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Started By
Message
re: 401K millionaire check-in
Posted on 8/9/26 at 7:43 pm to ClientNumber9
Posted on 8/9/26 at 7:43 pm to ClientNumber9
quote:
401K
How much in the brokerage account?
1
Posted on 8/9/26 at 7:44 pm to FLObserver
quote:
Found the key to great investing and early retirement.
Might be getting married. She has a pretty good head on her shoulders. She isn’t looking to keep up with the Jones or be some instagram influencer…. She could still take me to the cleaners in divorce though
Posted on 8/9/26 at 7:46 pm to ClientNumber9
quote:
closing bell Friday
I have bad news for you about mondays open
Posted on 8/9/26 at 8:02 pm to deeprig9
quote:
You have to be at least 55 for any of those penalty exemptions to kick in.
Nope! You just have to leave employer in the calendar year you turn 55. So, 54 could work.
Posted on 8/9/26 at 8:14 pm to ClientNumber9
Hope to be there by year end. Age 62 and will work until 65 only bc that's when my wife can retire + her employer will fully fund my supplemental insurance.
This post was edited on 8/9/26 at 8:15 pm
Posted on 8/9/26 at 8:30 pm to jbgleason
quote:
public servants
He's a leech, not a servant.
Posted on 8/9/26 at 8:36 pm to ClientNumber9
I started with my company 28 years ago. A coworker whom I have become very good friends with started the same year. He is 59 and a few years older than me. Couple months ago he called me to let me know he was retiring. I asked him how the hell was he able to do that. Told me he has 1.5 mil in his 401K. I am 53 and mine is pretty healthy but no where near 1.5 mil. I asked him he was able to grow it so much. He has invested 100% in our company stock the whole time.
Not me. I listened to the experts who said to diversify and not put all eggs in one basket. Makes me sick knowing that making that one decision differently and I have 1.5 mil right now.
Not me. I listened to the experts who said to diversify and not put all eggs in one basket. Makes me sick knowing that making that one decision differently and I have 1.5 mil right now.
Posted on 8/9/26 at 8:51 pm to ClientNumber9
Congrats. $1M in a 401k will pay you $40-50k annually. Not a ton because that is pre-tax but gives you something.
Posted on 8/9/26 at 8:53 pm to ClientNumber9
quote:
$1M, even with my pension and Social Security isn't as good as I thought it would be even 10 years ago. I think to really be comfortable $2M is a better target. I guess I'll keep grinding for another 2-3 years, especially since I'm still in my 40s.
40s here. In my 401k I hit $1M at 20 yrs, and now just 3 yrs later today I’m just under $2M.
I always heard, but didn’t realize it until later and looking back at how powerful compound interest is!
Of course there are variables in investments and the market, etc. but I’ve never done anything crazy with individual stocks until recently.
Keep plugging away and you’ll get there!
Posted on 8/9/26 at 9:24 pm to coopsdad
quote:
$940k as of today. Should hit by end of year. Still got about another 16 years of working. Hoping to get close to $3m
You probably will hit that 3m goal without contributing another dime. Might be time to reduce your contributions and dump it into a brokerage account.
Posted on 8/9/26 at 9:25 pm to ClientNumber9
Just don’t have a stroke. Or cancer. Or anything else. Would ruin all that fun you’ll have with the two million. Although now that I think about it, I’m pretty sure that if you have a high enough net worth, you are entirely insulated from suffering.
Posted on 8/9/26 at 9:30 pm to Lsupimp
quote:
Just don’t have a stroke. Or cancer. Or anything else. Would ruin all that fun you’ll have with the two million
That is for damn sure. A serious health crisis can derail a lifetime of plans in the blink of an eye.
Posted on 8/9/26 at 9:33 pm to ClientNumber9
quote:
$1M, even with my pension and Social Security isn't as good as I thought it would be even 10 years ago.
Calculate your retirement annual cash flow needs. Not all years will be the same. I categorize into go-go, slow-go, and no-go years. They are very different.
I think many people just aim for a big number without a detailed understanding of their cash flow needs. And many don’t need as much as they think. Not implying bare bones retirement. Might be quite the opposite. Recommend same analysis no matter the retirement lifestyle. Many, of all sizes, don’t need what they think they need.
And you may should quit investing for retirement at some point. Not adding significantly to lifestyle and may be triggering tax bomb.
Posted on 8/9/26 at 9:38 pm to BowDownToLSU
quote:
I’m 59 and didn’t start 401k to late in life. My son is an engineer early 30’s and I think he will he hit by 40 ish. Proud of him
Ditto, down to the engineer son. Although I’m 64 in a week. I was fortunate, though. I started late, but as a business owner I had the opportunity to put a lot of money in my 401k because we made extra bonus payments into our employees’ 401Ks. So mine shot up. Also, my wife worked for our company part time, and since we didn’t need her salary, she maxed out her 401k contributions.
My son’s wife is a stay-at-home wife and mother. I don’t see how they save so much, but he is always maxing out his 401K.
Posted on 8/9/26 at 9:45 pm to deeprig9
quote:
Consider maxing out a Roth in lieu of more 401k contributions so you can retire earlier off of those principle contributions penalty and tax free until you become eligible to draw on your 401k
Almost terrible advice.
Why pay taxes at arguably the highest tax rate now before it goes into a Roth, only to withdraw from that "tax free"?
If you are only withdrawing minimal funds from a 401k, while earning no income, and no SS yet, you'll pay much less taxes in the end on money put away now.
Posted on 8/9/26 at 9:47 pm to Everyday Is Saturday
My question (and some of my skepticism) is this: Why don’t more financial advisors and articles focus on how a person can invest and possibly make money now so that be used now instead of decades later when that person is elderly and probably has much less time to enjoy life?
It is almost like what the industry wants is for you to put your money into its system and keep it there as long as possible to benefit the industry.
I’m not saying don’t invest for retirement.
But consider this: Would Warren Buffet choose a)to double his money or b) give up his money and be 25 years old again?
Just things that I ponder.
It is almost like what the industry wants is for you to put your money into its system and keep it there as long as possible to benefit the industry.
I’m not saying don’t invest for retirement.
But consider this: Would Warren Buffet choose a)to double his money or b) give up his money and be 25 years old again?
Just things that I ponder.
Posted on 8/9/26 at 9:50 pm to weagle1999
quote:
Why don’t more financial advisors and articles focus on how a person can invest and possibly make money now so that be used now instead of decades later when that person is elderly and probably has much less time to enjoy life?
Because the way most people make money is just owning assets for decades. Very few will get rich quickly.
This post was edited on 8/9/26 at 9:52 pm
Posted on 8/9/26 at 9:53 pm to ClientNumber9
401k is not the same as a regular millionaire. You can’t use it to you are of a certain age lol.
Posted on 8/9/26 at 9:57 pm to ClientNumber9
quote:
$2M is a better target. I guess I'll keep grinding for another 2-3 years,
So you’re going to make another million in only 2-3 years? I think not.
Posted on 8/9/26 at 9:58 pm to Everyday Is Saturday
I just ran the numbers and will be in a good spot between the wife and I in 15 years when I turn 60 if we keep contributing the same.
With 9% returns I should be at 5.8 mil in retirement accounts, $615,000 Roth, and whatever my wife saves in her HYS(she maxes every year).
The wildcard is my brokerage accounts and where we put the money I have in PE once there is an exit. I should have an exit at 48 so that gives me 12 years to let that money grow in the market.
With 9% returns I should be at 5.8 mil in retirement accounts, $615,000 Roth, and whatever my wife saves in her HYS(she maxes every year).
The wildcard is my brokerage accounts and where we put the money I have in PE once there is an exit. I should have an exit at 48 so that gives me 12 years to let that money grow in the market.
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