Hi I never had a 401k until my current job. Never took it for reasons I don’t know. So want to get a sense what is the general 401k balance ppl have. Also if we can attach the number of years it has been since you have had the 401k account where you are showing the balance that would be great to know. This is more an understanding of how well I need to do and learn from other ppl’s investment career. Thanks. EDIT: TC 360k 9+ years E5
Can ppl add their age of 401k account in comments too. Maybe add total amount if possible and the age of 401k. That gives a sense what’s the avg tenure and the amount it generally has
how about a poll of balance/(age-22)?
Bro you didn't put your TC in your comment. GTFO
Why do u care so much about his TC? He’s just asking a question
350k - 10 years
How?
Is this the age of 401k or your total exp of working
GTFO or GTFO. And maybe TC.
Added my TC and stuff. Now can we have age of 401k and other details. Thanks
3 months, 12k
What’s LinkedIn match like?
50% up to $19.5k
Maximum contributions as early as you possibly can. When you change jobs roll it over into an IRA and keep going. The earlier you start the more it will compound.
Is there a need to roll over to IRA when you leave job? You can still use your old 401k account money for trading right
Yes. You want to roll it over so that you can have more options in a brokerage. You aren’t required to do that but you have way more options in your own brokerage account. I have over 100 stocks in my brokerage IRAs but my 401K is just S&P500 ETF.
500k. 6 years of maxing out pre tax and mega backdoor plus growth.
Mega back door allows max 55k per year. That should get to around 330k. Did you make the remaining on growth in 6 years in index funds ?
Yes. 100% on stocks. None of the bonds or retirement year bullshit.
TC: $120k Recently hit 1 year of experience and 1 year of working at Expedia $30k in 401k, $15k in Roth IRA I never started saving until a year ago and been maxing out everything, including ESPP
Good job in savings. Wondering if you maxed out 401k there
Yup maxed out my 401K
Max it out if you can, especially if you have an employer match.
Even if the employer only matches up to 6% (100% match on first 3% and 50% match on the remaining 3%)? Or is it only worth maxing up to the certain point where the employer is no longer matching?
It's free money. take as much of the match as possible. If you put in $100 and your employer matches, you've made 100% ROI before the market does anything.