Reply to How many 55yo that you know in DMV have $3M+ NW?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I really don’t know but assume most people i know have more than $3m by 55 even without including their house. [b]I have more than that just in my 401k. [/b]

I make 7 figures but don’t flash it around and am pretty frugal. I’ve lived in the same house for more than 25 years and paid it off several years ago. That’s why I have more than $10m saved. [/quote]

Did you have access to a very aggressive growth fund for your 401K? I have wondered how people get that high. [/quote]

I’m 62 and have paid in the max allowed tax deferred since I was in my 20s. Had matching at 2 employers, I think one was 3% and the other 6% of comp up to max. It’s mostly just time/compounding. [/quote]

Fascinating. We spent below our means. Live in a house that can be afforded on one income. Weve co tributes max to 401k and have other investments. Cars at 10 and 20 years old. We have taken a weekend car trip and paid hotel on points. Visit out of state parents1-2 times per year. Advanced degrees. Eat-in. Mid 50s. NW $2M in NOVA.[/quote]

NP - I am 52, with $2.8m in 401k.  Started saving at 30 (and try not to think about where they would be if I'd started at 25).  I was very fortunate that for about the first 6 years, my employer double-matched all contributions, up to 6% of salary.  So, if you made $100k, and contributed at least $6k, the employer would contribute $12k.  Starting work there prompted me to start maxing out contributions, which I have continued ever since.  No, 22 years later, I can contribute the IRS maximum of $69k.  [/quote]

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