How long did it take before your 401k + IRA hit the 1 million mark?
My 401k account is 4 years old and it just hit $200k.
That sounds reasonable. I think the question could be better answered if you say 401k and IRA (as folks convert to IRA after changing jobs).
I just updated it to include IRA as well.
17 years, about $500k...
120K 15 years ;((
4 years, ~$20k/year, you should be around $80-$120k. So you are actually doing very well.
14 years, 550k
Roth, ~5 years (luck on msft)
Net family (me, wife) retirement funds (401k, IRAs): ~$1M, Total years: 12 (I worked all 12 yrs, wife worked around 5 yrs). Other cash savings: ~500k, House (minus what we owe): ~350k, Personal investments: ~250k, 529 plan: 70k (over 7 years of investment), Other (land, real estate, not easily liquidable): $350k
15years, 320K maxed out but had crappy funds, always underperformed
Still good. You had at least one downturn.
What funds are good in a 401k plan? Target retirement age based fund? 500 Index? Something else?
Trick is to bring variations and keep an eye on...
I am going to hit $1M in 7 to 10 years with steady state of economy
Is it a projection? 20k per year for 10 years is 200k. You 800k from company match plus growth? What is the rate of return?
I assumed he/she has some money there already... Say $500k balance today at 7% should get him/her to $1M in 10 years.