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If currently saving 16% of gross salary (combined wife and husband) or 20.5K per year in 401K for the next 30 years, how do I know how much I will have in 401K in 30 years? My goal is $2 Million for retirement. SS will take care $1.15M of that, which means I need to save about $848K over the next 30 years in 401k to meet goal.
Thanks for all the help. And comments or questions if needed.
I don't have any reason to think otherwise. last I check, I have SS waiting on me as long as I work everyday until I retire.
If I am wrong or something change, please let me know.
I am keeping SS in my calculation until black and white proof states otherwise. Ain't got time for speculation.
I hope it will be there for us but I highly doubt it. You are counting on it for over 50% of your retirement income which to me is putting too many eggs in one basket.
if i had proof of the future id be buying winning lotto tickets. No one predicted the major crash in 2008 but it happened.
I hope it will be there for us but I highly doubt it. You are counting on it for over 50% of your retirement income which to me is putting too many eggs in one basket.
if i had proof of the future id be buying winning lotto tickets. No one predicted the major crash in 2008 but it happened.
I will continuing over saving, but just cause I want more, not cause I don't think SS will be here in future. It will be here, until I read in black and white it want be here.
What crash in 2008? I kept on investing in my 401k during that time and didn't think nothing of it.
Guess what, noone is going to predict the next market crash.
I will continuing over saving, but just cause I want more, not cause I don't think SS will be here in future. It will be here, until I read in black and white it want be here.
What crash in 2008? I kept on investing in my 401k during that time and didn't think nothing of it.
Guess what, noone is going to predict the next market crash.
I think you are doing just fine. Keep on truckin' Dude. I'm drawing Social Security now, and I was told over and over that it wouldn't be there for me. So make all you can, and save plenty. Try to max out the Social Security system. My wife and I both about maxed out - that's 4,000/month. Life is good.
BTW; I've got friends who bailed out of the system early because they believed all that talk. They left the country. Now, they're old and don't have enough money to come back.
I'm back. I worked out a spreadsheet for you. If you invest 20,000 for 30 years and get 7% return you would have $2,021,460.
See? You're doing fine. Get the house paid for, though. We did, and you won't believe how it will make you feel.
I think OP is just trying to say that crashes are a part and parcel of the market... ...that's a risk that he/she and every investor should be willing to take. The OP had the stomach not to panic and kept investing throughout the bad times, so in essence he/she was buying everything on the cheap. Assuming he/she invested it wisely, he/she must have come out far ahead today than he/she would have if he/she would have stopped investing or pulled out the money. Also, if someone lost all their retirement savings because of the 2008 crash, it could also be blamed on the fact that they did not adjust their allocations (bonds v/s stocks) as they approached retirement age or during their retirement. Bonds also suffered in 2008, but not as much as stocks.
I think you are doing just fine. Keep on truckin' Dude. I'm drawing Social Security now, and I was told over and over that it wouldn't be there for me. So make all you can, and save plenty. Try to max out the Social Security system. My wife and I both about maxed out - that's 4,000/month. Life is good.
BTW; I've got friends who bailed out of the system early because they believed all that talk. They left the country. Now, they're old and don't have enough money to come back.
I'm back. I worked out a spreadsheet for you. If you invest 20,000 for 30 years and get 7% return you would have $2,021,460.
See? You're doing fine. Get the house paid for, though. We did, and you won't believe how it will make you feel.
Thank you.
Its about time someone speaks who is actually drawing SS. All this talk about SS want be here when we retire is just clown talk. I call this kind of talk "marketing".
I enjoy keeping things as simple as possible by all means. SS will be here and anyone who thinks different is just guessing. Show me black and white where it says SS want be here in 30 years, then we can talk.
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