Enough?
23 replies (most recent on top)
If you're currently living on $2,000 per year, then yeah, youre golden!
Get in tip top shape, polish your Bjay act and attract a partner that will carry you.
I know someone who started at wells at age 54 and by age 59 had 250k in account. Keys to growth
- max it all - if you are 60-63 you can save almost 35k per year (30.5k for those over 50)
- contribute evenly to get full match. You can’t do it in half a year as match is based on your biweekly withholding and not total
- learn to spend much less than you make
@dy so retire at 79?
You'll be living on someone's couch pretty soon.
@OP Nope
Plenty, you'll be fine. Just learn to love Top Raman in the park.
Enough to buy a property in a third world country and get out of the US
if you have $59k today and put it in a total stock market index fund which historically have returned nearly 12% annually, compounded for 20 years would put you at 569k with no other contributions. even conservative returns of 8% would get you to 275k after 20 years.
Poor ba----d,
Start buying lottery tickets. Odds only slightly worse than making it on $50k.
30 years left. Are you kidding me. To the response that mentioned 30 years. At 59 30 years gets you to 89. I am not saving my pennies to think i will enjoy my money after 85. You are on the final approach to landing and what ever money you have is planning for those that will inherit it. You best living is 60’s and 70’s and spending starts to wind down in the 80’s then you are planning for your death home. 20 years is good if you live that long. The actuarial says likely not. I plan to spend my investments if i have to live until 89. Then if i am healthy or not sell#1MM dollar home at that point #2MM pay the taxes and move to the glorious apartment
You need to state your other earnings
$50k seems like plenty. I'd take an early withdrawal from the 401k and invest it in a leased brand new cadillac. Lease it because you want to rent the depreciation, not own it. Buy some gold rims for it too, you can't drive a caddy and have it sitting on bullsh-t. That's how you beat inflation, put your money in tangible assets like cadillacs and rims.
@av+1jyphx3m5 So using welfare, because that isn’t enough in any of the scenarios you described to cover 30 years without work.
This thread is so short but it puts on full display of the lack of critical thinking in the world. This could be a troll but at the same time respondents are defaulting to needing millions to retire.
$50k in a 401k @59, I could retire on that. Maybe @OP is ok with being retired to a tropical location, slamming local baddie meat and living carefree if not luxuriously? Or doing the same in the mountains or desert. Don’t need all the trappings of a bustling Western Metropolis and all the costs that come with it to properly retire.
SEND IT!
It’s enough for a helluva week in Vegas. Rule of 55 says you can net $30k now w/o penalty.
Is this a joke? No, you will keep working until your 70’s.
Sorry to be a downer, but that isn’t enough unless this is a small part of a larger retirement pot that is 25X your yearly spend.
I would find another job and work until, at least full retirement age and likely 70 to maximize social security payout. In the meantime, save and invest everything you can. Good luck!
Time to stake out your spot behind the Wendy's.
Wow, I hope you have other retirement accounts or investments at 59 😬 That's not enough to do much of anything with. Is this just a trolling post?
Enough for what? A cushion, yes. retire, no. Please dont touch that 401k unless you absolutely must.
Good luck! ❤