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Reply to "Tell me how much you have saved in your 401K at age 40."
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[quote=Anonymous][quote=Anonymous]In order to have 400K or so in your 401K by age 40 you would have had to start contributing in your early 20s and put in a good amount of money, if not the max contribution, each year.[/quote] yes and no. I have more than double that in my 401k and didn't start making meaningful contributions until I was about 30. However, my employer has a profit sharing plan that kicks into the same plan so I end up (with maxing) putting in about 40-50k a year. Self-employed can do even more and cap out at $54k/yr in 2017 (higher if you are old enough for catch up contributions). With those numbers you can hit 400k pretty quickly given the recent performance of the market.[/quote]
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