Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
How many folks have regardless of age if you add you and your spouses 401K together in excess of one million in 401Ks.
Even better anyone on their own have a one million in their own 401ks.
Finally anyone have a single 401k in excess of one million.
Seems one million is magic number as that is min to retire
401k is not the only savings/investment vehicle. Given IRS annual limits, it would be difficult (but not impossible) for most people to a accrue $1M in their 401k.
You'd only need 1 million if you had nothing else other than your 401K.
1 million would be 50,000 a year assuming you retired at age 65 and die at age 85.
I live pretty decently.I have vague budget goals, but don't account for every dollar. I bought a small house but put in high end finishings, I buy new cars every 5 years. I eat out when I want and don't really budget much at the grocery store. I don't go crazy but I splurge when I feel like it. My outgoing spending is less than $30K a year.
So if you're spending $50K a year out every year you're living relatively nice in retirement.
How many folks have regardless of age if you add you and your spouses 401K together in excess of one million in 401Ks.
Even better anyone on their own have a one million in their own 401ks.
Finally anyone have a single 401k in excess of one million.
Seems one million is magic number as that is min to retire
1 million in 1 401k would be pretty impressive. It would mean 1 of 2 things. A very long career with one company or rolling an old 401k into your new companies (which would be odd when a traditional IRA likely has cheaper offerings).
I have $1.2 million in my 401K. I have maxed out since the early 80's with a dollar for dollar match on the first 6%. Started with 6% and every raise I got I split it between me and the 401K. I am now putting in 25% of my income (Pre tax and after tax) plus the 6% match. College grad, MBA and 33 years with the same Fortune 200 company. Worked hard and smart. Will be 61 next week with a net worth of $3 million. Work is on "cruise control" may go at 62 or milk it till 65. My call and I love it.
I have $1.2 million in my 401K. I have maxed out since the early 80's with a dollar for dollar match on the first 6%. Started with 6% and every raise I got I split it between me and the 401K. I am now putting in 25% of my income (Pre tax and after tax) plus the 6% match. College grad, MBA and 33 years with the same Fortune 200 company. Worked hard and smart. Will be 61 next week with a net worth of $3 million. Work is on "cruise control" may go at 62 or milk it till 65. My call and I love it.
If my calculations are right, you're making just shy of 100k salary....right?
How can you be with a fortune 200 company for 33 years, have an MBA, and still only be at 100k?
I have $1.2 million in my 401K. I have maxed out since the early 80's with a dollar for dollar match on the first 6%. Started with 6% and every raise I got I split it between me and the 401K. I am now putting in 25% of my income (Pre tax and after tax) plus the 6% match. College grad, MBA and 33 years with the same Fortune 200 company. Worked hard and smart. Will be 61 next week with a net worth of $3 million. Work is on "cruise control" may go at 62 or milk it till 65. My call and I love it.
If my calculations are right, you're making just shy of 100k salary....right?
How can you be with a fortune 200 company for 33 years, have an MBA, and still only be at 100k?
$100K at a F200 company should put you at the "manager" level...I can believe someone staying at that level...say you entered as an associate and took your time to manager and just decided to hang around there but take laterals every 5 years.
But that's harder to do these days. In general up or out, or you end up reporting to some person 15 years younger than you.
$100K at a F200 company should put you at the "manager" level...I can believe someone staying at that level...say you entered as an associate and took your time to manager and just decided to hang around there but take laterals every 5 years.
But that's harder to do these days. In general up or out, or you end up reporting to some person 15 years younger than you.
I was making 120k five years after graduating college.....and my company is NOT a fortune 200 company. making 100k after 33 years WITH an MBA seems a bit fishy or at the very least very underpaid.
My young relative graduated and into an 80k position right away.
disclaimer: we are in the northern VA area where the job market is pretty good, and engineering degrees get you far.
I was making 120k five years after graduating college.....and my company is NOT a fortune 200 company. making 100k after 33 years WITH an MBA seems a bit fishy or at the very least very underpaid.
My young relative graduated and into an 80k position right away.
disclaimer: we are in the northern VA area where the job market is pretty good, and engineering degrees get you far.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
