Reply to How do people have massive retirement accounts if it's a $19,500 (or whatever) limit per year?

Forum Index » Money and Finances

Reply to "How do people have massive retirement accounts if it's a $19,500 (or whatever) limit per year?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Also when people say they have X dollars in their retirement accounts, they’re probably including all their savings and investments that they have earmarked for retirement, even those that aren’t officially “retirement” accounts for tax purposes. [/quote]

No, I don't. I am 48, started working at 21. Probably put $1,000 in my 401(k) the first year, when I made $29,000. Have always put in as much as I could, and got employer match each year although it has varies depending on where I work, I usually just did the S&P 500 or "lifecycle"-type funds and have probably maxed for the last 5-10 years. My husband has done the same.

I think we are each at almost a million now, and we are not even 50 years old. So we would say we have about $2 million in retirement (it's probably $1.9M) and it will be double that assuming the stock market doesn't tank in the next 10 years. We have no other stocks or investments other than the house and $50K in the bank.

We also saved $5K a year for each kid in a 529 starting when they were born (in the early years we did the dependent care FSA and then immediately put the reimbursements in the 529) and had $120K when our oldest started college this year, which is enough for his state school.

Compounding and stock market growth have really helped, but you have to put something in during the early years, which are the hardest. [/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