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401(k)
Posted on 1/15/18 at 3:33 pm
Posted on 1/15/18 at 3:33 pm
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.
14
Posted on 1/15/18 at 3:39 pm to In The Know
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.
Posted on 1/15/18 at 3:39 pm to In The Know
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.
Posted on 1/15/18 at 4:01 pm to In The Know
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.
Posted on 1/15/18 at 4:27 pm to In The Know
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.
Posted on 1/15/18 at 4:39 pm to In The Know
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.
Posted on 1/15/18 at 4:43 pm to In The Know
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 1/15/18 at 4:49 pm
Posted on 1/15/18 at 4:46 pm to In The Know
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.
Posted on 1/15/18 at 4:50 pm to In The Know
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.
Posted on 1/15/18 at 5:12 pm to GCTigahs
When does a 401k really start to grow?
Posted on 1/15/18 at 5:16 pm to In The Know
quote:
compound gains
You're a few years away from those compounds getting really big.
Posted on 1/15/18 at 5:32 pm to Paul Allen
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.
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.
Posted on 1/15/18 at 5:39 pm to GCTigahs
If you're not seeing it grow with this market, you're doing something wrong.
Posted on 1/15/18 at 7:36 pm to Coon
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
Posted on 1/15/18 at 8:07 pm to bstew3006
quote:please enlighten us
I'd find another retirement vehicle for anything over company match.
Posted on 1/15/18 at 8:34 pm to jimbeam
this isn’t a subtle brag thread, I was really curious. Thanks for the responses all.
Posted on 1/15/18 at 9:12 pm to basiletiger
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 1/15/18 at 10:51 pm
Posted on 1/15/18 at 9:28 pm to jimbeam
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.
Posted on 1/15/18 at 9:39 pm to TorchtheFlyingTiger
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?
Posted on 1/15/18 at 9:40 pm to In The Know
OP is certainly well above average but average is completely inadequate when most are failing to plan for retirement.
quote: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.
median value of retirement accounts for families near retirement age is around $120,000.
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