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Reply to "Come in if you're 40 - how much in your 401k?"
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[quote=Anonymous][quote=Anonymous]With the 401K contribution limits, even if you max out your 401k each year, unless you are getting a significant employer match or a very large profit sharing contribution, it is only possibly to get so much money into your 401K. If a 40 year old has been making the maximum contribution for 20 years, at an annual return of 7% (which is a little unrealistic) they would have about $550,000 right now. Now if you are self employed and have a SEP-IRA, and can put away over $50,000 a year, but you have to earn over 200K to contribute that much. [/quote] Not sure if this was directed at me (we both had around 750K above) but we both get a big match of 7 and 8% respectively. We are 45 and 43 now and we have just short of $2.3M. Adds up quickly and a great year in the markets like this one moves the needle quickly. [/quote]
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