Anonymous wrote:It’s never too late! That 100k will be 400k by the time you are 62. Keep adding to it as much as you can now. Don’t compare yourself to the DCUM posters - they are either really in the top 1 percent or just liars.

Is it really that big of an increase... I'm ahead of the OP, and am hoping that's true, but there is a lot of heavy propaganda constantly telling you that if you don't have 4x times your income when you 44 (or whatever) that you're basically going to live in a cardboard box in your old age.

You have another 17-22 years to work. AND you will likely get social security. You've got this OP. Just save as much as you can.

This is a math problem.

The variables are as follows:

- expected age of retirement (and/or plans to not retire)?
- expected lifespan
- expected annual expenses in retirement (these can vary wildly, of course)
- expected rate of return in retirement
- expected rate of return pre-retirement
- expected inflation rate
- expected annual income and annual increases until retirement
- expected future savings rate
- other sources of retirement income (pension, Social Security, Railroad Retirement, part-time employment, etc.)
- your risk tolerance for retirement account investments
- luck

The givens are:

- starting age of 48
- starting amount of $100k

We can't tell OP if he is doomed or not because we do not know his current lifestyle and expenses. If his income is $20k per year and is happy with his current lifestyle, $100k saved would be great. If his income is $500k per year and he is living the type of lifestyle that would be expected at that income level, he will likely be disappointed.

Anonymous wrote:Am I doomed? 48 only 100k in 401k.

But I just started invested in Roth ira and already maxed for this year.

I can't buy back the past, but I can focus on the future and now.

I am divorced. I have twins who are both in college. They both have full merit aid. They both have part time jobs, but I still help them for a total of $12k per year.

I don't have a house and rent. I don't have any debt. And I have $25k in liquid savings. I live a simple life.

I will retire when nobody wants to hire me anymore.

I would love to change career, and make more money but I think I am too old for that.

Step 1 and awareness and understanding of your current situation.

Step 2 is education and self-study of what is possible - start here: https://www.bogleheads.org/

100k at 48 isn't great, but it's not horrible either and with your laser focus now, my money is on you being just fine in the longer term!

Good luck.

Max out your 401K and try to save more on top of that, if you can. Good luck.

I didn't start a 401k till I was 40 because I spent the previous 14 years living and working outside the US. When I moved back it was the first thing I did, and I maxed every year since then. I'm 45 now and there's 250k in the 401k already. In just six years. My 401k is in a S&P fund and it's grown aggressively. Doesn't mean it will grow as rapidly going forward but I plan to keep maxing and keep it in the S&P fund. Expect to retire around 67ish, so another 22 years to go. Not too worried.

The assumption is that the stock market will keep growing. Every time someone says otherwise, people will quickly remind them that data from X number of years support this.

So that's great news for you. Since the market always go up in the long term, it means over the next 17 years, assuming you retire at 65, the stock market will probably return 7% on average. This is guaranteed at least from what I have read here over the years.

Timewise $100k is often about 25% of the way to a million. At this point your compounding growth and reinvested returns may start to surpass what you add on your own each year. So, your savings will start to accelerate.

Focus on at least adding every pay raise into the 401k at work along with the Roth IRA. Make sure to at least get the maximum company match.

Also make sure your funds are not too conservative a simple SandP 500 fund is really all you need.

Anonymous wrote:Am I doomed? 48 only 100k in 401k.

But I just started invested in Roth ira and already maxed for this year.

I can't buy back the past, but I can focus on the future and now.

I am divorced. I have twins who are both in college. They both have full merit aid. They both have part time jobs, but I still help them for a total of $12k per year.

I don't have a house and rent. I don't have any debt. And I have $25k in liquid savings. I live a simple life.

I will retire when nobody wants to hire me anymore.

I would love to change career, and make more money but I think I am too old for that.

Yes you are doomed with this stupid mindset. I will give you one advice. If you want to change job/career at your age, do not go on Internet forums. You will be discouraged with the oldies telling you you are f**d etc.

If you want advice, ask without saying your age. The minute your age start with 4, you will hear comments after comments asking ageism this that forget it.

Do your own research first. Make an inventory of your skills. Think hard about where you want to pivot. Find out what skills you need. And then apply apply apply. It's a number game.

And if you are fat, lose weight. If you look like a grandpa, exercise, take care of skin, sleep, stay hydrate. If you did this you will be in the top 10% of men your age because many men over 40 simply let themselves go and they are surprised at the results. No 48 years old should look like he is 60, but sadly many do.

Anonymous wrote:

Anonymous wrote:It’s never too late! That 100k will be 400k by the time you are 62. Keep adding to it as much as you can now. Don’t compare yourself to the DCUM posters - they are either really in the top 1 percent or just liars.

Thank you. I appreciate the encouragement. For now I am laser focus on saving for retirement. I am tracking all my expenses. I stopped smoking and drinking, which really helped because I never realized how much I spent on cigarettes and beer/liquor.

Self awareness is very important in life. Not only quitting cigarettes and alcohol will be good for your health, they will also help you save money.

We have normalized alcohol so much in this country , it is really stunning when you think about it. When was the last time I went to a dry party/event? I can't remember. I don't drink and I am not about to start.

Anonymous wrote:It’s never too late! That 100k will be 400k by the time you are 62. Keep adding to it as much as you can now. Don’t compare yourself to the DCUM posters - they are either really in the top 1 percent or just liars.

Thank you. I appreciate the encouragement. For now I am laser focus on saving for retirement. I am tracking all my expenses. I stopped smoking and drinking, which really helped because I never realized how much I spent on cigarettes and beer/liquor.

Try to start maxing out your 401k ($23,500) and you will be in good shape in 10 years. Does your 401k have a match?

Also, ask for a bigger raise at work- never hurts to ask

Anonymous wrote:It’s never too late! That 100k will be 400k by the time you are 62. Keep adding to it as much as you can now. Don’t compare yourself to the DCUM posters - they are either really in the top 1 percent or just liars.

+1. You live a simple life. Just keep saving and you should be fine.

It’s never too late! That 100k will be 400k by the time you are 62. Keep adding to it as much as you can now. Don’t compare yourself to the DCUM posters - they are either really in the top 1 percent or just liars.

Am I doomed? 48 only 100k in 401k.

But I just started invested in Roth ira and already maxed for this year.

I can't buy back the past, but I can focus on the future and now.

I am divorced. I have twins who are both in college. They both have full merit aid. They both have part time jobs, but I still help them for a total of $12k per year.

I don't have a house and rent. I don't have any debt. And I have $25k in liquid savings. I live a simple life.

I will retire when nobody wants to hire me anymore.

I would love to change career, and make more money but I think I am too old for that.