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Reply to "Is anyone NOT a 401k millionaire?"
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[quote=Anonymous][quote=Anonymous]https://www.morningstar.com/news/marketwatch/20241205305/millennials-are-finally-joining-the-401k-millionaires-club-heres-how-they-got-here Srsly. DH and I are still in our late 20s and each of us has $1M+ in our 401ks. Is being a millionaire the new lower class? [/quote] BS. Let's do the math. 401K max for employee is 23K this year. Most employers don't match 100% with no cap--but let's say both of yours do. From 22 to 25, let's say you were setting aside 10 per year, so 10+10 employer (20) from 22 to 25, and then let's say you went up to 23 + 23 = 46 from 26 to 29, and let's say you're now 29 (in your 20s). Assuming a 10% annual rate of return, which is above the S&P for the past eight years, you'd each have $350K. If you somehow got a 20% annual RoR for the entire period, you'd be at $460. And lastly, if you somehow were doing 46 each the entire time with 20%, you'd be at $760 each. [/quote]
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