saving in your 20s is overated. You aren't going to be able to save much, so what you save really doesn't matter. I think the most important thing is to know by the age of about 30 that you need to really try your best to get to 15% or more toward retirement.
Posted on 8/30/16 at 11:40 am to baldona
Missing out on up to 9 years (that are the furthest from retirement) of savings is overrated?
Posted on 8/30/16 at 11:43 am to cjared036
quote:
i'm 33 and have just over $100k.
quote:
I also have a cash value life insurance plan too . with a good balance already.
quote:Solid. Just your average money talk baw
liquid is very solid. could go a year without pay.
Posted on 8/30/16 at 11:45 am to lsupride87
gotta fit in here somehow.
I don't have any kids.
live pretty modestly.
I don't have any kids.
live pretty modestly.
Posted on 8/30/16 at 12:22 pm to jimbeam
quote:
Missing out on up to 9 years (that are the furthest from retirement) of savings is overrated?
Did you not read what else I typed? Yes, simply investing in your 401k to do "something" toward retirement is overated in your 20s. What is underated imo is putting yourself into a situation where you can invest heavily (15%+) by the time you are 30.
I see far too many things telling people in their 20s to simply invest "what they can" and that is the end of it. The 20s should be about getting out of debt and learning about finances and investing. So that in your 30s you can really make some head way.
Posted on 8/30/16 at 5:46 pm to baldona
quote:
Frankly I think saving in your 20s is overated. You aren't going to be able to save much, so what you save really doesn't matter
The most powerful force in the universe is compounded interest.
Posted on 8/30/16 at 8:45 pm to baldona
quote:
The 20s should be about getting out of debt and learning about finances and investing. So that in your 30s you can really make some head way.
This should def be your first priority in your early money making years. I dont think he's saying not to save and max out matching retirement funds, just that it is more important to knock out or not incur any bad debt and create some stability.
Posted on 8/30/16 at 9:08 pm to TigerintheNO
False. It's pussy. We created compound interest to acquire wealth and power to chase pussy. And that's a fact, Jack.
This post was edited on 8/30/16 at 9:09 pm
Posted on 8/30/16 at 9:57 pm to Street Hawk
If you aren't putting 18000 in your plan every year you are throwing away money
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