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Started By
Message
what is your ideal 401 K balance at retirement?
Posted on 4/30/18 at 9:06 am
Posted on 4/30/18 at 9:06 am
Assuming you are in good heath and your house is paid for, what would you like your value of your 401K to be to make you feel comfortable enough to retire? I know people will answer lifestyle, but assuming you will continue to live similar to what you were while you were working Lets say you will be 65 and will receive social security as well.
The reason I am curious is I asked a few older co workers what they though and they both independently answered +/- 500K. To me that seemed a little low. I am 38 and have +/- 150k and i contribute about 11,000 annual, plus company match (6%), plus contribute to an IRA. I am hoping if I work to 65-67 I should have close to a million in my 401k. Am I off track by thinking this?
The reason I am curious is I asked a few older co workers what they though and they both independently answered +/- 500K. To me that seemed a little low. I am 38 and have +/- 150k and i contribute about 11,000 annual, plus company match (6%), plus contribute to an IRA. I am hoping if I work to 65-67 I should have close to a million in my 401k. Am I off track by thinking this?
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Posted on 4/30/18 at 9:12 am to bayou choupique
I'll retire from the fire dept at 52 with a pension and I hope to have about 150k before taxes in my 457b. I have an IRA with windshield side job I hope to have around 50k in as I will plan to work till 60 doing that. That money will go to medical expenses. I'll have drop money also which I'm guessing will be around 180k or so give or take. My wife won't have much, she will get some social security, I won't, but at best her IRA will be 100k.
Eta: After reading everyone else’s I really wish I hadn’t posted this. Mine is sad, but it’s all good
Eta: After reading everyone else’s I really wish I hadn’t posted this. Mine is sad, but it’s all good
This post was edited on 4/30/18 at 10:30 am
Posted on 4/30/18 at 9:24 am to bayou choupique
$2.5-$3 million in my 401k at age 62 according to various retirement calculators.
Posted on 4/30/18 at 9:24 am to bayou choupique
quote:
what is your ideal 401 K balance at retirement?
Your expenses / lifestyle in retirement determines what appropriate retirement balance needs to be, 401k included.
Posted on 4/30/18 at 9:25 am to windshieldman
I'm 39, I'm hoping for 2 million in wife and my retirement accounts by 60....
401k+rollover IRAs = 125k
Roth IRAs = 210k
inherited IRAs = 150k
HSA = 20k
401k+rollover IRAs = 125k
Roth IRAs = 210k
inherited IRAs = 150k
HSA = 20k
Posted on 4/30/18 at 9:37 am to bayou choupique
I am in my 20s so there is not telling what the economic landscape will look like in 40+ years. I am not expecting social security to be around then so we have tried to keep that out of our calculations. Wife and I are hoping to have around $3M between her 401k and my 403b.
This post was edited on 4/30/18 at 9:41 am
Posted on 4/30/18 at 9:42 am to bayou choupique
My ideal balance? I’m thinking about $2M in today’s dollars which means about $4.75M in 35 years when accounting for inflation.
Which for me means the common advice of saving just 15% a year ain’t gonna cut it..
Which for me means the common advice of saving just 15% a year ain’t gonna cut it..
This post was edited on 4/30/18 at 9:45 am
Posted on 4/30/18 at 10:03 am to PhiTiger1764
quote:
Which for me means the common advice of saving just 15% a year ain’t gonna cut it..
Which means, folks wont retire at 62
Posted on 4/30/18 at 10:11 am to bayou choupique
quote:
I am 38 and have +/- 150k and i contribute about 11,000 annual, plus company match (6%), plus contribute to an IRA. I am hoping if I work to 65-67 I should have close to a million in my 401k. Am I off track by thinking this?
Assuming you are appropriately diversified for your age in your investments you should have WAY over $1,000,000 doing what you described. Just your part of 401k investment alone would be well over $1,000,000 even if you didn't increase it along the way (which you should assume you would as salary and limits increase). This would be without even factoring in the employer match (whatever amount that is) and whatever you are also contributing to an IRA, which you didn't specify. You need to check out an investment calculator ASAP so you can get a better understanding of your retirement plan.
Also $500k saved at normal retirement age is likely going to mean a very tight budget for those co-workers you asked even if they are hopefully debt free. In my opinion that amount is low if they are middle class and expect to continue to live a middle class lifestyle.
Posted on 4/30/18 at 10:17 am to elposter
I've played with the calculators and such and with conservative growth i should end up about 1 million in the 401K around 60. And yes i plan to contribute more as wages go up.
But i agree 500k seems low to retire on at their stage in life. I appreciate your response.
But i agree 500k seems low to retire on at their stage in life. I appreciate your response.
Posted on 4/30/18 at 10:27 am to bayou choupique
Nobody here in the thread is thinking of inheritances to add to their retirement portfolios.. so that will help a lot of folks out as well
Posted on 4/30/18 at 10:27 am to bayou choupique
Bout 350,000 is the only answer
It seriously, each person has different needs. I will probably be a white collar slave for my mortal life :-(
It seriously, each person has different needs. I will probably be a white collar slave for my mortal life :-(
Posted on 4/30/18 at 10:28 am to bayou choupique
quote:
I've played with the calculators and such and with conservative growth i should end up about 1 million in the 401K around 60. And yes i plan to contribute more as wages go up.
But i agree 500k seems low to retire on at their stage in life. I appreciate your response.
Remember that inflation too. That $1 million in 25 years isn't going to be what it was. But if you increase your contributions as inflation increases sounds like you are going to be in great shape.
Posted on 4/30/18 at 10:28 am to Lawyered
quote:
Nobody here in the thread is thinking of inheritances to add to their retirement portfolios.. so that will help a lot of folks out as well
Ive thought about it. I’ve thought about how I ain’t getting shite
Posted on 4/30/18 at 10:31 am to windshieldman
I second that - my people will spend it on their way out!
But good for them - they worked hard and should enjoy every bit of it. Lord knows they paid their share for me up front - and I am greatful for that.
But good for them - they worked hard and should enjoy every bit of it. Lord knows they paid their share for me up front - and I am greatful for that.
Posted on 4/30/18 at 10:35 am to KillTheGophers
I feel the same way, plus I have a ton of brothers and sisters
Posted on 4/30/18 at 10:49 am to Lawyered
quote:
Nobody here in the thread is thinking of inheritances to add to their retirement portfolios.. so that will help a lot of folks out as well
Probably will. Not going to be apart of my retirement planning though.
Posted on 4/30/18 at 11:03 am to windshieldman
Please man. Everything is relative to what you need and your expenses. You probably will have more than 80% of the population. You need to remember all the big numbers thrown out here basically put this whole damn board as top 10% ers.
Your only competition is urself. U had nothing when U started. Now you will have a nide little
Nest egg. It’s light years better than the vast majority of the nation. Don’t be so hard on urself.
Your only competition is urself. U had nothing when U started. Now you will have a nide little
Nest egg. It’s light years better than the vast majority of the nation. Don’t be so hard on urself.
Posted on 4/30/18 at 11:04 am to bayou choupique
I haven't saved the best thus far but still slightly better than the average (I'm guessing). My age and 401k is in your range so I'll use the following example based on your numbers.
If you stop contributing today and the market doubles every 7 years, then your 401k should be around $2.4M at the age of 66. I think (?) history has had the market doubling every 7 years on average but others here can tell you if that is foolish to think it'll continue (and ignoring inflation for this purpose).
I guess my only point is that you may have much more than $1M if you continue working and contributing for 20+ additional years (or even if you don't contribute and the market does fairly well).
If you stop contributing today and the market doubles every 7 years, then your 401k should be around $2.4M at the age of 66. I think (?) history has had the market doubling every 7 years on average but others here can tell you if that is foolish to think it'll continue (and ignoring inflation for this purpose).
I guess my only point is that you may have much more than $1M if you continue working and contributing for 20+ additional years (or even if you don't contribute and the market does fairly well).
Posted on 4/30/18 at 12:54 pm to bayou choupique
Assuming a reasonable lifestye and house paid for, 1M should be plenty to live 30 years on.
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