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Reply to "Two Million Dollar 401ks"
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[quote=Anonymous][quote=Anonymous]It seems a one million dollar 401k was everyone’s goal. But now with greater contribution limits and a bull market more people are hitting two million. And a rare lucky few even 5 million in their 401ks if they did the max and all growth stocks and older. How did one million for a retirement goal in the 401k so quickly become a small amount? [/quote] To specifically answer your question: - When fewer and fewer people have pensions, they need bigger defined contribution plan balances. - Changes in tax laws (specifically, mega backdoor Roths) have allowed participants to contribute much more to retirement plans, leading to higher balances. - High-income people want more to retire on. We make ~$500k in HHI (without pensions), and a $1m retirement plan balance would require a dramatic change in lifestyle. [/quote]
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