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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]Had about $250K when I was 40. Had about $325K at 50. Consider myself pretty far behind. Fortunately, my wife's contributions to her TSP is much higher (for 10 years she was maxing out her contributions while I was paying for virtually all household expenses including mortgage, utilities, CCs, and finally daycare when we had kids), so we're doing okay on average. I started a new job this year at age 51 with a substantial raise. I have not set it up to max out $24K funding (catch-up contributions) plus a 3% match by employer. Doing this, essentially eats up my raise, but it's worth it. Now I will max out my 401K contributions with catchup and my take-home is essentially the same as it was last year.[/quote]
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