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re: How old are you, and how much is in your 401K?
Posted on 2/10/20 at 4:37 pm to TorchtheFlyingTiger
Posted on 2/10/20 at 4:37 pm to TorchtheFlyingTiger
We are 35 & 34. She is a physician so she got a late start.
Her 403b $22,135
My 401k $234,270
My IRA $15,105
Her IRA $9,773
TRSL Pension (current contributions,valued @ $50k/year) $9,582
Her 457 $41,336
Our VMMMX (e-fund) $32,041
Her 403b $22,135
My 401k $234,270
My IRA $15,105
Her IRA $9,773
TRSL Pension (current contributions,valued @ $50k/year) $9,582
Her 457 $41,336
Our VMMMX (e-fund) $32,041
0
Posted on 2/10/20 at 4:39 pm to Penrod
Yes I think we can up to $7000 in Roth. I maxed out my 401k contribution at $25,000. Put another $17,000 in after tax account and another $39,000 in savings.
Posted on 2/10/20 at 4:40 pm to Penrod
401k= $0
409k= eleventy billion
409k= eleventy billion
Posted on 2/10/20 at 4:40 pm to Gorilla Ball
quote:
That would be awesome to triple your money in 5 years
$620k was just 401k like OP asked. I should hit $2m soon in all accounts. I should caveat don't have any home equity.
This post was edited on 2/10/20 at 4:46 pm
Posted on 2/10/20 at 4:41 pm to Penrod
But you never pay taxes on that money
Posted on 2/10/20 at 4:42 pm to Penrod
quote:
I'm finding the lack of Required Minimum Distribution to be a bigger and bigger selling point for Roth vs. standard.
Yeah, but don’t you fund the Roth with after tax dollars? That part sucks.
Yeah, but if you live cheap, you can be funding the Roth even if you're still at a pretty low tax rate. RMDs on a substantial standard IRA or 401 can push you up a tax bracket, on money you don't need to live on but are required to take.
I'm looking at figuring out the maximum income for my bracket (after retirement), figuring out what I need to live comfortably on, and doing partial Roth conversions every year for the difference, to try to put off the RMD tax hike as long as possible.
That's a lot of hassle, when I should have just been pumping money into the Roth and ignoring the standard IRA for a lot longer than I have been.
This post was edited on 2/10/20 at 4:45 pm
Posted on 2/10/20 at 4:48 pm to BabyTac
40. 350K in my 401
Posted on 2/10/20 at 4:50 pm to BabyTac
too old and not enough
Posted on 2/10/20 at 4:59 pm to BabyTac
Any tips for us baws who don’t have a 401k/company match?
I max my Roth every year, any other investing is done via brokerage accounts. I’ve thought about an HSA, but I don’t have health insurance so...
I max my Roth every year, any other investing is done via brokerage accounts. I’ve thought about an HSA, but I don’t have health insurance so...
Posted on 2/10/20 at 5:05 pm to Boring
I think a 403b - the money board guys could provide some great information
Posted on 2/10/20 at 5:12 pm to slackster
<-------Ahead of this chart (get your primary residence paid for folks!)
quote:
Posted on 2/10/20 at 5:58 pm to Boring
quote:
Kinda think that chart is bullshite.
It's pretty straight forward, but not perfect. Read the assumptions - it's based on your lifestyle. In your example with the massive raise at 30, you can use two numbers. If you want to replace your, $60k/yr lifestyle, you need ~$56k saved. If you want to replace that $100k/yr lifestyle, you need $120k saved.
With a little common sense it's useful.
Posted on 2/10/20 at 5:59 pm to soccerfüt
quote:
Ahead of this chart (get your primary residence paid for folks!)
Why do that when you're paying sub 4% on most mortgages?
Posted on 2/10/20 at 5:59 pm to slackster
That chart tells me I'm behind 
Posted on 2/10/20 at 6:01 pm to BabyTac
Started putting into a 401k at 24. Now at 46 I’m up to 1.1 million but I won’t be able to retire early since my wife spit out twins 2 years ago. My kids are going to get a hella nice bonus when I kick off.
Posted on 2/10/20 at 6:02 pm to fallguy_1978
quote:
That chart tells me I'm behind
Read the assumptions. Are you saving only 10% gross and retiring at 65? If you're saving more and/or retiring later, being behind isn't a big deal.
Posted on 2/10/20 at 6:04 pm to slackster
It's not terrible but I definitely don't have close to 500k right now. Luckily I'm not going to live to be 95 which is also part of the assumption 
Posted on 2/10/20 at 6:11 pm to BabyTac
59. 600K.
Posted on 2/10/20 at 6:12 pm to BabyTac
weigh moar than ewe
Posted on 2/10/20 at 6:35 pm to canyon
41.
$550k plus another $75k in an old Roth, $50k in an old ESPP and $16k in a new account I opened last year.
I feel like I’ve done Ok but not awesome. Should have done another 1-2% of my pay in my 20’s.
I do max out my 401k and started doing another $1k a month in another investment account last year. Gotta make some serious hay this next decade.
Then again I like nice vacations and food and good bourbon. Gotta live a little too
$550k plus another $75k in an old Roth, $50k in an old ESPP and $16k in a new account I opened last year.
I feel like I’ve done Ok but not awesome. Should have done another 1-2% of my pay in my 20’s.
I do max out my 401k and started doing another $1k a month in another investment account last year. Gotta make some serious hay this next decade.
Then again I like nice vacations and food and good bourbon. Gotta live a little too
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