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

[Anonymous]

Anonymous wrote:

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.

Are you insane? $5 million in liquid assets means 99.99999999% of Americans don't have enough. What is this, "Retirement for Hedge Fund Managers?"

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Are you insane? $5 million in liquid assets means 99.99999999% of Americans don't have enough. What is this, "Retirement for Hedge Fund Managers?"

i think the person you were responding to was being sarcastic. (i hope.)

[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?

Trump effect!

[Anonymous]

Me (48 y/o): $962k (401k + IRAs)
Spouse (47 y/o): $562k (401k + IRAs)
Spouse is a Fed (GS-14 w/22 yrs in) with FERS retirement which should come out to about $70k annually upon retiring around age 60.

$460k in non-retirement savings
$210k total in 529s for 2 kids starting college in 2022 and 2025
Mortgage will be paid off in 3 years

[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.

Don't feel like you are alone. This is basically us too. I do work for a company that matches 12% so that has allowed me to catch up quite a bit. No plans to leave. College education is a high priority for us so I won't give up contributing. I also have no plans to completely retire.

[Anonymous]

Anonymous wrote:"Saving" money is vulgar. I have, however, created a series of income streams that will result in myself, my spouse, my children, my grandchildren, and my great grandchildren never having to work.

I did this shortly after turning 39.

Using "myself" in this way is vulgar.

[Anonymous]

Anonymous wrote:Currently $0.

Why? Are you using some other vehicle to save? Or just not concerned about savings for some other reason? Just curious, not judging...

[Anonymous]

Just turned 40 and have about $700K in 401K and IRAs. Best graduation gift I got was a starter Roth IRA from a family member who started saving for retirement later than they should have.

Spouse is a little older and started saving later in life and has probably $75Kish. Retirement is not a thing in their family - you work until you drop - so retirement savings not even discussed before we got serious about marriage.

We do not have family money, a golden parachute, stock options, or investment property to sell off in our old age. Just hoping that the market doesn't crash and burn and eat everything we've saved.

[Anonymous]

Me: 46, 403b/457: 480K, Roth IRA 130K -- total: 610k
DH: 50, 401k: 560K, Roth IRA 130K: total: 690K
HH total: 1.3 m

2 kids: 529, 80k total

Additional savings/investments: about 40k

Home equity: 200k

Our monthly expenses are only about 4.5k a month so we are able to save quite a bit.

[Anonymous]

Hold on tight. Looks like congress has plans for your 401ks

[Anonymous]

Me: 42, 401k 360k, Roth IRA 65k - 425k total
Spouse: 41, 401k 200k, Roth IRA 55k - 255k total
Savings/Investments: 210k
529 savings: 25k (2 kids - age 4&2)

[Anonymous]

Anonymous wrote:Me (48 y/o): $962k (401k + IRAs)
Spouse (47 y/o): $562k (401k + IRAs)
Spouse is a Fed (GS-14 w/22 yrs in) with FERS retirement which should come out to about $70k annually upon retiring around age 60.

$460k in non-retirement savings
$210k total in 529s for 2 kids starting college in 2022 and 2025
Mortgage will be paid off in 3 years

Lol. Fed = job for life.

[Anonymous]

Anonymous wrote:"Saving" money is vulgar. I have, however, created a series of income streams that will result in myself, my spouse, my children, my grandchildren, and my great grandchildren never having to work.

I did this shortly after turning 39.

I don't understand this mentality. What's wrong with them working? What will they do instead? I bet they'll be using all that inherited wealth to snort blow and other drugs, and be partying alcoholics. I can't think of a worse legacy to leave.

[Anonymous]

Anonymous wrote:Me (48 y/o): $962k (401k + IRAs)
Spouse (47 y/o): $562k (401k + IRAs)
Spouse is a Fed (GS-14 w/22 yrs in) with FERS retirement which should come out to about $70k annually upon retiring around age 60.

$460k in non-retirement savings
$210k total in 529s for 2 kids starting college in 2022 and 2025
Mortgage will be paid off in 3 years

NP here. We're in a somewhat similar situation (except with less in non-retirement savings but a lot more in 529s for our 2 kids).

Question -- My spouse is also a federal employee (GS-15). HOw do you arrive at $70K annually upon retiring at age 60? (I thought you get about 30% of your highest salary after 30 years. Is your gross $210,000?) I confess I'm not that knowledgeable about the federal employee retirement system. Thanks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:"Saving" money is vulgar. I have, however, created a series of income streams that will result in myself, my spouse, my children, my grandchildren, and my great grandchildren never having to work.

I did this shortly after turning 39.

I don't understand this mentality. What's wrong with them working? What will they do instead? I bet they'll be using all that inherited wealth to snort blow and other drugs, and be partying alcoholics. I can't think of a worse legacy to leave.

Seriously! I'm watching it play out in my extended family. Uncle left a boatload to my cousin. She's responsible and continues to work, hasn't gone off the deep end with spending. But her son - omg. He's going to be up to his ears in hookers & blow as soon as he gets his share. He knows he's getting a pile of cash and is the biggest deadbeat I know IRL.