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]42 yo - my individual retirement accounts (Rollover IRA, Roth IRA, SEP IRA) total: $266,790.32
40 yo spouse (401k, Roth IRA, and Rollover IRA): $117,926.60
We save about 12% of our pre-tax income for retirement each year, and my wife has a pension plan that is pretty secure and has a solid payout at retirement age.
1 12yo son - 2 semesters (1 yr of tuition and fees at 4-year university) of Virginia Pre-paid 529 and $10,514.74 in regular Virginia 529
Savings in cash/cash equivalent: $89,412.25

New financial planner said we're "good, but not wow." We have an aggressive and achievable plan for college savings to purchase 2 semesters/year for next 3 years (currently $15,650/year) + $8,000/year in regular 529 (to max our Virginia tax deduction). This feels fine. Not sweating it. [/quote]

What's you HHI?  [/quote]

~$300k. I am an independent consultant and my income varies $180k-$210k. 2016 HHI was $312k[/quote]

I'd absolutely increase the 12 percent.  You should be maxing it out at 312k.  No excuse.  [/quote]

Probably. That income level is only the last 3 years, though - spent early 30s with both of us in grad school then worked our way up and started seeing a major ROI on those education investments relatively recently. We also have $250k in home equity and little consumer debt. We have simple tastes and will happily live on a lot less and downsize in retirement. There are other things to worry about/enjoy than building a monstrous nest egg that could be useless if we drop off a cliff and shed our mortal coils pre-retirement. Also don't believe in the save-till-you-drop approach then total retirement - I work with lots of people in their 60s and even 70s still doing independent consulting - voluntarily, for mental challenge and periodic income - in my area of consulting. [/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