Toggle navigation
Toggle navigation
Home
DCUM Forums
Nanny Forums
Events
About DCUM
Advertising
Search
Recent Topics
Hottest Topics
FAQs and Guidelines
Privacy Policy
Your current identity is: Anonymous
Login
Preview
Subject:
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:
Default
Dark Red
Red
Orange
Brown
Yellow
Green
Olive
Cyan
Blue
Dark Blue
Violet
White
Black
Font:
Very Small
Small
Normal
Big
Giant
Close Marks
[quote=Anonymous][quote=Anonymous]I'm math challenged. Is there a simple-ish way to get a sense of how much we will likely have at retirement based on what we have now? If I'm 45 and have $230K saved now. [/quote] 230000*1.06^20 = $737,641 That assumes that you take your current 230k, contribute nothing further (so obviously a VERY conservative investment), invest in mostly stocks and assume a 6% growth rate (which I consider a bit high but usually when a financial advisor does this for you like Fidelity, they assume 7%), and you keep it invested for 20 more years -- i.e. until age 65. You can play with this formula yourself to see what it would come out to at a 5% rate (multipler = 1.05) or 10% (1.10 multiplier). You can add to it by running separate formulas -- like if you were planning to put in 18k next yr -- you'd then separately do 18000*1.06^19 -- and add that to the preceding results. (That 18k only has 19 yrs to grow bc you're a yr closer to retirement).[/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
