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Where should my 401k be at my age?
Posted on 7/12/17 at 2:10 pm
Posted on 7/12/17 at 2:10 pm
I'm currently a single 27 yr old and have been working and building my 401k since november 2011. I've been with my employer for the past five and a half years. they do the profit sharing deal where they give a percentage of the profits to their employees. of the percentage, 80% to 401k and the 20% is cash.
7
Posted on 7/12/17 at 2:12 pm to finchmeister08
everyone's situation is the same, so this is a straightforward question to answer with the information you've provided.
Posted on 7/12/17 at 2:18 pm to finchmeister08
About tree fiddy
Posted on 7/12/17 at 2:19 pm to finchmeister08
Salary? Percent you contribute? Is that the only contribution your employer makes, or do they match as well?
Posted on 7/12/17 at 2:20 pm to finchmeister08
Whatever you had to put in to max out your employer's match.
That's the best easiest answer lol.
Let's make it easy. Say your employee matches up to 4% so at least 8% or what you have made. (Their 4 plus your 4)
That's the best easiest answer lol.
Let's make it easy. Say your employee matches up to 4% so at least 8% or what you have made. (Their 4 plus your 4)
This post was edited on 7/12/17 at 2:23 pm
Posted on 7/12/17 at 2:57 pm to finchmeister08
this chart by fidelity is helpful but starts at 30.
My $.02, save a ton when you are your age. compound interest wins the day.
My $.02, save a ton when you are your age. compound interest wins the day.
Posted on 7/12/17 at 5:34 pm to finchmeister08
The American average at your age is close to zero.
Posted on 7/12/17 at 10:53 pm to finchmeister08
Ok, the MT gods can correct the math if necessary:
lets say this month is november for simplicity's sake.
2017-2011= 6 years
401k max contributions= $18k per fiscal year PLUS employer contributions
Employer contributions= .07% (on Max is $1260/yr)
18,000+1260=19,260
19,260*6=115,560
So about $115,560 PLUS earnings
*Footnote: always try to contribute as much as you can till max
lets say this month is november for simplicity's sake.
2017-2011= 6 years
401k max contributions= $18k per fiscal year PLUS employer contributions
Employer contributions= .07% (on Max is $1260/yr)
18,000+1260=19,260
19,260*6=115,560
quote:
Where should my 401k be at my age?
So about $115,560 PLUS earnings
*Footnote: always try to contribute as much as you can till max
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