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Reply to "How much should be in 401k at age 40?"
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[quote=Anonymous][quote=Anonymous]Millionaire next door says (age x annual income)/10. Ie: ($150,000x 40)/10 = $600,000. [/quote] lol. What if your income has increased significantly during your working life? That worked at 30 for us but not 40 due to income increases. We have to use a taxable account now in addition to tax advantaged retirement accounts to reach our retirement savings goals. Don’t let these math rules of thumb deter you from saving and investing. Do the best that you can, avoid lifestyle inflation, invest in good mutual funds and etfs and don’t worry about keeping up with the Jones’s.[/quote]
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