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Old 12-29-2012, 09:27 AM
 
5,507 posts, read 5,122,184 times
Reputation: 2211
Quote:
Originally Posted by SteelCityRising View Post
I just turned 26 and have around $1,500 in my 401k. I contribute to a pretty conservative mixture of funds with this plan. I've been working for this employer less than a year and have been contributing 4% of my pay, which is the maximum my employer matches. I also only earn a salary of $25,000. I anticipate moving upwards rather quickly, and I'll definitely contribute more (and with more diversification) in the coming years as my debt erodes. My plan is to be long-term-debt-free by 35 because I'm going to buy an inexpensive smaller home in the heart of the city and always drive used vehicles that I won't need to drive much anyways. When that happens I'm going to be socking a LOT away for retirement.

With that being said does anyone know what the minimum amount is you can draw a loan from for your 401k for a residential purchase? I'm currently unable to borrow against my balance. Does this vary by employer?
Loans from your 401k are not a good idea and yes it is up to your employer.
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Old 12-29-2012, 09:28 AM
 
27,204 posts, read 22,654,172 times
Reputation: 14233
My take is if you have to borrow from one front to support another front you will win the battle but lose the war.

If you can not get the house without drainng whats for your retirement my opinion is you can not afford to buy a house yet.
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Old 12-29-2012, 06:04 PM
 
Location: New York City
3,324 posts, read 2,337,470 times
Reputation: 2450
I'm 31 and have just now gotten on with a company for the first time a few months ago that even offers a 401k. (3% of gross salary guaranteed, 50% match after 1 year, 100% vested after 5...).

Previous major employer of mine I worked for nearly 5 years for in my 20's only offered occasional contributions to an IRA account. I think at one point I had $5-6k in it that comprised mostly of my own after-tax contributions. It never gained a damn thing and even lost on occasion. Kind of a joke I figured out. I eventually liquidated it and paid off debt. (Isn't the max annual contribution to an IRA only like $5500 anyway?)

I guess theoretically I could start maxing my 401k and have $175k in 10 years, assuming no market gains or losses. Even on a modest income that would still leave plenty to live on in my case.
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Old 12-29-2012, 06:14 PM
 
Location: Upper East, NY
1,144 posts, read 1,172,588 times
Reputation: 519
You can max the 401k for the next few years provided that you cannot reasonably foresee that you would need that $17,000+ for something one-time like a car or wedding. You can even put it in and borrow against it later for a house down payment.
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Old 12-29-2012, 06:48 PM
 
Location: Nashua, NH
810 posts, read 698,223 times
Reputation: 501
I'm 35.

Rollover IRA has $16K.
Current 401K has $190K...been with company for almost 8 years.
Finally started a traditional IRA this year which only has $3000 in it. Will add the other $2K this week.
No student loans.
No credit card debt.
No car payments.
Primary mortgage is about $200K now with 12 years left to pay.
Just bought a beach house. Owe $160K...worth in the low 300s.

About to inherit $55K. What should I do with it? May start my own thread on this....
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Old 12-30-2012, 12:34 AM
 
Location: SF Bay Area
801 posts, read 1,264,128 times
Reputation: 240
About $360K in my 401k and another $110K or so in a Roth IRA. I'm 42 and started my 401k when I got my first real job after grad school at age 29. My wife is 36 and has about $300K between her 401k and Roth IRA.
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Old 12-30-2012, 04:50 AM
 
402 posts, read 503,497 times
Reputation: 294
I am 58. Have $1,600,000 in 401K and defered income. Wife and I have $500,000 in IRA's. Lucky to have a pension that will pay $3,500 per month. Plan on "pulling the plug' at 62 but with new management work is getting more difficult.
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Old 12-30-2012, 07:24 AM
 
17 posts, read 13,258 times
Reputation: 25
i am 48, have 280K in 457...42k in 401...100k in Roth...wife is 45, has 140k in 403....pension in 2014 is 55k..house is paid off...i plan on retiring from NYFD, wife is a RN and prefers to still work for a while? LOL
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Old 01-05-2013, 02:55 PM
 
Location: Durango, CO
909 posts, read 660,031 times
Reputation: 1457
I'm 59 with $1.4M in retirement savings (all professionally managed), currently retired. Net worth approx $1.8M.

Grew 12.2% in 2012. A good year indeed.

Carry a $250K mortgage on current house, plan to carry a $300K mortgage after selling & building my new one. With interest rates this low, it seems crazy to put my cash into a house to pay it off. I don't view my house as an asset. I hope I never pay it off.

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Old 01-20-2013, 01:27 PM
 
73 posts, read 118,593 times
Reputation: 74
43 years old, wife is 40, 3 kids.
Total in 401k = $284,000
Savings and Money Market account = $32,000

I would like to become more investment savvy, my sole retirement plan has been to max out the 401k and "just forget about it." Anyone have any recommended resources (how/when to buy bonds, gold, different investment vehicles for retirement, etc)?
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