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.
update from 2 years ago:
I just turned 29 and my wife is 28. Total 401k values of 70k. 10k in money market. Cars paid off - should have student loans taken care of by the end of the summer. Only other debt is 170k left on home loan (conservatively 40k equity in the home). In the past 6 months our combined income has gone from 100k to 130k (midwest/Columbus OH area) so definitely looking forward to putting those student loans behind us. Next step will be to max an IRA and play with stocks while we are still young. Unfortunately the latter doesn't sound very attractive given the market is at an all time high. Probably a bit behind for our age but feeling good about where we are headed.
Not going to bother breaking out all the accounts:
370k in ira/403/457
15k in roth/457 roth
A lot of potential investment cash went to rental property so those could have been higher. Rental is slightly positive after mortgage, utilities and upkeep. Value of the property has shot up though, bought in 2011 and up 58% in value. Equity in rental: ~450k, Equity in Primary: ~80k
I think it is not so much your age but how long you have been investing in 401ks. Your investment choices and company match helps.
My current 401K I started in fall 2006 and by fall 2014 I had around 400K in it and that is starting from a balance of zero.
Someone who graduated college Spring 2006 could easily have 400K in their 401k and be only 30.
I have three 401Ks in my name. Two from legacy companies. Fidelity and places when they give average 401K balance by age is lame as it is only the one 401K. Most folks over 40 have legacy 401K or rolled old 401Ks into IRAs.
All in I have around a little over one million in my 401Ks if you add them all up.
Fascinating thread here, just what I have been looking for.
45yo, was single until 44, wife and two step kids on the way from abroad (getting visas.....a long hard slough)
Current debt is mortgage and auto (around 10k). Contributing 10% of salary pre-tax. Have been as high as 15% low as 7%. Paid off grad school years back.
401K: 231k
Rot IRA: 2959 (just started this one last year)
Fascinating thread here, just what I have been looking for.
45yo, was single until 44, wife and two step kids on the way from abroad (getting visas.....a long hard slough)
Current debt is mortgage and auto (around 10k). Contributing 10% of salary pre-tax. Have been as high as 15% low as 7%. Paid off grad school years back.
401K: 231k
Rot IRA: 2959 (just started this one last year)
I'm 28 and have been contributing 15% of my gross income for the past 4 years. I got my first real job out of college In 2009 when I was 22 years old - started out contributing 5%. My employer matches 50% up to $2750/year - seems a little less some. I just checked by account this morning and it crossed $100k for the first time. I think I'm on track to reach my retirement goals... but I sort of think luck plays a big part in determining when you are able to retire. I've got another 25 years in the work force! When will the next recession gobble up 40% or 50% of my nest egg? Reading some of the first posts on this board reminds me of how my future is really at the mercy of Wall Street.
This is why I highly recommend not being 100% in stocks. Even young people should own at least 15% to 20% in bonds. Most people can't handle the risk of a 100% stock portfolio.
The typical balanced mutual fund, which usually holds a 65% stock / 35% bond asset mix, lost 28% in 2008. If you pick one of the better funds with below average expenses, you did at least a little better than that. The good balanced funds come close to matching the performance of the stock market with less volatility. See if one of these funds is in your retirement plan:
Fidelity Balanced
Fidelity Puritan
Dodge & Cox Balanced
Vanguard Wellington
Oakmark Equity & Income
T. Rowe Price Capital Appreciation
American Funds Income Fund of America
American Funds Balanced
American Funds Capital Income Builder
Invesco Euqity & Income
Vanguard Balanced Index
Stick with one of these funds for decades and you'll do fine without the stomach churning volatility.
wow, that is amazing. Can you explain about what is current pension lump sum?
This information is strictly for my state. The person you quoted may have differenet rules for his pension. A pension lump sum gives you an option to take the lump sum value of your pension when you retire. It is based on the amount of money it would take to generate your yearly pension payment. They go with a slighly optomistic return of 5% a year here in my state. So if your pension was supposed to be $50K a year, you can walk out with $1 million in your pocket instead of the monthly pension check for life.
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.
