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Where should my 401k be at my age?
Posted on 7/12/17 at 2:10 pm
Posted on 7/12/17 at 2:10 pm
I'm currently a single 27 yr old and have been working and building my 401k since november 2011. I've been with my employer for the past five and a half years. they do the profit sharing deal where they give a percentage of the profits to their employees. of the percentage, 80% to 401k and the 20% is cash.
7
Posted on 7/12/17 at 2:12 pm to finchmeister08
everyone's situation is the same, so this is a straightforward question to answer with the information you've provided.
Posted on 7/12/17 at 2:13 pm to ATLdawg25
i was just looking for an average.
Posted on 7/12/17 at 2:18 pm to finchmeister08
About tree fiddy
Posted on 7/12/17 at 2:19 pm to finchmeister08
Salary? Percent you contribute? Is that the only contribution your employer makes, or do they match as well?
Posted on 7/12/17 at 2:20 pm to finchmeister08
Whatever you had to put in to max out your employer's match.
That's the best easiest answer lol.
Let's make it easy. Say your employee matches up to 4% so at least 8% or what you have made. (Their 4 plus your 4)
That's the best easiest answer lol.
Let's make it easy. Say your employee matches up to 4% so at least 8% or what you have made. (Their 4 plus your 4)
This post was edited on 7/12/17 at 2:23 pm
Posted on 7/12/17 at 2:20 pm to Fat Bastard
It makes a big difference based on how much you make.
Posted on 7/12/17 at 2:42 pm to Rhames
okay, i just had to talk to HR cause i couldn't remember. my employer will match up to 7% of my weekly contribution(we get paid weekly). so if i contribute $50, they'll contribute 7% percent of that which is $3.50.
Posted on 7/12/17 at 2:56 pm to finchmeister08
Hahahaha.
Is this a 350 troll?
They only match 7% of what you put In? Is it possible there is a misunderstanding and it is up to 7% of your salary
Is this a 350 troll?
quote:
kay, i just had to talk to HR cause i couldn't remember. my employer will match up to 7% of my weekly contribution(we get paid weekly). so if i contribute $50, they'll contribute 7% percent of that which is $3.50.
They only match 7% of what you put In? Is it possible there is a misunderstanding and it is up to 7% of your salary
This post was edited on 7/12/17 at 3:03 pm
Posted on 7/12/17 at 2:57 pm to finchmeister08
this chart by fidelity is helpful but starts at 30.
My $.02, save a ton when you are your age. compound interest wins the day.
My $.02, save a ton when you are your age. compound interest wins the day.
Posted on 7/12/17 at 3:10 pm to Rhames
quote:
They only match 7% of what you put In? Is it possible there is a misunderstanding and it is up to 7% of your salary
my HR rep said, "We will match $0.05 per $1.00 up to 7% of my weekly contribution." if that's true, that may be why i get so much back with the profit sharing instead of each week.
This post was edited on 7/12/17 at 3:26 pm
Posted on 7/12/17 at 3:25 pm to finchmeister08
quote:
nucor
quote:
not a brag in the slightest
We know......
Posted on 7/12/17 at 3:43 pm to Hawkeye95
quote:
this chart by fidelity is helpful but starts at 30.
It's also ridiculous if you went to graduate school, or have increased your salary greatly by the time you are 30. I'm not the most frugal person in the world, but there is no way that I'd be able to have 1x my salary saved by the time I turn 30. (I'm 29)
Posted on 7/12/17 at 3:58 pm to Epic Cajun
quote:
It's also ridiculous if you went to graduate school, or have increased your salary greatly by the time you are 30. I'm not the most frugal person in the world, but there is no way that I'd be able to have 1x my salary saved by the time I turn 30. (I'm 29)
Yep. I went to grad school. Started working at 24. Have increased close to tripled my salary since then. At 31, I don't have 1X my salary yet.
Posted on 7/12/17 at 4:15 pm to lnomm34
quote:
Yep. I went to grad school. Started working at 24. Have increased close to tripled my salary since then. At 31, I don't have 1X my salary yet.
I'm in a very similar situation. I'm not quite jumping off of a bridge
Posted on 7/12/17 at 5:17 pm to Epic Cajun
Me either, really. My wife and I both went to grad school and are way exceeding any thoughts of what our salaries would be--especially this early in our careers. We'll be fine. 
Posted on 7/12/17 at 5:24 pm to Epic Cajun
Put in whatever your employer matches. Anything else is going to be an individual conversation.
Posted on 7/12/17 at 5:34 pm to finchmeister08
The American average at your age is close to zero.
Posted on 7/12/17 at 7:58 pm to Hawkeye95
10x salary at 60? 25x expenses is what I'd say. And who is saving 1/2 of their money
Posted on 7/12/17 at 9:08 pm to lnomm34
quote:
I don't have 1X my salary yet.
Here's to you never having 1x your salary because your raises far outpace your annual contributions.
Like some one said later, I'm more interested in multiples on my expenses vs income but maybe that is because I expect to reduce expenses as I age (paid off house, no more kids college, etc.) but increase annual income.
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