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Reply to "How much should be in 401k at age 40?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think the rule of thumb for 40 is 3x your salary [/quote] Terrible rule of thumb and is completely unattainable for most people [/quote] How is it unattainable? If you make 100k, you think it's ridiculous to have 300k after 18 years of working? If you saved 10% of your income + company match, with below avg growth you would have well over 300k[/quote] Um.....between myself and my employers, it's over 10% and I don't have 300 K. I'm over 200 K. [/quote] It's really dependent on how the money is invested. Some plans are very conservative. Some companies and agencies have different levels of risk that employee can choose from. We chose very conservative funds and were way behind (also had no matches) then became self-employed and started making up for lost time. Hard to be older, though, taking on greater risk when we should be lessening risk. [/quote]
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