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26 years old
401K $16,000
Roth 401K Rollover $2,500
Savings $7,000
Brokerage $3,000
HSA $1,500
I feel behind for my age. I'm also looking to be debt free in 1.5 years as well and stay debt free.
08-23-2015, 01:11 PM
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n/a posts
Quote:
Originally Posted by Dsmoothsfa
26 years old
401K $16,000
Roth 401K Rollover $2,500
Savings $7,000
Brokerage $3,000
HSA $1,500
I feel behind for my age. I'm also looking to be debt free in 1.5 years as well and stay debt free.
Looks fine to me.
When comparing yourself to others, remember, most people are liars, both on the internet and in real life. Incomes inflate, account balances inflate, and magically everyone is senior manager or VP. Also, you're likely comparing yourself to people who give a damn about their financial wellbeing so the results are already skewed even before you factor in lying.
The important thing is that you're on track to meet your goals and that those goals are going to facilitate a decent future.
I've always been very curious to see how I compare to others my age in terms of retirement savings. I don't feel great about how much I have saved considering how old I am but curious to compare to others who are willing to share.
I'm 41 and have about $130,000 currently in my 401k, with another $5,000 or so in an IRA.
What's troubling is that I've saved and contributed regularly for most of the last 15 years or so. I'm currently contributing 10% of my salary and getting a 5% match from employer, which comes out to roughly $15k/year. But obviously investments have not performed well in the last, well, decade...
That will give you about 900,000 at 66 if you earn 8%(might be high going forward) in an 401k/IRA. In today's dollars that will give you about 32,000 a year to live on. You will also have SS. So the question is how much in today's dollars do you expect to spend. I think you are in better shape than a lot of people. I would try and max out your 401k at work and then try and get your 10% up to 15%.
Don't worry about what the stock market does day to day. You should be 100% in equities. With the low interest rates bonds will be a loser. You do want to learn about diversification.
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