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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][quote=Anonymous]I'm 45 and have only $119k in my 401k and we have $20k in savings. Very little debt, but also don't own a house (we rent). We have had to dip into retirement accounts several times due to medical issue with one of our kids. [b]We are paying for 2 other kids in college out of pocket without dipping into those amounts.[/b] My husband has little in his plan. Having a sick kid has killed us financially but we are doing the best we can. It's pretty terrifying. [/quote] Dumb move. Every spare penny you have should be going towards retirement. [/quote] Well, it's a fact that their kids are in college and will need to be able to pay for that somehow. In contrast, none of us know what retirement will be like - how healthy we'll be or whether or not we'll even live long enough to see it. Ideally, you'll put away a little something for retirement AND for the kids' college.[/quote]
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