re: 401(k)

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$530k is certainly a nice start. But at a safe withdrawal rate (~4%) that's only $9k annually to live off of.

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4% of 500k is 20k. Where is your 9k number coming from?

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$530k is certainly a nice start. But at a safe withdrawal rate (~4%) that's only $9k annually to live off of. If he triples it by retirement it still only yields $27k annually or he risks out living his nest egg. Most Americans are woefully unprepared for retirement so I'd keep asking for well above average contributions.

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I don't know where to begin.

As an "income" vehicle - $530k with a 4% draw is $21,200, gross annually, not $9k (no idea where you got that). And that is a preserve the principal in perpetuity, not to draw down for an actuarial table.

In other words, I retire at 67 with $530k, that's going to be over $30k per year, because they're going to set me to be broke at 85 or whatever my table says.

If he doubles that to $1 million, then his 18 year retirement schedule from 67 to 85 will be more like $60k annually.

(And I don't even fiddle with money for a living, baw.)