Reply to Super-savers in 401(k) - what are your retirement plans?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]How can you be a super saver in a 401k? You can only put in $19,500. That makes for a nice retirement, but it's not 5m in the bank. [/quote]

its amazing how many people on this board don't understand retirement plans and how they work.  Combined contribution (employee + employer) maximums for 2022 are $61,000 (under 50) or $67,500 (over 50).  Those limits easily allow for 5M in the bank.  Take into account that some of that can be Roth / post tax, and it realizes you even more in retirement.[/quote]

If you were able, starting at 22, to have access to company resources that allowed for contributions to the full $61k/year (ignoring the fact that it hasn’t been $61k for 20 years), someone at 42 would only have about $1.2 in contributions. It would be nearly impossible to get to $4-5M from that given the limitation on most company sponsored plans. Maybe two people, but even then, how many people have access to plans that allow them to fully max the contribution before 30? [/quote]

I started saving at 21. I will have $3 to $4 million at retirement. By myself.[/quote]

You missed the point. Some people are claims to have that much, or more, by their early 30s. I am the PP and my husband and I also expect to have that much at retirement. But we aren’t retiring at 42. [/quote]

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