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Started By
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re: How old are you, and how much is in your 401K?
Posted on 2/10/20 at 1:42 pm to BabyTac
Posted on 2/10/20 at 1:42 pm to BabyTac
51 - $2.3 Mil
Wife and I are semi-retired and both work part-time. We actually have too much in 401Ks based on how little we spend (we are simple people and eat ham sandwiches after winning national championships).
So now we are using some savings to offset our lack of income, but it will be down to zero before we reach 59.5, so we will start taking from the 401k using the Section 72(t) distribution.
Wife and I are semi-retired and both work part-time. We actually have too much in 401Ks based on how little we spend (we are simple people and eat ham sandwiches after winning national championships).
So now we are using some savings to offset our lack of income, but it will be down to zero before we reach 59.5, so we will start taking from the 401k using the Section 72(t) distribution.
3
Posted on 2/10/20 at 1:44 pm to auzach91
quote:
28 and not nearly enough. But just started contributing 3 1/2 years ago
One good way to catch up is to increase your contribution 1% per year. It's good to do after your annual raise (if you get one) so you don't even notice it missing. At least until you max out the match.
Posted on 2/10/20 at 1:44 pm to Will Cover
quote:
Just 401(k)?
You guys aren't doing a Roth IRA?
nobody on the OT is so poor that they have a Roth
Posted on 2/10/20 at 1:44 pm to auzach91
I want to set up a Roth. Where should I go to do that? My company uses Fidelity for the 401K and 403B.
Posted on 2/10/20 at 1:44 pm to xxTIMMYxx
quote:
I want to set up a Roth. Where should I go to do that?
Vanguard
Posted on 2/10/20 at 1:44 pm to jamiegla1
quote:
nobody on the OT is so poor that they have a Roth
I have a Roth. I don't put enough in it though.
Posted on 2/10/20 at 1:46 pm to Salmon
quote:
Vanguard
Seems that I have seen this before. I need a good financial guy.
Posted on 2/10/20 at 1:48 pm to DownshiftAndFloorIt
quote:
He said when he was my age, nobody had shite saved
Right in line with what I've seen. Most of the Baby Boomers I know (actual baby boomers, not the stupid OK BOOMER meme types) were and are YOLO spenders. Sad to see people in their 50s and 60s still having to work because they live(d) on credit and can't retire.
If you're GenX or a Millennial, for the love of god learn from the mistakes of the Baby Boomers. You don't have to behave like the depression era generation and bathe once a week and shove all your money in your mattress, but you have the world's largest library at your fingertips. Learn something ANYTHING about saving/investing. You can do all of it from the comfort of your couch - setting up an IRA, paying off debt, day/swing trading with an app like Robinhood etc.
This post was edited on 2/10/20 at 1:49 pm
Posted on 2/10/20 at 1:50 pm to BabyTac
40 years old never had a 401k.
Posted on 2/10/20 at 1:53 pm to auzach91
43/400k
Posted on 2/10/20 at 1:54 pm to Boring
quote:
Sad to see people in their 50s and 60s still having to work because they live(d) on credit and can't retire.
I know the pendulum will swing, but it's made my generation very employer-mobile. The only way to get an appreciable raise/promotion is to switch companies because of the 60/70 year old men hanging on to management roles.
Once pensions came off the table it stopped making sense to be loyal
Posted on 2/10/20 at 1:54 pm to BabyTac
38 and eleventy million
Posted on 2/10/20 at 1:55 pm to BabyTac
31 $3.50 million.
Posted on 2/10/20 at 1:55 pm to DownshiftAndFloorIt
quote:
The only way to get an appreciable raise/promotion is to switch companies because of the 60/70 year old men hanging on to management roles.
You'll be in same boat one day. Probably just for the health insurance.
Posted on 2/10/20 at 1:56 pm to PSU2LSU
quote:
43/400k
You are doing better than me. I'm 42 and definitely don't have 400k.
Posted on 2/10/20 at 1:56 pm to BabyTac
37 and about $45k, mostly in my Roth. 9 years of infertility really put a big hit on my "plans." But should have all the doctors paid for before my son hits 2 and will be in a great position to max contributions for a few years, at least until private school tuition starts. Nowhere near where I thought I'd be 10 years ago, and may have to work in to my 60s, but I regret nothing, it's been worth every penny spent.
Posted on 2/10/20 at 1:57 pm to BabyTac
I hope to retire in 3-4 years. I think I need Trump to do it. 
Posted on 2/10/20 at 1:57 pm to Fat and Happy
32yo
146K in 401K
14K in Roth -started late
146K in 401K
14K in Roth -started late
Posted on 2/10/20 at 1:59 pm to BabyTac
Not enough. My wife and I are both doctors so neither of us were able to really contribute to retirement until after 30.
Luckily it's adding up quick now, but I hate seeing where I "should" be at my age.
Luckily it's adding up quick now, but I hate seeing where I "should" be at my age.
Posted on 2/10/20 at 2:00 pm to fallguy_1978
Hopefully the wife sticks out teaching long enough
I understand it. Those older guys really got fricked hard. Pensions went to shite right when they were getting ready for them, insurance went to shite, and they had low savings. It makes me unable to trust a 401k as a safe plan for retirement.
I understand it. Those older guys really got fricked hard. Pensions went to shite right when they were getting ready for them, insurance went to shite, and they had low savings. It makes me unable to trust a 401k as a safe plan for retirement.
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