Ok, the MT gods can correct the math if necessary:

lets say this month is november for simplicity's sake.

2017-2011= 6 years

401k max contributions= $18k per fiscal year PLUS employer contributions

Employer contributions= .07% (on Max is $1260/yr)

18,000+1260=19,260

19,260*6=115,560

quote:
Where should my 401k be at my age?

So about $115,560 PLUS earnings

*Footnote: always try to contribute as much as you can till max

1 ...

Report Post

Posted by LSUTOM07

Baton Rouge

Member since Dec 2011

765 posts

Posted on 7/13/17 at 12:05 am 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)

Just because you wont be successful in reaching this goal, doesn't mean it's ridiculous. This is coming from someone who went to grad school and paid out of pocket.

1 ...

Report Post

Posted by jimbeam

University of LSU

Member since Oct 2011

75703 posts

Posted on 7/13/17 at 9:34 am to 3en

They match salary percentage not 401k match percentage

I.e. If you make 100k, they'll match up to 4000 at 4% match

0 ...

Report Post

Posted by Epic Cajun

Lafayette, LA

Member since Feb 2013

32774 posts

Posted on 7/13/17 at 4:02 pm to LSUTOM07

quote:

Just because you wont be successful in reaching this goal, doesn't mean it's ridiculous. This is coming from someone who went to grad school and paid out of pocket.

Well, if you must know, I went to grad school and my wife went to professional school (4 years), both paid out of pocket.

If I made a shite salary, then it would be more manageable to achieve 1x my salary by 30.

0 ...

Report Post

Posted by The Easter Bunny

Minnesota

Member since Jan 2005

45570 posts

Posted on 7/13/17 at 4:02 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 went to grad school and didn't start my career job until 29. Also no where close to 1x my salary at 30

1 ...

Report Post

Posted by VermilionTiger

Member since Dec 2012

37613 posts

Posted on 7/13/17 at 4:03 pm to The Easter Bunny

quote:
I went to grad school and didn't start my career job until 29. Also no where close to 1x my salary at 30

I am going to be close to my salary at 30 if I continue at the pace I'm on. I didn't start until 26, though.

I don't think it's a great tool or measure to go by

Page 1 2