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

[Anonymous]

Very little.
$3M elsewhere, though.

[Anonymous]

We both had around $750K at 40

[Anonymous]

With the 401K contribution limits, even if you max out your 401k each year, unless you are getting a significant employer match or a very large profit sharing contribution, it is only possibly to get so much money into your 401K.

If a 40 year old has been making the maximum contribution for 20 years, at an annual return of 7% (which is a little unrealistic) they would have about $550,000 right now.

Now if you are self employed and have a SEP-IRA, and can put away over $50,000 a year, but you have to earn over 200K to contribute that much.

[Anonymous]

Anonymous wrote:With the 401K contribution limits, even if you max out your 401k each year, unless you are getting a significant employer match or a very large profit sharing contribution, it is only possibly to get so much money into your 401K.

If a 40 year old has been making the maximum contribution for 20 years, at an annual return of 7% (which is a little unrealistic) they would have about $550,000 right now.

Now if you are self employed and have a SEP-IRA, and can put away over $50,000 a year, but you have to earn over 200K to contribute that much.

Not sure if this was directed at me (we both had around 750K above) but we both get a big match of 7 and 8% respectively.

We are 45 and 43 now and we have just short of $2.3M. Adds up quickly and a great year in the markets like this one moves the needle quickly.

[Anonymous]

I'm in academia so I started saving in my mid thirties when I got hired as a tenure track professor. Now 40 and have 60k and thought I was doing ok. I guess not.

[Anonymous]

$1150000 at 47

[Anonymous]

I think we have around $140k combined.

[Anonymous]

We have $480K combined, split 250 and 230 . We are 41 and 39. I started earlier, but was at home for 8 years. We're looking forward to 2 maxed out plans for the next several years.