How much should be in my 401k at 35? Anyone have a good baseline to share?
Put in just as much as your employer will match, or more, then find some other more interesting investments
...if you want to retire broke or not at all
"Because 401k is the only investment plan you can do and you should only do it" says the emails you get every at from [401k broker who stands to profit] Free money is free money, take it but don't think 401k isn't the only way you can retire.
36 here and I'm way behind according to the above spreadsheet(40k in 401k). This year, I've started maxing out my roth 401k and opened a roth IRA with max contributions. With that said though, I'm aggressively catching up my 401k position but also have a healthy savings, own property, about $100k in various stocks, and my wife is also contributing to her roth 401k with the goal to max it over the next few years. I also live in the Midwest so cost of living is really low. I'm very confident that my retirement will be comfortable and I'll be able to gtfo at 60 if I want. TC ~150k
You are probably over the salary limit for Roth IRA so just be careful...look at doing a backdoor Roth contribution if necessary
Yeah, it'll be close. After taxes, I think I'll be alright. I'll only be able to contribute to it for a couple of years max though :(
120k tc but 500k on 401k due to aggressive investment habits since 18
Wow 1M at 40, anyone actually have that much $$ in their 401K at 40? I have 350K at 37.
Yes.
I have 300k at 30, and I started taking retirement savings seriously late.
500k in 401k at 36yrs old. Been maxing my 401k since 30 but been investing at least 12% since I graduated. Maxing your 401k regardless of what your company matches is the first best move of investment.
It also doesn’t hurt that Microsoft matches 50% of our 401k contributions with no limit. It’s a free $9k each year. I also recommend taking advantage of the Mega Backdoor Roth that Microsoft offers. It allows us to contribute another $27k/year in post-tax dollars to a tax-free-growth account after maxing out your 401k.
Wow 50% employer match on 401k that unheard of. Good for you
150k in 401k at 34 years age but started contributing at age of 29.
Same. Went for a PhD and was more so taking out loans than putting money away. Loans are paid off now and I’m aggressively putting money away but feeling a bit behind all the same.
I moved to the US about 4 years ago. Now I'm 40 and I have ~$200k on 401k. I'm pumping $55k there every year to catch up.
How is this possible? 401k accounts have annual limits!?
Mega back door
Anywhere between zero and a zillion. You’ll be fine no matter what. The only difference is how much money you’ll have to spend
True, but if you don’t have enough money to live off of when you retire, you won’t be fine
You should ask this again in 1-2 years in the next market correction.
66% return between age 55 and 60 for high end lmao what the fuck. Max it every year, that’s all you can do.
That’s definitely optimistic, but it’s not ridiculously high. You are eligible for the extra $6k catch up contributions at that time as well so that’s like what 10% annual returns? The S&P 500 has historically returned around that.