Anonymous
12/27/2017 23:48
Subject: Come in if you're 40 - how much in your 401k?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Feel very very behind. 680k, 2 workers. Just became dual income a few years ago and are scrambling to catch up. Putting away 49k/yr now. Hoping we won't have to work past 65. Silver lining is kids college is almost fully funded and they are 11&8. Probably should not have gone as agressive on college and should have beefed up retirement more.
That is not behind. Most people in the U.S. retire with less than $100K.
How do you put away 49k/yr in 401(K)? 2 incomes max out with employer match? I wondering because I am a high-earner and max out but don't get match, so I'm puzzled how to grow my 401(k). Instead I am looking for other savings vehicles. Am I doing something wrong. Turning 40 this year. Dual income household.
NP here. I work for a school district and we have 403b as well as 457 available to us, I max $36,000 and DH maxes his 18k, I don't know Op's scenario but I thought I would share one of the ways once can do 54k.
Anonymous
12/27/2017 21:14
Subject: Come in if you're 40 - how much in your 401k?
Anonymous wrote:Anonymous wrote:Anonymous wrote:How did 2 of you even get $400k in loans? you must have maxxed out the loans you could receive every year. That was stupid. Live well as a student, live poor as an adult. You can't go back, but it's good lesson to teach your kids (and for other people to heed when advising their kids how much to borrow!)
I had to pay for school but only borrowed tuition, worked during the summers and part-time in law school to pay my living expenses.
Good for you? I'm not the PP, but how do 2 people get 400k in loans -- are you that naïve? Did you have no classmates who borrowed 65k/yr -- all law school costs -- for each year?
Only the idiots who borrowed every penny they could. Who does that? It is stupid.
Answer to who does that is people who want to go to law school in a big city and who don’t have families who will pay for it or contribute to the cost. Not exactly a difficult concept to grasp.
Anonymous
12/27/2017 21:06
Subject: Come in if you're 40 - how much in your 401k?
Anonymous wrote:Anonymous wrote:Anonymous wrote:How did 2 of you even get $400k in loans? you must have maxxed out the loans you could receive every year. That was stupid. Live well as a student, live poor as an adult. You can't go back, but it's good lesson to teach your kids (and for other people to heed when advising their kids how much to borrow!)
I had to pay for school but only borrowed tuition, worked during the summers and part-time in law school to pay my living expenses.
Good for you? I'm not the PP, but how do 2 people get 400k in loans -- are you that naïve? Did you have no classmates who borrowed 65k/yr -- all law school costs -- for each year?
Only the idiots who borrowed every penny they could. Who does that? It is stupid.
Pretty sure if I got into HLS and didn't have any type of family support, I'd borrow every dollar. I happen not to believe that a half ride or free ride to a state school for the state in which you want to live is just as good. Borrow for HLS, go into biglaw making 180k as a first yr, continue to live like a student and you'll pay it off in under 5 yrs.
Anonymous
12/27/2017 21:04
Subject: Re:Come in if you're 40 - how much in your 401k?
Anonymous wrote:Combined have 250k plus a teacher pension. Thought we were doing ok, but reading on here makes it seem like we are behind.
Depends on when you plan to retire and what kind of income you need/want in retirement.
Anonymous
12/27/2017 20:46
Subject: Re:Come in if you're 40 - how much in your 401k?
Combined have 250k plus a teacher pension. Thought we were doing ok, but reading on here makes it seem like we are behind.
Anonymous
12/27/2017 20:27
Subject: Come in if you're 40 - how much in your 401k?
Anonymous wrote:Anonymous wrote:How did 2 of you even get $400k in loans? you must have maxxed out the loans you could receive every year. That was stupid. Live well as a student, live poor as an adult. You can't go back, but it's good lesson to teach your kids (and for other people to heed when advising their kids how much to borrow!)
I had to pay for school but only borrowed tuition, worked during the summers and part-time in law school to pay my living expenses.
Good for you? I'm not the PP, but how do 2 people get 400k in loans -- are you that naïve? Did you have no classmates who borrowed 65k/yr -- all law school costs -- for each year?
Only the idiots who borrowed every penny they could. Who does that? It is stupid.
Anonymous
12/27/2017 18:15
Subject: Come in if you're 40 - how much in your 401k?
Anonymous wrote:Anonymous wrote:Feel very very behind. 680k, 2 workers. Just became dual income a few years ago and are scrambling to catch up. Putting away 49k/yr now. Hoping we won't have to work past 65. Silver lining is kids college is almost fully funded and they are 11&8. Probably should not have gone as agressive on college and should have beefed up retirement more.
That is not behind. Most people in the U.S. retire with less than $100K.
How do you put away 49k/yr in 401(K)? 2 incomes max out with employer match? I wondering because I am a high-earner and max out but don't get match, so I'm puzzled how to grow my 401(k). Instead I am looking for other savings vehicles. Am I doing something wrong. Turning 40 this year. Dual income household.
Anonymous
12/27/2017 16:59
Subject: Come in if you're 40 - how much in your 401k?
me 200 in 401k, 60 in roth
dh 770 in 401k, 60 in roth
we r 43
dh 770 in 401k, 60 in roth
we r 43
Anonymous
12/27/2017 14:07
Subject: Come in if you're 40 - how much in your 401k?
44 years old and 748k in TSP. Feels pretty good 
Anonymous
12/27/2017 14:01
Subject: Come in if you're 40 - how much in your 401k?
Anonymous wrote:Feel very very behind. 680k, 2 workers. Just became dual income a few years ago and are scrambling to catch up. Putting away 49k/yr now. Hoping we won't have to work past 65. Silver lining is kids college is almost fully funded and they are 11&8. Probably should not have gone as agressive on college and should have beefed up retirement more.
That is not behind. Most people in the U.S. retire with less than $100K.
Anonymous
12/27/2017 13:08
Subject: Come in if you're 40 - how much in your 401k?
Anonymous wrote:How did 2 of you even get $400k in loans? you must have maxxed out the loans you could receive every year. That was stupid. Live well as a student, live poor as an adult. You can't go back, but it's good lesson to teach your kids (and for other people to heed when advising their kids how much to borrow!)
I had to pay for school but only borrowed tuition, worked during the summers and part-time in law school to pay my living expenses.
Good for you? I'm not the PP, but how do 2 people get 400k in loans -- are you that naïve? Did you have no classmates who borrowed 65k/yr -- all law school costs -- for each year?
Anonymous
12/27/2017 12:56
Subject: Come in if you're 40 - how much in your 401k?
How did 2 of you even get $400k in loans? you must have maxxed out the loans you could receive every year. That was stupid. Live well as a student, live poor as an adult. You can't go back, but it's good lesson to teach your kids (and for other people to heed when advising their kids how much to borrow!)
I had to pay for school but only borrowed tuition, worked during the summers and part-time in law school to pay my living expenses.
I had to pay for school but only borrowed tuition, worked during the summers and part-time in law school to pay my living expenses.
Anonymous
12/27/2017 12:55
Subject: Re:Come in if you're 40 - how much in your 401k?
Anonymous wrote:Anonymous wrote:Anonymous wrote:110k and 90k. We’re both 39. Late start due to over 400,000 in law school loans to pay off. We didn’t do any investing in out 401ks while paying down the loans.
I am the PP who said we have about 1.7M combined. I am 44 and DH is 43. I also have law school loans; however, we looked at the rate I was paying 4.5% on highest ones (2nd one is lower) and our return in 401ks were higher on average. Also, before we refinanced our mortgage into a 20 year fixed, we had a second mortgage that was higher than 4.5%. So we paid off mortgage first. Also, your AGI is lowered by 401K contributions. Even if you put in catch up contributions you will never make up the growth that compounded returns do. Right now I have about $85K left on loans. New mortgage is about 3.38% so now that child care expenses have dropped by about 1/2 we will probably tackle some of my remaining loans.
If I recall correctly, we had over 150,000 in law school loans at 8.6%, another 100,000 at 6.8%. So we made different choices that you did. Is there any purpose in your comment above other than trying to make me feel bad? Thanks.
This. What's done is done and they're doing the best they can now to catch up. I don't understand the desperate on DCUM to always go down the -- haha you're dumb, you did it wrong, we're smarter and richer -- road.
Anonymous
12/27/2017 12:43
Subject: Re:Come in if you're 40 - how much in your 401k?
Anonymous wrote:Anonymous wrote:110k and 90k. We’re both 39. Late start due to over 400,000 in law school loans to pay off. We didn’t do any investing in out 401ks while paying down the loans.
I am the PP who said we have about 1.7M combined. I am 44 and DH is 43. I also have law school loans; however, we looked at the rate I was paying 4.5% on highest ones (2nd one is lower) and our return in 401ks were higher on average. Also, before we refinanced our mortgage into a 20 year fixed, we had a second mortgage that was higher than 4.5%. So we paid off mortgage first. Also, your AGI is lowered by 401K contributions. Even if you put in catch up contributions you will never make up the growth that compounded returns do. Right now I have about $85K left on loans. New mortgage is about 3.38% so now that child care expenses have dropped by about 1/2 we will probably tackle some of my remaining loans.
If I recall correctly, we had over 150,000 in law school loans at 8.6%, another 100,000 at 6.8%. So we made different choices that you did. Is there any purpose in your comment above other than trying to make me feel bad? Thanks.
Anonymous
12/27/2017 10:21
Subject: Come in if you're 40 - how much in your 401k?
Anonymous wrote:42
I haven't checked in a few months, but based on previous balance, somewhere around $350K. Another $130K or so in a Roth IRA.
That's just my balance. I'm divorced. I will also have a federal pension fortunately. I'm working on increasing the amount I'm putting into my TSP each year.
Just checked and I’m at $368k in my TSP and $136k in my Roth. So that’s a little happier.