I'm 44, net worth of about 1.3 million

[Anonymous]

And worried.

[Anonymous]

Worries about what, exactly?

[Anonymous]

Anonymous wrote:And worried.

Rightfully so. You are too far behind compared to people your age on DCUM.

[Anonymous]

Of course. This makes sense.

$1.3M simply won’t do.

[Anonymous]

What are your expenses now? What do you expect to need in retirement? How much percentage of your gross income are you saving today? Will you work to full retirement age? Answer those and I’ll help you know if your worry is legitimate.

[Anonymous]

Anonymous wrote:And worried.

So on brand for DCUM.

[Anonymous]

Well, the stock market is going to continue to go down, so even with new contributions to your 401(k), your net worth will still be $1.3 million at age 50. So on a relative basis, you’re doing great right now!

[Anonymous]

Stop looking at DCUM.

[Anonymous]

Make more money and try to invest more

[Anonymous]

Anonymous wrote:And worried.

You've got work to do. Good news is, you've got some time, so there's that.

Increase 401k to max.
Opt for HSA if available and max HSA contributions.
Max Roth contribution.
If you have IRA or rollover, consider backdoor Roth since market currently down.

Stop eating out.
Cut cable, should be internet only, shop for best deal.
Cut streaming services.
Shop and compare Auto and Homeowners insurance(particularly if it's been more than 5 years w/ current provider).
Shop and compare cell phone plans(Mint Mobile typically cheapest)
Do most of your shopping at Aldi/Costco/Trader Joes
Gasbuddy for best gas prices.

For every $40k/yr you you'll need in retirement, you need $1mil saved/invested. You have a decent start and time is on your side so if you're smart and disciplined about this, you should be fine in 25 years.

[Anonymous]

If you have a pension or inheritance you are fine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:And worried.

You've got work to do. Good news is, you've got some time, so there's that.

Increase 401k to max.
Opt for HSA if available and max HSA contributions.
Max Roth contribution.
If you have IRA or rollover, consider backdoor Roth since market currently down.

Stop eating out.
Cut cable, should be internet only, shop for best deal.
Cut streaming services.
Shop and compare Auto and Homeowners insurance(particularly if it's been more than 5 years w/ current provider).
Shop and compare cell phone plans(Mint Mobile typically cheapest)
Do most of your shopping at Aldi/Costco/Trader Joes
Gasbuddy for best gas prices.

For every $40k/yr you you'll need in retirement, you need $1mil saved/invested. You have a decent start and time is on your side so if you're smart and disciplined about this, you should be fine in 25 years.

what do u mean that for every $40,000 that you need $1,000,000?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And worried.

You've got work to do. Good news is, you've got some time, so there's that.

Increase 401k to max.
Opt for HSA if available and max HSA contributions.
Max Roth contribution.
If you have IRA or rollover, consider backdoor Roth since market currently down.

Stop eating out.
Cut cable, should be internet only, shop for best deal.
Cut streaming services.
Shop and compare Auto and Homeowners insurance(particularly if it's been more than 5 years w/ current provider).
Shop and compare cell phone plans(Mint Mobile typically cheapest)
Do most of your shopping at Aldi/Costco/Trader Joes
Gasbuddy for best gas prices.

For every $40k/yr you you'll need in retirement, you need $1mil saved/invested. You have a decent start and time is on your side so if you're smart and disciplined about this, you should be fine in 25 years.

what do u mean that for every $40,000 that you need $1,000,000?

+1 I don't need 1.4m to "survive" now, why would this be necessarily in retirement

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And worried.

You've got work to do. Good news is, you've got some time, so there's that.

Increase 401k to max.
Opt for HSA if available and max HSA contributions.
Max Roth contribution.
If you have IRA or rollover, consider backdoor Roth since market currently down.

Stop eating out.
Cut cable, should be internet only, shop for best deal.
Cut streaming services.
Shop and compare Auto and Homeowners insurance(particularly if it's been more than 5 years w/ current provider).
Shop and compare cell phone plans(Mint Mobile typically cheapest)
Do most of your shopping at Aldi/Costco/Trader Joes
Gasbuddy for best gas prices.

For every $40k/yr you you'll need in retirement, you need $1mil saved/invested. You have a decent start and time is on your side so if you're smart and disciplined about this, you should be fine in 25 years.

what do u mean that for every $40,000 that you need $1,000,000?

+1 I don't need 1.4m to "survive" now, why would this be necessarily in retirement

It’s the 4% withdrawal rule. When you retire and start drawing down from your funds you can safely withdraw about 4% and it will last 30 years. So for each million you can withdraw 40,000 per year.

[Anonymous]

I’m 46 and have $127k. I’m worried too.