Tell me how much you have saved in your 401K at age 40.

[Anonymous]

$1.3m in retirement at age 41/42

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:42 yo - my individual retirement accounts (Rollover IRA, Roth IRA, SEP IRA) total: $266,790.32
40 yo spouse (401k, Roth IRA, and Rollover IRA): $117,926.60
We save about 12% of our pre-tax income for retirement each year, and my wife has a pension plan that is pretty secure and has a solid payout at retirement age.
1 12yo son - 2 semesters (1 yr of tuition and fees at 4-year university) of Virginia Pre-paid 529 and $10,514.74 in regular Virginia 529
Savings in cash/cash equivalent: $89,412.25

New financial planner said we're "good, but not wow." We have an aggressive and achievable plan for college savings to purchase 2 semesters/year for next 3 years (currently $15,650/year) + $8,000/year in regular 529 (to max our Virginia tax deduction). This feels fine. Not sweating it.

What's you HHI?

~$300k. I am an independent consultant and my income varies $180k-$210k. 2016 HHI was $312k

I'd absolutely increase the 12 percent. You should be maxing it out at 312k. No excuse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We're over 50 and we're poors, so zero.

That doesn't scare you?

NP. We're not 50 yet, and do have retirement savings though not as much as many here. If we can't afford to retire and stay in the US the backup plan is to return to my country of origin where we have a much lower COL . So not stressing too much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:42 yo - my individual retirement accounts (Rollover IRA, Roth IRA, SEP IRA) total: $266,790.32
40 yo spouse (401k, Roth IRA, and Rollover IRA): $117,926.60
We save about 12% of our pre-tax income for retirement each year, and my wife has a pension plan that is pretty secure and has a solid payout at retirement age.
1 12yo son - 2 semesters (1 yr of tuition and fees at 4-year university) of Virginia Pre-paid 529 and $10,514.74 in regular Virginia 529
Savings in cash/cash equivalent: $89,412.25

New financial planner said we're "good, but not wow." We have an aggressive and achievable plan for college savings to purchase 2 semesters/year for next 3 years (currently $15,650/year) + $8,000/year in regular 529 (to max our Virginia tax deduction). This feels fine. Not sweating it.

What's you HHI?

~$300k. I am an independent consultant and my income varies $180k-$210k. 2016 HHI was $312k

I'd absolutely increase the 12 percent. You should be maxing it out at 312k. No excuse.

That doesn't sound like a lot for that income. We are about that level at 42/43 yrs old and we have $1.5 M saved. We have two kids under 5 years old. We'll have paid our house off by time eldest graduates HS so our high mortgage payments (about $5600/mo.) can go toward tuition. Also, I have a pretty decent fed pension when I retire in about 20 years.

[Anonymous]

Me (age 36): $65K in 401k, $85K in Roth IRA.
DH (age 40): $350K in 401k, $83K in Roth IRA.

We have $225K in other saving accounts and $200k equity in our house.

No college savings for kids. First child will be born next month.

HHI $220K (used to be 130K three years ago). We are catching up.

[Anonymous]

I just started taking this seriously last year. So I only have 40 thousand and I am turning 44 this year.

[Anonymous]

Anonymous wrote:I am curious to find out how much you have in your 401k at age 40 individually. Apart from that how much do you have saved in your bank? Have you also saved funds for child's education. Tell me about it. I am trying to determine if I am on the right track for savings for my retirement.

Not enough. About $200k.

[Anonymous]

I am 40 and have $420K in 401K and TSP. I am a new fed (5 years in), so should be getting some pension if I stay put.
DH has a good pension and $500K. He is 45.

[Anonymous]

46. Spouse is 40.

I have 600k in my investment and retirement accounts. He has very little but-he will have a nice pension and lifetime healthcare benefits. College prepaid tuition will be done in 10 years.

Not "wow" but I believe we are fine.

[Anonymous]

Anonymous wrote:I am curious to find out how much you have in your 401k at age 40 individually. Apart from that how much do you have saved in your bank? Have you also saved funds for child's education. Tell me about it. I am trying to determine if I am on the right track for savings for my retirement.

Just turned 40. About 750k in my 401k+IRA
plus about 300k in other investments
Funds for college saved about 80k. 2 kids ages 8 and 4.

Partner has slightly less in 401k and IRA. Plus ~300k in investments.

We have a relatively small house and mortgage. We also started maxing out pretty early which I recommend to everyone if you can.

[Anonymous]

Very important missing piece (may be more than 401 K) is home equity.
People mention some 30 or 100 K in cash, isn't equity more important.
We are 46 and 41 y. old. The 401 K is fairly modest (just over 500 K between two), but equity is close to 800 K (between two homes).
We started in USA as immigrants with nothing at about 30.

[Anonymous]

30 years old, $855,000 in 401(k).

[Anonymous]

$250k. Most I have ever earned in my career is 50k so far, just moved to the DC area so hope to make up for lost time.

[Anonymous]

Anonymous wrote:30 years old, $855,000 in 401(k).

[Anonymous]

Anonymous wrote:

Anonymous wrote:30 years old, $855,000 in 401(k).

That's nothing. I have 1.5 mill in mine and I'm only 26.