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

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]When we were about 40, my husband and I had $325K between us in retirement accounts (401k+IRA). We are now about 50 and we have $1.2M in those same accounts with only one of us working (so only one of us is contributing to a 401k, although with a very generous match).[/quote]

How generous is the match?  I'm the PP with 50k a year going into my 401k/pension and hoping it catches me up.  Given irs rules I assume your husband isn't putting more than 54k into the 401k [/quote]

I haven't contributed to my 401k since I was 40 in 2007 (stopped working full-time). My husband has contributed the max during those 10 years which was about $18K each year (a bit less in earlier years, I think). For most of that time his company matched 50%, so they put in $9K each year, so $27K contribution each year. He turned 50 in 2015 so he has put in $24K for the past 2 years, again with a match of $9K (they do not match catch-up contributions). We have also each put in $5500 into our IRAs every year, with my husband putting in $6500 since 2015. We haven't made this year's contribution yet, and I turn 50 this year, so will start putting in $6500 each year. Hope that helps. [/quote]

Serious question - if you use a buy and hold strategy, as most people do, why contribute post-tax dollars to an IRA rather that just keep it in a taxable account?  I am assuming you aren't doing a backdoor Roth.  [/quote]

Because the earnings are tax deferred. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics