Well, how much do you have in your 401K and how old are you?

Discussion in 'Industry Veterans' started by Anonymous, Nov 5, 2009 at 5:50 PM.

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  1. Anonymous

    Anonymous Guest

    26yr. female 401k+=11k
     

  2. Anonymous

    Anonymous Guest

    33, 200k in 401k, another 75k in the market, and another 250k in cash. Own a house, with about 100k in equity (taking into account the reduction in value this year). Sometimes I feel like I'm doing fine, then sometimes I feel like I need more $$$. I don't want to work forever.
     
  3. Anonymous

    Anonymous Guest

    57 yo. One company for 33 years. $1.5 million in 401-k; $2,000 checking; $85K saving investment property inherited at $250,000, pension going to pay $60K/yr. Retirement includes medical, and dental, but not vision. $750K house, but still owe $400K. That sucks. Retiring end of next year, come hell or high water. I am sooo outahere.
     
  4. Anonymous

    Anonymous Guest

    Age 43

    401Ks,Self-directed IRAs= $860K
    Cash,CDs,Mny Mkts, after tax brokerage accounts=$214,000
    House=valued at $475K and owe $69K
    Company froze pension plan years ago-you can take what you accrued to that point only. If I take the pension at 62 it's worth $700/month. They will probably kill the whole thing before that time though
    No company subsidized healthcare at retirement
     
  5. Anonymous

    Anonymous Guest

    No. 64, we're of similar age, and probably in the market about the same length of time, but you have about 2X as much as me in your 401K. I'm guessing therefore that your asset allocation has been at least 75% in equities from the start (which is correct considering your young age). Care to share your investiment strategy?
     
  6. Anonymous

    Anonymous Guest

    I did have that much in equities (stock funds not individual stocks) starting in 1989 when I got my first job until recently but I chickened out over the last six months gradually. I took it in the shorts end of 2007 and into 2008-like everyone else. So I decided that once the market rebounded (I used Dow getting back to 10,500/11,000 as a jump off point)and the portfolio got back on track that I would gradually move money into cash/more bonds/bought CDs through Vanguard and so forth. Now I am 45% stocks/55% bonds,cash, CDs,etc. I know it might not be the right thing to do but I am just no longer comfortable with being too heavy in the market. Despite what some 'experts' say, and I am no expert, I just don't think the market will ever be quite what it used to be. Yes, stocks have outperformed over the last 80 years but the long-term return averages are starting to come down. Heck, it's been 10 years straight of just about no gains at all. And again, despite what some people say, I don't see the economy getting consistantly better for years, literally. It may surge here and there but will it be sustained? Jobs aren't there and what sector is really even taking off at all?

    As far as my strategy over the last 20 years-I max out allowed contributions and saved after tax in various funds as well. I got into a ton a different funds over the last 20 years ( a planner would probably say too many for me to keep track of and maybe they would be right) and I do have some overlap. I just always felt better owning shares in just about every company out there-domestic and int'l. That way as some crap the bed, there are others to boost up. I'd like to think that strategy helped me in 2007 when I only backed up 25%. Some of our friends lost over 40%. I also am in some tax advantaged funds as a hedge. The return isn't as good but it helps at tax time. My wife works full time too. And I always have dollar cost averaged into the market each month with any left-over take home pay so I am buying in to the market consistantly. Even now my 401K purchases are high equity (probably 75% of my purchases by into stock funds). Its the money I already had sitting in there that I moved into safer places.

    Lastly, we only have one child and my wife and I live below our means. I suppose we learned that from our parents.

    Hope this helps
     
  7. Anonymous

    Anonymous Guest

    25yrs 30k in 401k..12k investments..10k bonds... my dad always kept telling me to save in life and I'm glad im listening
     
  8. Anonymous

    Anonymous Guest

    38 years old
    $298,000 in 401Ks (both mine and my wife's combined)
    $80,000 in brokerage accounts
    $42,000 in savings/money mkts/CDs
    $30,000 in two 529Ks
    Owe $97K on mortgage/house valued at $325K

    My questions is....

    In many of the previous posts,-are people including both spouses 401Ks in their net worth numbers (if their spouse works or has worked) or is it only the poster's numbers? If some of the posts don't include both spouses I am really stinking it up with our savings!
     
  9. I have so much fuckin money in the bank...I just don't know what to do.
     
  10. Drug Dumper

    Drug Dumper Well-Known Member

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    Wanna share?
     
  11. Anonymous

    Anonymous Guest

    401K 250,000
    Equities 3 million
    Checking 50,000
    Owe 300,000 on 800,000 house
    no children

    45 and just retired from this industry and will do something on my own
     
  12. Anonymous

    Anonymous Guest

    Don't look at the DOW... It has changed. What do you think the DOW would be at if it still have Enron and GM in it? How low would THAT be? Pick a different index to peg your success or lack of it to...
     
  13. Anonymous

    Anonymous Guest

    59
    32 years w 2 companies
    wife, (not worked outside the home enought to qualify for SS on her own), 2 grown kids (private college already done and both paid for)
    House: $850,000 with a $400,000 mortgage
    Other Real Estate: $350,000 free and clear
    Bank/Investments: $125,000
    401-K, Roth: $1,570,000 as of today
    Pension: To be about $85,000/year when I retire, with medical bennies for retirees.

    But no idea what to do after I retire except rest. That will take about a month or two.
     
  14. DCB23

    DCB23 Guest

    41, single, no dependents
    101k in my 401k
    3k in savings/checking
    Planning to start a Roth or traditional IRA next week (still can't decide)

    Mortgage to pay nothing else besides utilities etc.

    Fascinating board to stumble on since I have been so curious about this. I will admit to feeling a bit worried given the impressive numbers cited here but I think this group represents a minority in the U.S. Numbers I have seen in the media paint a pretty frightening picture of an ill-prepared and debt-ridden American society.
     
  15. cruzinman

    cruzinman Guest

    Don't believe the media. Most people are better off than they paint. Oth erwise GM would not be able to have an IPO if shareholders were that scared. Plus, they're selling cars again. A guy with 32 years in and a net worth of over $2 mill doesn't get the headline, unlike the newly minted doctor defaulting on $500K in college and med school loans while survivng on Ramen Noodles and Sanka.
     
  16. Anonymous

    Anonymous Guest

    I just retired a year ago at 61. I stayed with the same company for virtually my whole career and maxed out my 401K (although there was no 401K when I started). I have well over 1.3 million now which I moved to an IRA when I retired. I was also fortunate to have a pretty nice pension before the company did away with them in 2004 (I was grandfathewred in).

    I think the key to being able to retire and live well is:

    * pay your house off in 15 years or less (I paid mine off two years ago)
    * no car payments (most pharmaceutical companies provide a car so that helps
    * Talk to a "trusted" financial advisor long before you retire
    * Take a modest contribution from your 401K when you retire (I would recommend 4% or
    less.
    * I split my investments (within the 401K) into an approximate 60-40 split betwen bonds
    and equities (my goal is to grow at 6-8 percent)
    * Pay everything in cash
    * Although most financial advisors recommend waiting until you are 66 to take your SS,
    I went ahead and claimed it when I was 62. My reason--I wanted to get on the books
    before these bastards in Washington used the funds for something else

    Being out of debt is the best way to approach retirement. It is tougher and tougher to build a 401K to a surplus of a million because companies are discouraging long term employees with layoffs, downsizing, etc. You have to build your retirement yourself and not depend on anyone.
     
  17. Anonymous

    Anonymous Guest

    So how much is your pension now?
     
  18. Anonymous

    Anonymous Guest

    36 yo single female
    270k 401k
    110k savings
    zero debt (but I don't own a home)
    (and no kids!)

    I feel like I should be a catch! LOL
     
  19. Anonymous

    Anonymous Guest

    The pension is not great but it provides about 60K annually. The nice thing is that my wife would get 75% of it if something happens to me. I also took out an insurance policy to bridge that gap for her if I departed before sahe did (stats say I will). I take a very low distribution on my 401K/IRA and I receive a small annuity check every month. If I total al;l of this up, i do not reach the income I had when i retired, but it is approximately 70-80% when yuou include social security.
     
  20. Anonymous

    Anonymous Guest

    Don't you have the option, or didn't you have the option at the time, of taking 100% survivor benefits? Or wasn't that an option. We have it as the default in our system. And the current monthly payments are only a hundred or two less... since she is going to outlive me by about 15 years, at least, based on familial and genetic history, that was a no-brainer.