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Reply to "Tell me how much you have saved in your 401K at age 40."
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[quote=Anonymous][quote=Anonymous]Me (48 y/o): $962k (401k + IRAs) Spouse (47 y/o): $562k (401k + IRAs) Spouse is a Fed (GS-14 w/22 yrs in) with FERS retirement which should come out to about $70k annually upon retiring around age 60. $460k in non-retirement savings $210k total in 529s for 2 kids starting college in 2022 and 2025 Mortgage will be paid off in 3 years[/quote] NP here. We're in a somewhat similar situation (except with less in non-retirement savings but a lot more in 529s for our 2 kids). Question -- My spouse is also a federal employee (GS-15). HOw do you arrive at $70K annually upon retiring at age 60? (I thought you get about 30% of your highest salary after 30 years. Is your gross $210,000?) I confess I'm not that knowledgeable about the federal employee retirement system. Thanks.[/quote]
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