How much should be in my 401K by age 40? Anyone has a baseline to share? Any suggestions are welcome.
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I’m 45 w/ $317k in 401k and 100k+ in Roth IRA
Just left at age 57. Had 225,000 but hadn't contributed in many years. In the beginning it was profit sharing, then they rolled out 401K. It was in the 90's, don't recall what year. Do what you can cause the match is free money.
Age 59 with $510k in my 401k.
I'm 50 and I only have 148,000..24 years with company
Been with the company over 20 years haven’t contributed but maybe the last 15 and only 2-3% at that most years. I think profit sharing got rolled into it at some point. I’m mid 40s, single, and like around the $170k range.
Yes I do realize I will need much more to retire. Point is not everybody’s situation is the same. Your parents may have some property or money, they may not. Medicare at least will be there, hopefully. You might own a house or not. You might have kids or not.
If you’re young and can do it, invest something. Even if it’s 2%. Start earlier than me.
Stock program if you can afford it isn’t a bad little savings account either. More likely than not after the company contributions and fees it will pay better than a savings account. Unless you think Walmart is going to go under soon, it won’t.
As long as President Trump stays in office everyone’s 401k will continue to grow. I’m almost 50 years old and have over 300k not counting IRA. Save as much as you can afford.
I am 65 yrs old and have 650K. I am single. You will need a lot to retire and afford insurance, healthcare, home and car upkeep, etc. Put as much as you can away and try to use the stock market. If your salary is not very big, think about getting an xtra job or training for a better position
I am 49 have 96k
I am 53 and have 120
55 to 64 yo -- 401K and Median Income range
Household Income Less than $39,000 - saved $13,000
Household Income 39,000-60,999 - saved 53,000
Household Income 61,000-90,999 - saved 100,000
Household Income 91,000-137,999 - saved 132,000
Household Income 138,000 or more - saved 452,000
Here is a median value for 55 to 64 year olds...
Assuming your household has income 60k to 100k, your median is at about $100k at 55 to 64 years old (this is right before retirement)
I'd say, you should be somewhere around 50K (I am almost your age and I do not have even close to that)
http://crr.bc.edu/wp-content/uploads/2015/10/Table-17.pdf
You need to find median values for your age group...
Do not look at averages as people at the top of the range will mess numbers up... Look at median as i represents a point at which 50% people are above and 50% are below.
Average will take a billionaire and average it with tons of people with no money so everyone gets something, ignore averages.
I am 31 and I have about 20K.