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

[Anonymous]

Anonymous wrote:I don't understand how these high Numbers are possible for people under 35-40 in only a 401k, the max per year isn't enough to get over $1mm even if you were maxing out every year.... what am I missing?!

Think the same thing looking at these numbers. I too have maxed out to 18k since graduating law school at age 25. I too but it all in the S&P -- not in bonds etc. Yet 11 yrs into it, I'm struggling to reach 300k. Difference is -- I've never worked for any employer with a match until this past yr (it's just industry standard - not that I was with bad employers). I am just now realizing how quickly it grows if you have a generous match. People are posting on here with 5% matches or at companies where you get 12% put in automatically, whether you put in $1 or not. Those things in addition to putting in 18k yourself adds up fast. I hope to make up some ground in the next few yrs.

[Anonymous]

Not quite 40 yet, but the number might still be relevant. Our 401k accounts have $300k (him, 38y/o, been maxing since graduating law school at 27) and $210k (her, 36 y/o, been maxing since about 28).

[Anonymous]

DW 45 $75K in 401K $3k in savings
DH 51 $175 in 401K $11K in savings
2 kids, about $20K in a 529

Debt about $20K on credit cards (medical bills killing us), mortgage, 2 cars

I'm freaking scared.

[Anonymous]

Anonymous wrote:DW 45 $75K in 401K $3k in savings
DH 51 $175 in 401K $11K in savings
2 kids, about $20K in a 529

Debt about $20K on credit cards (medical bills killing us), mortgage, 2 cars

I'm freaking scared.

Stop saving for college. It would be much more of a gift to your kids if you focused on retirement. Also, keep in mind that you have 250K saved. That's still better than the average American household. Try to pay that mortgage off quickly and save for retirement. You'll be fine.

[Anonymous]

Anonymous wrote:DW 45 $75K in 401K $3k in savings
DH 51 $175 in 401K $11K in savings
2 kids, about $20K in a 529

Debt about $20K on credit cards (medical bills killing us), mortgage, 2 cars

I'm freaking scared.

You're not in an optimal spot but you're not as bad off as many. 250k left alone with a 5% growth rate for 18 more yrs gets you to 600k and that's not counting the contributions that you and DH will hopefully make for the next 18 yrs.

[Anonymous]

Anonymous wrote:

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.

If it's not a lifetime pension you can easily go through that in no time. We know people that spent their retirement and had to go back to work. I'm thankful my husband has two life pensions so we'll be fine. One we are not going to tough because it's in a trust no debtor could touch. All things to think about.

[Anonymous]

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

Start maxing out as much as you can afford. Don't worry you're still young.

[Anonymous]

Between me and spouse: $600K in various retirement accounts. We are mid/late 40s. Also $16K in 529. Max out 401k every year along with company match. Wondering when we're going to get to $1 million (the magical number in my head) and I worry we are still behind.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

If it's not a lifetime pension you can easily go through that in no time. We know people that spent their retirement and had to go back to work. I'm thankful my husband has two life pensions so we'll be fine. One we are not going to tough because it's in a trust no debtor could touch. All things to think about.

Don't get cocky. A conservative rule of thumb is that each apouse needs at least 2 life pensions plus at least $5 million in additional liquid assets, bare minimum.

[Anonymous]

How does one person end up with two life pensions? Just curious?

[Anonymous]

DH has about 40k (43)
I have nothing (41).

[Anonymous]

Anonymous wrote:37 Nothing in retirement. But have some other assets and will have mortgage on 1.2 mill house paid off in 2 years.

Bad financial move

[Anonymous]

Anonymous wrote:Interesting how in most cases here - the DHs have a lot more than the DWs. Are the DHs earning that much more? Or are the DHs maxing out while the DWs are responsible for additional bills like childcare?

Maybe just because DHs are older and have been working longer?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Interesting how in most cases here - the DHs have a lot more than the DWs. Are the DHs earning that much more? Or are the DHs maxing out while the DWs are responsible for additional bills like childcare?

Maybe just because DHs are older and have been working longer?

Ppl have been responding with ages - it seems like most of the DHs are 2-4 yrs older -- not like 10 or 15 yrs older. I wouldn't expect THAT much of a differential for a 2 yr age difference.

[Anonymous]

Dh has just under $500k, 40
I have just over 100k, SAHM 40
We have a heavy load of employer stock which has increased in value from original gifting of just over 300k (signing bonus rsu's) and is now over 900k. $400k equity in home.


Kids colleges are covered. I have family money so am not worried about retirement.