Typical "all-in" savings - early 40's

[Anonymous]

Anonymous wrote:Anyone in their 40’s not have a million?

I’m not 40 but my husband is and all we have is 401k and home equity. We have about 200k

Not sure if it makes a difference that I’m in my early 30’s. I feel significantly behind, reading this.

A lot of these posts are probably fake, just keep that in mind.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ok, I’ll bite. 40 and 42. 265k HHI but only recently at that level - was much lower for most of our careers and were paying off student loans until recently. So only recently started being able to save at higher levels and have a lot of catching up to do. Have set some goals for the next few years. Three kids, oldest is 10.
Retirement - 480k
529s - 52k
Other savings - 30k

Keep it up!!

Thank you! We do feel really motivated and happy to be focusing on saving now. We’re starting to throw a lot more money at savings and investments moving forward.

[Anonymous]

We have about $1m in retirement accounts and about $30k in 529s. HHI of about $215k with two kids. We’re 43/45. We started saving in mid-20s and we’ve both had about 4% matching the whole time. We don’t contribute the irs max.

[Anonymous]

43/39, HHI just jumped to $280k in January (previously around $230k. We have about $950k in retirement, $200k in 529s (kids are 9, 6 and 4), $130k in savings and brokerage, and $850k in home equity ($1.4 mil house). We will have a military pension of $50k annually starting in two years and hope to save it for 10 years straight in addition to maxing our traditional retirement accounts. We hope to retire in 14 years when our youngest heads to college.

[Anonymous]

Anonymous wrote:Anyone in their 40’s not have a million?

I’m not 40 but my husband is and all we have is 401k and home equity. We have about 200k

Not sure if it makes a difference that I’m in my early 30’s. I feel significantly behind, reading this.

At 32, I had literally $250 to my name, all in, plus about $40k student loan debt.

At 44, thanks to living frugally and the job that student loan debt helped me get: $1.6M in savings- $650k in 401k, $100k in RSUs, $200k in CDs and the remainder in index funds.

We still rent a cheap apartment, but are thinking about buying a house (hence the money in CDs right now). You can do it, but you have to prioritize saving.

[Anonymous]

HHI 125

400K retirement
13K Cash emergency fund
140K 529s

So...
553ish without home equity.

300K Home Equity

We will have a pension, so that helps for retirement.


Feeling behind, by all of these measures, but we are saving a lot and just hit our 40s and I feel comfortable with where we are headed. Plus, we live frugally now, so I don't see our spending going crazy when we retire.

[Anonymous]

46 and 47. HHI 200k

Retirement accounts - 850k
Savings - 30k
529 - 30k
Real estate investments - 1 million (net equity after mortgage deductions)

Home equity - 700k

[Anonymous]

Not 100% sure as money is all over the place:

750k retirement
150k 529
100k cash
~150k brokerage
Rental property, with lots of equity
A bunch of random accounts all over the place.

[Anonymous]

Anonymous wrote:Not 100% sure as money is all over the place:

750k retirement
150k 529
100k cash
~150k brokerage
Rental property, with lots of equity
A bunch of random accounts all over the place.

40&41

[Anonymous]

Anonymous wrote:Anyone in their 40’s not have a million?

I’m not 40 but my husband is and all we have is 401k and home equity. We have about 200k

Not sure if it makes a difference that I’m in my early 30’s. I feel significantly behind, reading this.

Are you a SAHM? Savings are much much quicker with 2 workers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Anyone in their 40’s not have a million?

I’m not 40 but my husband is and all we have is 401k and home equity. We have about 200k

Not sure if it makes a difference that I’m in my early 30’s. I feel significantly behind, reading this.

A lot of these posts are probably fake, just keep that in mind.

Nah you have to remember with company matches most people are putting away around 25k 18k + 7k match and that's 50k for 2 people working minimum some people are putting away much more

in 20 years very easy to have that much. 50k*20 years = 1 million bucks just in principal

of course 20 years ago you weren't saving that much but we aren't taking any investment growth into account

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone in their 40’s not have a million?

I’m not 40 but my husband is and all we have is 401k and home equity. We have about 200k

Not sure if it makes a difference that I’m in my early 30’s. I feel significantly behind, reading this.

A lot of these posts are probably fake, just keep that in mind.

Nah you have to remember with company matches most people are putting away around 25k 18k + 7k match and that's 50k for 2 people working minimum some people are putting away much more

in 20 years very easy to have that much. 50k*20 years = 1 million bucks just in principal

of course 20 years ago you weren't saving that much but we aren't taking any investment growth into account

You have a distorted view of what most people do. Most households are unable to have two people put away the IRS max. Lots of jobs have no match. Even fewer people could put away that much through their 20s which covers about half the window here.

Not everyone here has two people in Biglaw who can easily each put away $18k, and most of those Biglaw jobs actually don't have a match.

[Anonymous]

Anonymous wrote:Anyone in their 40’s not have a million?

I’m not 40 but my husband is and all we have is 401k and home equity. We have about 200k

Not sure if it makes a difference that I’m in my early 30’s. I feel significantly behind, reading this.

You can become a millionaire by the time you're 40. It takes about 10 years, and you have a good start. =-)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone in their 40’s not have a million?

I’m not 40 but my husband is and all we have is 401k and home equity. We have about 200k

Not sure if it makes a difference that I’m in my early 30’s. I feel significantly behind, reading this.

A lot of these posts are probably fake, just keep that in mind.

Nah you have to remember with company matches most people are putting away around 25k 18k + 7k match and that's 50k for 2 people working minimum some people are putting away much more

in 20 years very easy to have that much. 50k*20 years = 1 million bucks just in principal

of course 20 years ago you weren't saving that much but we aren't taking any investment growth into account

You have a distorted view of what most people do. Most households are unable to have two people put away the IRS max. Lots of jobs have no match. Even fewer people could put away that much through their 20s which covers about half the window here.

Not everyone here has two people in Biglaw who can easily each put away $18k, and most of those Biglaw jobs actually don't have a match.

Neither of us is in Biglaw and I put away $18K / year and maxed IRAs. We were frugal and earned normal incomes.

What's most important, though, is not how much you put away but what percentage of your income you save. For every dollar you save, you are not spending a dollar. That reduces your lifestyle expenses, and *that* means you need less for retirement.

This is a numbers game.

[Anonymous]

Just hit 40.

Hhi 300k.total savings also about 300k.