For those retiring , what is your 401K looking like ?
34 replies (most recent on top)
Only 45 been at Verizon 14 years currently make about 105k to 115k a year I have just shy 800k and hopefully it will keep doubling every 7 years. I max out my 401k and also contribute to an Ira that's at around 150k. I'm trying to get to $3 million so I can retire
@2pyr+1qW3xEOF Well actually you can pull from your 401k penalty free at 55 as long as you don't go to work for another company & join their 401k plan. I left VZ at 55, but didn't really pull much from the 401k between 55 & 59 1/2, but what I did take out was coded with an early withdraw penalty free "2" in box-7 on the 1099R... instead of code "1" that is early withdraw with penalty, or the code "7" that you get when you are finally legal 59 1/2.
Early 50s 18 years vz with 1.2M but still working for another company (rebadge). Didn’t have the luxury of much of anything from the pension but just trying to shorten the game. The insurance costs are the real ki-ler.
Looks like a Telefunken U47
1% solution
Make sure you are getting the match
Then, bump it up 1% on your end each quarter of the year...
Easy street
Taught this to others, we're all doing well. Some took 2%+ per quarter to juice up the savings.
Spread it out - the funds are stinky but still to the plus side most of the time
I retired at 59 with 1.4M in my 401k and a lump sum pension of 800k. Considering I still have to cover medical for spouse and I until age 65, I worry that it's still not enough, even though supposedly in the top 3.2% of savers. Haven't had to touch it yet, so that's probably good. It's true the choices in the Vz Fidelity accounts stink. I rolled mine out to another brokerage when I left.
Lol!!! Agree with last comment, I can see 1m but 5+ the math doesn't even work especially with just matching and especially the lowsy choices ( though it has gotten better over the years)
If you have more than $1 million saved in retirement accounts, you are in the top 3% of retirees. According to EBRI estimates based on the latest Federal Reserve Survey of Consumer Finances, 3.2% of retirees have over $1 million in their retirement accounts, while just 0.1% have $5 million or more
Those that said they have $4MM or $6MM and are still working at Vz are simply and clearly FOS. Don’t be so gullible. Trolls.
When you go into the fidelity site to see your 401k you can use their planning(?) tool for retirement. Just fill out a bunch of numbers (guesses) and they’ll calculate if you can potentially survive based on the numbers you input. Just gotta make sure you account for all the costs for the rest of your life correctly and all.
The criminals and cowards that run Verizon stole the pensions of management.
Still working because I'm not 59 which is the age at which you can start pulling from your 401k penalty free. Still working because I still need health insurance. Still working because I've not hit the point yet where a 4% annual withdrawal will meet at least 80% of my current salary, allowing me to roughly maintain my current lifestyle.
Keys to building your 401k:
Start early
Contribute at least the minimum amount to maximize company match.
Contribute every paycheck
Leave it in for the long haul
@2qcr+1qW3xEOF no pension here either, but thankfully I saw the value of free money with the company match, as well as what VZ gives employees to go back to school and get my Masters. These are no brainers and got me over $1m in 401k with a free education to boot
@1eki+1qW3xEOF
Why am I still working? I’m on the lower end for a 401k balance (no pension) apparently but mostly medical insurance is $$$$$ and I’m over a decade from Social security and medicare.
Everything having gotten so much more expensive doesn’t help either.
@1eki+1qW3xEOF do you understand how a 401k works? How about health insurance?
I retired after 17 years with over 800k that was transferred to my IRA, I had another 200K from previous employers, so 1 million in total.
If y’all have so much money then why are you still working? I call BS.
- 3 million in Vz 401k plus 1+ million in other investments
20 million after cutting 20% off the work force
Love
Hv
$1.6M with 27 years in. 12% contribution rate. In the S&P 500 equivalent. Tried timing the market once and got burned. Now I just leave it in. Not planning on retiring for at least 3 years, maybe longer if I can survive the VZ Squid Game, but it is nice to have options.
As an old timer still here after 30 some years, I would recommend maxing out all you can including your own Roth IRAs. A bit of a hit on the lifestyle but gives you options when you're 50-something and want to do something different....
I'm also at about 24 yrs and about $1.1m. I contribute at 9% so as to max out matching, plus a little extra, and I'm over 50 so I max out my catch up. For a while I was in the time funds like the 2035 fund, but then I switched to an aggressive stock mix -- and got lucky because the market's stayed hot for the last 14 years.
@1qru+1qW3xEOF
Everyone has different salaries, picks different funds, and can makes better/worse/luckier decisions.
I know some who retired before me that would always switch to bonds after the markets went most of the way down and went back to stocks only after it went back to the same level or higher. Unfortunately my relatives working at other companies were among them and could never be convinced to stay in the market unless it was already growing.
@1vuh+1qW3xEOF
Depending in your birth month it could be almost a year before you turn 50 making catchup contributions.
It is same rules as your triathlon age which is your age at the end of the year. So turn 50’in october you can start catchup first thing that year in january. I actually maxxed mine out so I’d be done by end of february.
@EOF salaries are different and so could the allocations within the fund types to generate different returns. I am a band 6 after 25 years and have $1.1m contributing the minimum to get full match. I am fortunate for my position but I worked pretty hard here for it, although i didn't ki-l myself all the time.
- 1 million 24 years
Hmmm, I question some of these numbers, one says 500k after 25 years and another 2.6 after 25 years. If one put minimum and the other maxed out. The math doesn't add up. If true, congrats all around.
- 6 Million after 29 years. Retired 2019 . All Verizon Wireless, Maxed out for about 20 years and did catch up max also. Have not touched it still in Verizon 401k managed by Fidelity
Contributing just the max to get match, pretax, after about 25 years I just topped $1M. Spread across small, med, large index funds. I never touch the fund allocation.
@1gvl+1qW3xEOF what would good choices look like? Asking for a friend.
Remember that if you're 50+ you can contribute extra under the Catch-up rule if you're able.
For 2024, Fidelity website says "If you're age 50 or older, you're eligible for an additional $7,500 in catch-up contributions"
Not anywhere near retirement but 300k after 11. Used US Large Cap the whole time.
- 4
I didn’t put much in for the first few but have been maxing out contributions for the last 20 or so as a band 7. Would have been better if we didn’t have such poor choices in the early days though they aren’t much better now.
$470,000
Only 500k after 25 years