I need advice please– how much balance in 401k you have and what's your age?. I am not sure where I stand.
I am 42 and 225K in 401k.
11 replies (most recent on top)
Excellent! You are a role model.
46 yr old and have 950k for retirement so far. I max out my 401k and its clearly not enough. I feel like I will be working forever.
That's a bad move you are leaving money on the table. You are missing out the company matching.
401k is no good, it will tax your pre income money later down the road and who knows what tax bracket you will end up? I don’t contribute to 401k only my another retirement portfolio
You go first chief
Bigger more important question, what is your net worth?
401(k)s are a scam. There are way better investments out there to set yourself up for retirement. And besides JPM screws their own employees and puts them in the worst fees and funds LOL
waaaaaaaaaaaay ahead of me ..... you are way ahead of most people your age group.....
I am 32 and have zero. I consider myself biggest id–t for not starting 401k so far,
Do you have other investment accounts that you can retire off of ? There are many more options besides 401k. Personally, I never liked putting all eggs in one basket
It is tough to compare the absolute amount as everyone's needs are different. If you wanted to "normalize" you can look at this "rule of thumb"
Aim to save at least:
1x your salary by 30
3x by 40
6x by 50
8x by 60
10x by 67
So if you make $60k/yr you are on track. If you make more than that think about how your situation allows you to contribute more.