Come in if you're 40 - how much in your 401k?

[Anonymous]

Anonymous wrote:110k and 90k. We’re both 39. Late start due to over 400,000 in law school loans to pay off. We didn’t do any investing in out 401ks while paying down the loans.

I am the PP who said we have about 1.7M combined. I am 44 and DH is 43. I also have law school loans; however, we looked at the rate I was paying 4.5% on highest ones (2nd one is lower) and our return in 401ks were higher on average. Also, before we refinanced our mortgage into a 20 year fixed, we had a second mortgage that was higher than 4.5%. So we paid off mortgage first. Also, your AGI is lowered by 401K contributions. Even if you put in catch up contributions you will never make up the growth that compounded returns do. Right now I have about $85K left on loans. New mortgage is about 3.38% so now that child care expenses have dropped by about 1/2 we will probably tackle some of my remaining loans.

[Anonymous]

Feel very very behind. 680k, 2 workers. Just became dual income a few years ago and are scrambling to catch up. Putting away 49k/yr now. Hoping we won't have to work past 65. Silver lining is kids college is almost fully funded and they are 11&8. Probably should not have gone as agressive on college and should have beefed up retirement more.

[Anonymous]

My H is 40 and has $300k in retirement $$. I am 38 but if you include mine, we are at $475k. We got a late start but we put away $61k per year with matches so I think that will more than catch us up.

[Anonymous]

Anonymous wrote:My H is 40 and has $300k in retirement $$. I am 38 but if you include mine, we are at $475k. We got a late start but we put away $61k per year with matches so I think that will more than catch us up.

So apparently I need to check our accounts more often. We are at $505k combined.

[Anonymous]

We have $750,000 combined. 42 and 43. We started in our mid/late twenties (26/27). We max out now but I will admit we started out just getting contributing up to the match. Even so, it is hard for me to believe that there are people in here with well over a million.

[Anonymous]

dH is 38 and has 475k. I’m 33 and have 125k.

[Anonymous]

41 and 38, $850k combined. No matching in 12 years.

[Anonymous]

$725k and a teacher's pension...this is combined for me and dh who are both 40. I feel like we are in very good shape for working 15 more years and then retiring at 55.

[Anonymous]

Anonymous wrote:We have $750,000 combined. 42 and 43. We started in our mid/late twenties (26/27). We max out now but I will admit we started out just getting contributing up to the match. Even so, it is hard for me to believe that there are people in here with well over a million.

Why? You realize you'll be at a million in a few years, right? And even if the market tanks and you have to wait for the recovery, I'm betting you'll get there by 50.

[Anonymous]

48 & 50 with over $2 million. No employer match, no pension plan and no assistance from families but our discretionary expenses are low.

[Anonymous]

Anonymous wrote:Feel very very behind. 680k, 2 workers. Just became dual income a few years ago and are scrambling to catch up. Putting away 49k/yr now. Hoping we won't have to work past 65. Silver lining is kids college is almost fully funded and they are 11&8. Probably should not have gone as agressive on college and should have beefed up retirement more.

Um, why in the world do you feel behind??

[Anonymous]

Anonymous wrote:48 & 50 with over $2 million. No employer match, no pension plan and no assistance from families but our discretionary expenses are low.

That is a pretty healthy rate of return given the maximums allowed and no employer match. Assuming both contributed the max each year since starting work in 1991, that is $718k.

[Anonymous]

$90k + federal pension. Married couple, only one of us is a fed.

We really need to catch up. The bit of good news is that we're finally in a position to up our contributions, and the essential expenses to which we are accustomed is barebones - we've spent all our margin on school and student loans for so long, that we live on an operating budget for basic needs that is far smaller than most of our peers.

As a result, it's a little easier for us to be happy on social security + the pension + supplemental income flow.

[Anonymous]

At some point, assuming the market doesn't take (and what goes down comes up and vice versa), it will feel like less of a slog to accumulate retirement assets. You really start to feel the returns accumulate on themselves....I'd say around the 350-400K mark. Stay appropriately diversified and balanced and keep plugging away at it.

[Anonymous]

Anonymous wrote:$90k + federal pension. Married couple, only one of us is a fed.

We really need to catch up. The bit of good news is that we're finally in a position to up our contributions, and the essential expenses to which we are accustomed is barebones - we've spent all our margin on school and student loans for so long, that we live on an operating budget for basic needs that is far smaller than most of our peers.

As a result, it's a little easier for us to be happy on social security + the pension + supplemental income flow.

That federal pension is key. You won't need anywhere near what folks in the private sector have to accumulate on their own. Just keep plugging away, if you can get the house paid off by retirement you'll be fine.