How much in 401k account?

Feb 17, 2021 581 Comments

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

9355 PARTICIPANTS SELECT ONLY ONE ANSWER
VOTE VIEW RESULT
Meta Google Airbnb
581

comments

Want to comment? LOG IN or SIGN UP
  1. TOP
  2. RECENT
  3. OLD
 TOP 581 Comments
  • Max it out if you can, especially if you have an employer match.
    Feb 17, 2021 7
    • Barclays PLC / Eng
      mothepro

      Go to company page Barclays PLC Eng

      PRE
      Barclays Investment Bank
       mothepro
      Yeh I was wondering more about the Roth 401(k) backdoor. Wasn’t it you transfer money from the traditional 401(k) after paying taxes on the withdrawal, and then put that money into the Roth to grow tax free?
      Feb 21, 2021
    • INVISTA / Mgmt
      craew

      Go to company page INVISTA Mgmt

      PRE
      Valero Energy Corporation, Johnson & Johnson
       craew
      Even if you max out the match and take the withdrawal penalty, you'd make money:

      Assume 100k income:
      +6% contribution
      +6% match
      -10% penalty
      -25% tax
      = $8,100

      $8,100/$6,000 = 35% return
      Feb 21, 2021
  • eBay
    eBay_user

    Go to company page eBay

    eBay_user
    The answer is obviously “it depends.”

    When you’re in your 20’s you can argue about student loans and buying toys. Wouldn’t worry too much here

    When you’re in your 30’s then you worry about buying a home or family

    When you’re in your 40’s, you should have figured things out but have kids who need braces, loans and bills to pay.

    That said, here are some ideas:

    By the time you hit 50, have $1M or as close to as possible. When you hit 40 (or 42 because it gives you 20 years to think about retirement at 62) have $250--$500k with the goal being the higher as better. When you hit 30, try for $100K

    The idea is to gauge (working backwards) from when you want to retire and then how much you need. If you hit 60 with a 401K worth $1M then you’re ahead of 95% of Americans. But it’s not enough to be truthful. You’ll want $1.5-2M to set yourself up for a 6% rate of return.

    Total assets should be in excess of $2M at that point regardless. Again, you’ll be ahead of 95% of the people out there and capable of retiring early if you so choose.

    Spend the money early but make sure that you save some for later. You’ll never regret taking that trip because memories are what carries us through life, and don’t live a life of regret.
    Feb 21, 2021 0
  • INVISTA / Mgmt
    mr.roblob

    Go to company page INVISTA Mgmt

    PRE
    Valero Energy Corporation, Johnson & Johnson
     mr.roblob
    TC: $98K
    YOE: 2
    Age: 26

    HSA: $8k
    401k: $45k
    Roth IRA: $171k
    Personal Brokerage: $97k
    Feb 21, 2021 8
  • Workday
    workbot

    Go to company page Workday

    workbot
    350k - 10 years
    Feb 17, 2021 11
  • Oracle
    @racle

    Go to company page Oracle

    @racle
    All, remember, life expectancy is around 80 years old. So 20 years more than retirement at 60. If you want $8K per month, for 20 years, you will need $2M. For $5K per month, $1.2M. 10% of us will die before 60. So don’t overthink it. Just live NOW.
    Feb 21, 2021 4
    • Google
      xybL66

      Go to company page Google

      xybL66
      You can take out 4% from your investment year over year to live on and not reduce the bulk sum
      Feb 21, 2021
    • Netflix
      lizbeth

      Go to company page Netflix

      lizbeth
      This is dumb. If you assume that you will live until around 80 and 10% will die before 60 that’s still a lot of life to live so why not enjoy what you can from life while assuming you will live to see old age and saving accordingly. If done well your life should not end without someone significant to which you might want to leave something. Not everyone wants a family or splice but there are other significant relationships that can be considered. It’s not only you white knuckling it through life.
      Feb 21, 2021