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

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[quote=Anonymous][quote=Anonymous]I don't understand how these high Numbers are possible for people under 35-40 in only a 401k, the max per year isn't enough to get over $1mm even if you were maxing out every year.... what am I missing?![/quote]
I question the 26 and 30 yo PPs simply because even with max plus profit sharing or solo/partnership I don't see how they could get that much given the last 10-12 year market performance.  Probably FOS/trolls.  Speaking for myself, my company has no match so I kick in 18k myself.  My company has a profit sharing plan that kicks in another $30-35k so I end up contributing about $50k a year.  If someone that young (no catch up contributions) is solo/business owner or has a generous employer and maxes out at 54k a year he/she could get to $1mm pretty quickly in a bull market.  I'm not buying 26 years old though.  Starting at 18 and a zero balance that would take 54k/yr and a 23% rate of return to hit $1mm by 26.  I don't even think Warren could pull that off.  :)[/quote]

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