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In The Know
LSU Fan
City of St George, La
Member since Jan 2005
1804 posts

401(k)
Serious question- I’m 45 and currently have $530k in my 401(k)...Comparatively, is this a decent amount to have? I contribute $500 per check to my retirement, and it feels like I’m doing ok but I really don’t know if that’s average for my age.


Wee Ice Mon
Member since May 2014
415 posts

re: 401(k)
I’ve read that 3x your annual salary is good goal for age 45. That seems low to me, but I tend to be more aggressive with my saving.


ConfusedHawgInMO
Arkansas Fan
Member since Apr 2014
1098 posts

re: 401(k)
You sound about like me. I'm a few years older and have a little more and keep thinking I'm doing the right thing but really I guess we will never know until we are old. I can be debt free pretty easy but who knows what health care will cost another 15, 20, 30 years down the road. That is the single biggest issue that I see with retirement.


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12
lsujro
LSU Fan
BR
Member since Jul 2007
2981 posts

re: 401(k)
you're doing much, much better than the average person. if you can bump up your contribution, go for it. you will appreciate the last decade or 2 of compound gains.


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120
The Spleen
Alabama Fan
Member since Dec 2010
22138 posts

re: 401(k)
Same age and my balance is around the same. I'm not fretting it. Wife's balance is larger, so together we'll be more than fine.


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27
basiletiger
LSU Fan
lafayette, la.
Member since Aug 2007
1324 posts

re: 401(k)
put down the crack pipe. Nothing like someone coming to tigerdroppings bragging that they have 1/2 million in their 401k...only to ask if this is a decent amount. GTFO.


bstew3006
LSU Fan
318
Member since Dec 2007
1627 posts

re: 401(k)
quote:

I contribute $500 per check


Why $500? Is that the amount up to your company match? I'd suggest contributing whatever your company match is, If its 5%, put 5% in as well. IF you can contribute more, do so, but I'd find another retirement vehicle for anything over company match.


IMO, you're doing great!
This post was edited on 1/15 at 4:49 pm


canteen
Member since Dec 2017
779 posts

re: 401(k)
i hope to be there or better at your age. im still 10-15 years off from there. im not at $500 a month either. more like $350 or so.


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03
GCTigahs
Member since Oct 2014
464 posts

re: 401(k)
43 and have half that amount. I've only been maxing for the last 4yrs. Will continue to max as long as the current state of employment continues. Wife has about the same as I do but 5yrs younger than I. I'd feel very comfortable in your position and even more so if your wife has something similar.


Paul Allen
Notre Dame Fan
Boca Raton, FL
Member since Nov 2007
53713 posts

re: 401(k)
When does a 401k really start to grow?



TheBoo
New Orleans Saints Fan
The Bay Area
Member since Aug 2012
1867 posts

re: 401(k)
quote:

compound gains


You're a few years away from those compounds getting really big.


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GCTigahs
Member since Oct 2014
464 posts

re: 401(k)
Well the wife and I put in 36K this year and our combined increase was over 100K. I believe we are starting to see things grow. They always say the first million is the hardest.

As a reference, we had a combined 30k in our 401k in '08 after the crash. In 10yrs we went from 30k to 500k. I've been maxing for 4yrs and the wife for 3yrs. We also have 2 kids under 8yrs old.


Coon
Nicholls St. Fan
La 56 Southbound
Member since Feb 2005
17235 posts

re: 401(k)
If you're not seeing it grow with this market, you're doing something wrong.


tigers1956
LSU Fan
baton rouge
Member since Oct 2008
1914 posts

re: 401(k)
I agree this is as good as it gets....company that I retired from...46% of the employees don't even belong to 401k...what a bunch of idiots


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10
jimbeam
USA Fan
University of LSU
Member since Oct 2011
48169 posts

re: 401(k)
quote:

I'd find another retirement vehicle for anything over company match.
please enlighten us


In The Know
LSU Fan
City of St George, La
Member since Jan 2005
1804 posts

re: 401(k)
this isn’t a subtle brag thread, I was really curious. Thanks for the responses all.


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32
TorchtheFlyingTiger
North Carolina St. Fan
FL
Member since Jan 2008
409 posts

re: 401(k)
quote:

put down the crack pipe


$530k is certainly a nice start. But at a safe withdrawal rate (~4%) that's only $21k annually to live off of. If he triples it by retirement it still only yields $60-65k annually or he risks out living his nest egg. Most Americans are woefully unprepared for retirement so I'd keep aiming for well above average contributions.

Edited to correct math
This post was edited on 1/15 at 10:51 pm


bstew3006
LSU Fan
318
Member since Dec 2007
1627 posts

re: 401(k)
quote:

please enlighten us


IMO, I would only contribute up to company match. After that, if I qualify, start a Roth or other vehicles. I feel that only contributing to a 401k isn't proper retirement planning. But your pompous sarcasm is noted.


Ric Flair
LSU Fan
Charlotte
Member since Oct 2005
9517 posts

re: 401(k)
quote:

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


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


TorchtheFlyingTiger
North Carolina St. Fan
FL
Member since Jan 2008
409 posts

re: 401(k)
OP is certainly well above average but average is completely inadequate when most are failing to plan for retirement.
quote:

median value of retirement accounts for families near retirement age is around $120,000. 
What if you always maxed out your 401k?. Of course, take advantage of ROTH IRA if able and invest any excess in non retirement accounts.


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