How much do you have in your 401k & how old are you? (wedding, guarantee)

[slackjaw]

I always wonder about those studies that show average 401k balance. They are usually accompanying some "omg americans don't save crap" (which granted may be true) type article, but if trying to use that as a barometer or preparation for retirement wouldn't that require everyone to keep rolling their 401k balance to their new company instead of a rollover IRA? Also would require no Roth, no trad IRA, no after tax savings, etc.

Avg 401k balance just seems like a really poor measure for what people are saving for retirement.

[mathjak107]

its a meaningless number.

with all the job changes and job loss whats in a 401k is dependent on whether someone rolled it over or not.

i left a job 2 years ago ,rolled over a ton of dough. went back 2 years later to the same company and started from scratch.

so my 401k has 50k in it today. does that mean im 60 and saved 50k to the studies ?

i really have a few mill but thats not going to be reflected.

[slackjaw]

Yup, quick napkin math says our combined 401k balances are less than 15% of our total portfolio.

[mathjak107]

you can not lump everyone together and draw any kind of conclusion. you have those just starting out , those doing the minimum and those that contribute every so ofton diluting those who contribute and save alot.

its as silly of a question as asking what perecentage of your income do you need to retire.

[HappyTexan]

And those studies lump new hires who have very little in their 401K with 30 year workers who have big balances.
The "average balance" is meaningless because a 401K, IRA, Roth is progressive over the years.

I'd prefer they did these studies and broke them down by years contributing with average balance and that would be more meaningful to people. Maybe 3 year or 5 year slots and give the average balance.

[mathjak107]

fidelity did that. they found over the lost decade those workers over the age of 55 who:

contributed from 1/2 to max and were in it for the 10 years saw the average balance grow from 96k to 218k.

thats 1/3 gains and the rest employee contributions and matching.

thats an amazingly different result from the average american has 60k saved .

[Doobage]

I'm 25 and have a little over $10k in mine. I started a year and a half ago.

[bbnetworking]

i am 34 with 100k in 401k, i started in 2005, so i haven't made any money from the stock market.

[SteelCityRising]

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?

[mathjak107]

Loans are up to your employer