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][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]
DP.. that's harsh, but yes, PP should be putting max into retirement.  For college, your DCs can always get loans; not ideal, but possible. You, oth, no one will loan you money for retirement.

If you have a high deductible health insurance plan, open an HSA and max it out. It probably won't pay for all the medical expenses, but it's tax deductible.  Every bit will help.

Forget about trying to save or pay for college right now.   Medical costs and your retirement should take precedence.[/quote]

We don't have uncovered med expenses now- we have good insurance now. The medical debt was from years of uncovered medical bills when we were very young and our daughter was young. When she was 3 we owed nearly 200k in medical bills - we werent even 30 yet. We've paid it off over time but at times it nearly bankrupted us.
I do max out my 401k and thankfully the 2  kids got a lot of merit aid and the college bills aren't bad. We just had a rough first 10 years with our daughter and even though we are financially sound now, we are behind for sure. We are working on getting the savings up to ensure we have six months of savings to live on just in case one of us ever loses our job. Then my husband will max his 401k out too. And once we turn 50 we will do the max plus catch up max. [/quote]

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