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Started By
Message
re: what is your ideal 401 K balance at retirement?
Posted on 4/30/18 at 1:14 pm to kywildcatfanone
Posted on 4/30/18 at 1:14 pm to kywildcatfanone
quote:
Assuming a reasonable lifestye and house paid for, 1M should be plenty to live 30 years on.
That's only 33k a year, and assuming buying power decreases over time...you won't be doing a whole lot.
To put it in perspective I'm a single, low-maintenance guy living in a very low COL place....and that would be tight for me. You won't be traveling or eating out much with that kind of budget.
5
Posted on 4/30/18 at 1:39 pm to Decisions
(no message)
This post was edited on 2/15/25 at 3:43 pm
Posted on 4/30/18 at 1:50 pm to Decisions
You are not calculating growth at all, which I was considering.
Posted on 4/30/18 at 2:13 pm to kywildcatfanone
Ah, my apologies then.
Posted on 4/30/18 at 6:30 pm to Decisions
quote:
That's only 33k a year, and assuming buying power decreases over time...you won't be doing a whole lot.
4% return on $1,000,000 is $40K a year and you haven't touched the principal
Posted on 4/30/18 at 6:35 pm to Decisions
40k a year is a fricking lot for a single person doing absolutely nothing to earn it.
I lived off of 15k/y in college and 40k/ in residency.
I'd quit my six figure job tomorrow if someone walked up to me and said "here is 40k/year for the rest of your life. You just can't work and make more on top of the stipend"
I lived off of 15k/y in college and 40k/ in residency.
I'd quit my six figure job tomorrow if someone walked up to me and said "here is 40k/year for the rest of your life. You just can't work and make more on top of the stipend"
Posted on 4/30/18 at 6:36 pm to windshieldman
quote:
Eta: After reading everyone else’s I really wish I hadn’t posted this. Mine is sad, but it’s all good
They also aren't retiring at 52, like you are.
You want a bigger number, work until you are 62. See what your pension & 457b look like then.
Posted on 4/30/18 at 6:42 pm to windshieldman
quote:
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
Nothing sad there. You’ll be drawing a check, and not working for it, at 52.
Posted on 4/30/18 at 8:00 pm to Tiguar
quote:
I'd quit my six figure job tomorrow if someone walked up to me and said "here is 40k/year for the rest of your life. You just can't work and make more on top of the stipend"
What?
Posted on 4/30/18 at 8:47 pm to Tiguar
quote:
40k a year is a fricking lot for a single person doing absolutely nothing to earn it.
To each their own.
This post was edited on 4/30/18 at 8:58 pm
Posted on 4/30/18 at 9:05 pm to bayou choupique
$2million by age 50 and I am out.
Posted on 5/1/18 at 12:33 am to Colonel Flagg
I hate working more than I like money.
Posted on 5/1/18 at 4:35 am to bayou choupique
3.5-4 mil by 55
You’ll surpass 1 million if you continue to do what you do. Max out your Roth annually if you have access to a company plan.
You’ll surpass 1 million if you continue to do what you do. Max out your Roth annually if you have access to a company plan.
This post was edited on 5/1/18 at 4:36 am
Posted on 5/1/18 at 8:09 am to Fat Bastard
Fat Bastard
Very good post and thank you for that
Very good post and thank you for that
Posted on 5/1/18 at 8:11 am to TigerintheNO
quote:
hey also aren't retiring at 52, like you are.
You want a bigger number, work until you are 62. See what your pension & 457b look like then.
Very true although I can't ride an ambulance and firetruck in my 60s
I know people will roll eyes at that but I'm in my mid to late 30s and I'm already getting the don't know how much longer I can do this feel. Besides 52 will put me at 30 years, at most I could do is 33 years, after that you aren't doing anything for retirement anyways. I'll continue doing windshields till 60 though, heck, maybe 62. Posted on 5/1/18 at 8:13 am to Dawgfanman
quote:
othing sad there. You’ll be drawing a check, and not working for it, at 52.
Oh I know, I didn't really mean I was truly sad about it
I'm perfectly happy with the numbers I put in that post. I love my job, and I realize how fortunate I am to be able to retire at least from full time work that young. Posted on 5/1/18 at 8:17 am to windshieldman
I will hopefully have 500k when I retire in 3 years. My pension will be 90k per year. I should be able to make it on that. But won't be living extravagantly.
Posted on 5/1/18 at 9:16 am to Cool Hand Luke
quote:
My pension will be 90k per year. I should be able to make it on that. But won't be living extravagantly.
you people
Posted on 5/1/18 at 9:21 am to Cool Hand Luke
quote:
My pension will be 90k per year.
You dadgum boomers.
Posted on 5/1/18 at 9:22 am to HailToTheChiz
I'm 31. Shooting for $4mill by 55 in 401k/roth IRA/HSA. Maxing everything.
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