Anonymous
02/19/2024 12:32
Subject: How much should be in 401k at age 40?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:You're asking about the 401k, but by 40 you should try backdoor contributions to a Roth IRA as well.
Odd advice without knowing income. Most Americans make below the Roth contribution phase out.
Strongly suggest looking up the details for “backdoor” Roth contributions.
You missed the point. The average American doesn't make enough money to have to use a backdoor to contribute to a Roth. Sorry you live in a UMC bubble.
No, you missed the point. Regardless of OP’s income, Roth IRA benefits are available to OP. And by 40, the advice is to look into taking advantage of that by contributing to a Roth IRA. Thats solid advice, and you’re focused on whether or not a backdoor is needed - who cares.
Anonymous
02/19/2024 12:22
Subject: How much should be in 401k at age 40?
Anonymous wrote:I think the rule of thumb for 40 is 3x your salary
Terrible rule of thumb and is completely unattainable for most people
Anonymous
02/19/2024 12:17
Subject: How much should be in 401k at age 40?
I'm 44 and have $1.15M.
Been maxing out 401k since 25 years old.
Been maxing out 401k since 25 years old.
Anonymous
02/19/2024 11:57
Subject: Re:How much should be in 401k at age 40?
I’m 40 and have $440K
Anonymous
02/19/2024 11:26
Subject: How much should be in 401k at age 40?
I’m 37 and have 150k.
Anonymous
02/19/2024 10:48
Subject: How much should be in 401k at age 40?
Anonymous wrote:Anonymous wrote:Anonymous wrote:You're asking about the 401k, but by 40 you should try backdoor contributions to a Roth IRA as well.
Odd advice without knowing income. Most Americans make below the Roth contribution phase out.
Strongly suggest looking up the details for “backdoor” Roth contributions.
You missed the point. The average American doesn't make enough money to have to use a backdoor to contribute to a Roth. Sorry you live in a UMC bubble.
Anonymous
02/19/2024 10:43
Subject: How much should be in 401k at age 40?
Anonymous wrote:You're asking about the 401k, but by 40 you should try backdoor contributions to a Roth IRA as well.
And you should be making 1 million per week by now 😂
Anonymous
02/19/2024 10:27
Subject: How much should be in 401k at age 40?
Anonymous wrote:Anonymous wrote:You're asking about the 401k, but by 40 you should try backdoor contributions to a Roth IRA as well.
Odd advice without knowing income. Most Americans make below the Roth contribution phase out.
Strongly suggest looking up the details for “backdoor” Roth contributions.
Anonymous
02/19/2024 10:03
Subject: How much should be in 401k at age 40?
Anonymous wrote:You're asking about the 401k, but by 40 you should try backdoor contributions to a Roth IRA as well.
Odd advice without knowing income. Most Americans make below the Roth contribution phase out.
Anonymous
02/19/2024 09:14
Subject: How much should be in 401k at age 40?
You're asking about the 401k, but by 40 you should try backdoor contributions to a Roth IRA as well.
Anonymous
02/19/2024 09:12
Subject: How much should be in 401k at age 40?
As much as you could have possibly saved. "Should" depends, what's your annual salary, what is your family size (single? DINKS? married no children? Married 3 children?)
Throwing a random number out there may make you feel good or bad, but it's meaningless. The number is very different for someone making $80k v $250k for example
Throwing a random number out there may make you feel good or bad, but it's meaningless. The number is very different for someone making $80k v $250k for example
Anonymous
02/19/2024 09:09
Subject: How much should be in 401k at age 40?
37 and I have 20k
Anonymous
02/19/2024 09:06
Subject: Re:How much should be in 401k at age 40?
300k and you're fine. Would more be better? Of course, but 300k is fine. Most Americans have much less.
Anonymous
02/19/2024 08:45
Subject: How much should be in 401k at age 40?
I think the rule of thumb for 40 is 3x your salary
Anonymous
02/19/2024 08:42
Subject: How much should be in 401k at age 40?
Average