- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: The number of 401(k) plan millionaires surges 41 percent, hits a new high
Posted on 8/16/18 at 8:28 pm to HailToTheChiz
Posted on 8/16/18 at 8:28 pm to HailToTheChiz
quote:
only on the money board can we find folks to complain about having $1 million in your retirement account
yep completely laughable. proves my points again this board is a HUGE anomaly and everybody is basically in the top 10% or higher!
1
Posted on 8/16/18 at 8:40 pm to HailToTheChiz
quote:
How much on average have you contributed per year? Over how many years?
I'm just curious so I can gauge my own failures
I started contributing from the very first day of my very first job out of school. My dad always stressed it to me so I had good advice. He said the money I put in early would be the money that made me the most money in the long run.
The first few years I always put in the most I could, always to get the full match at any company I've been at and usually more on top of that.
I eventually began making a very good salary and I've been lucky enough to avoid debt and live within my means so I didn't need the extra money immediately.
I have put in the max personal contribution amount (around 17-18k these days I think) for the past maybe 6-7 years, that plus the generous company match, plus a great market the past few years, and it's doing great.
Also, I'm single and childless so money hasn't been as tight as it probably would be otherwise.
This post was edited on 8/16/18 at 10:25 pm
Posted on 8/16/18 at 8:43 pm to Fat Bastard
quote:
laughable. proves my points again this board is a HUGE anomaly and everybody is basically in the top 10% or higher!
I don’t think the post was to make lite of $1M 401k’s, but to simply point out that comparing a million bucks 30 years ago to today is laughable.
To your second point, this is anomaly and most on this board are well above their peers with respect to finances.
Posted on 8/16/18 at 9:00 pm to hottub
My point is...
If a married couple in their 20s has a household income of 100k
They most likely also have:
kid(s)
Mortgage
Student debt(s)
Car note(s)
That JP chart estimates they should have 120k by 30
Seems high to me given other factors of ....life
If a married couple in their 20s has a household income of 100k
They most likely also have:
kid(s)
Mortgage
Student debt(s)
Car note(s)
That JP chart estimates they should have 120k by 30
Seems high to me given other factors of ....life
Posted on 8/16/18 at 9:10 pm to HailToTheChiz
quote:
Seems high to me given other factors of ....life
agreed. i have had to dig out of debt multiple times do to job loss and medical bills out of my control. had nothing to do with irresponsibility. everybody seems to think everybody will be on a straight and narrow path from 25 to 65 with ZERO ISSUES holding them back or other things. it is so far from the truth
most people do not have JACK shite other than SS at retirement. so anything more than SS is good.
Posted on 8/16/18 at 9:12 pm to DabosDynasty
quote:
I’d imagine this has a lot to do with the crash. Both for those retiring into it and after who were then spooked and felt very strongly they needed to protect what they had left by pulling it from the market. Would be interesting to see comparisons with other 10 year windows that included a significant bear market and its later recovery.
To many leave all in the market and live off +4% and get crushed by market volatility. I'll get down voted but majority of ppl should Guarantee some if not all in income annuities and Plan for LTC.
This post was edited on 8/16/18 at 9:26 pm
Posted on 8/16/18 at 9:14 pm to Fat Bastard
I'm just trying to convince myself I'm not crazy
Thanks for your comforting replies
Thanks for your comforting replies
Posted on 8/16/18 at 9:31 pm to bstew3006
quote:
To many leave all in the market and live off +4% and get crushed by market volatility. I'll get down voted but majority of ppl should Guarantee some if not all in income annuities and Plan for LTC.
I’ve always thought that too, significant shift in asset allocation to safer investments with only a small portion in volatile assets like stocks. I think rule of thumb is to gradually shift your allocation out of the market to bonds and safer options nearing and in retirement. I can’t remeber the exact ages and shifts, but I think they start slowly at 40 and change every 10 years.
Posted on 8/16/18 at 9:36 pm to NC_Tigah
I wonder how many of the 168k individual accounts are under the same households. Two income families with each $1million+ accounts. That would somewhat reduce the impact of the overall gain. As difficult as measuring it may be, household (401k) balances is a more important metric.
Posted on 8/16/18 at 9:38 pm to HailToTheChiz
quote:
Seems high to me given other factors of ....life
The chart seems high given the fact that incomes increase. What someone makes at 25 is more than what he made at 23 and 21.
What someone makes at 40 is more than he made at 37 and 32.
A 25 year old making $150k is supposed to already have saved $150k. How many years is that kid supposed to be putting serious money away?
These are "stretch" charts. Meaning that they get people to feel like they are behind and pushed to dump more to catch up (guess how jp Morgan fidelity makes money...)
Posted on 8/16/18 at 10:02 pm to slackster
I'm on track or a little ahead based on Fidelity's recommendation. First time seeing JP Morgan's and I'm pretty far behind the curve 
Posted on 8/16/18 at 10:04 pm to slackster
Those charts might be true for engineers, but someone with an MD or JD would feel inadequate initially but surely catch up (at least the md)
Posted on 8/16/18 at 10:05 pm to meansonny
quote:
The chart seems high given the fact that incomes increase. What someone makes at 25 is more than what he made at 23 and 21.
What someone makes at 40 is more than he made at 37 and 32.
A 25 year old making $150k is supposed to already have saved $150k. How many years is that kid supposed to be putting serious money away?
These are "stretch" charts. Meaning that they get people to feel like they are behind and pushed to dump more to catch up (guess how jp Morgan fidelity makes money...)
I am way behind on that chart at 37 with my current income. At 33 I more than
tripled my income and have been playing catch-up but still way far off.
This post was edited on 8/16/18 at 10:07 pm
Posted on 8/17/18 at 7:08 am to HailToTheChiz
quote:
I'm just trying to convince myself I'm not crazy
Thanks for your comforting replies
nah you are good bruh
just have a plan, stick with it. you will have ups and downs. C'est la vie!
some people also DO NOT keep making more money. Some have to take OR choose to take massive pay cuts like my wife. It sucks but she is happy where she is now. It definitely puts way more pressure on me again and really screws up a lot of my plans and where we were but what ya gonna do? She used to make good money. Now it is peanuts in a different field but she likes it.she changed careers. probably a 70% pay cut!!! sigh.
now if it gets real bad i will make her quit and go find something else but for now we are making it. it basically takes alot of my investing money away now for regular bills.
This post was edited on 8/17/18 at 7:17 am
Posted on 8/17/18 at 7:29 am to HailToTheChiz
quote:
Seems high to me given other factors of ....life
It doesn't have to be in a 401k for JPMorgan's chart. It's just money earmarked for retirement.
Their benchmark is 10% gross savings at 6.0% return. That's doable.
This post was edited on 8/17/18 at 7:33 am
Posted on 8/17/18 at 7:36 am to Ric Flair
quote:
Those charts might be true for engineers, but someone with an MD or JD would feel inadequate initially but surely catch up (at least the md)
Yeah you can't expect them to build a personalized chart for everyone's situation.
You know your own situation. If you got a major raise at 29 you won't have enough time to match that household income by 30.
By far the most important part of retirement planning is retirement spending. This chart is just a baseline to assume your spending, but if you're spending substantially less than your income would suggest, your required savings will be much lower too.
Posted on 8/17/18 at 7:40 am to meansonny
quote:
These are "stretch" charts. Meaning that they get people to feel like they are behind and pushed to dump more to catch up (guess how jp Morgan fidelity makes money...)
If you're only saving 10% of your gross and you're behind on these charts, you do need to dump more to catch-up. That's the point of the variable inputs you can change. If you're saving 15-20% and you're behind, you'll catch up in due time.
Posted on 8/17/18 at 8:18 am to NC_Tigah
quote:
The number of 401(k) plan millionaires surges 41 percent, hits a new high by NC_Tigah
squarely in the cross-hairs of the Democrats when they retake power.
Posted on 8/17/18 at 10:35 am to elposter
quote:
Well $1 million isn't what it used to be 30 years ago either.
RMD on $1m is only $36,500 before tax.
Posted on 8/17/18 at 10:41 am to NC_Tigah
quote:
* The number of Fidelity 401(k) accounts with a balance of $1 million or more jumped to 168,000 in the second quarter of 2018, up 41 percent from a year earlier.
errr, 168,000 millionaires in the largest 401k provider. Yeah, well its good its gone up 40% but its bad that its not more.
Page 2 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News