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

    0 That's a big goose egg. 3 kids, stay at home wife, tried to do the right thing and boo ya... 40 by the way and just took an early withdrawal on the last of my 401k. Wasn't laid off, classic retaliation case. Now what, well I have some nice life insurance and a motorcycle. Looks like Pottersville for this dad.
     

  2. Anonymous

    Anonymous Guest

    40 yrs old. $140,000 in my 401K. My wife is the same age and has about the same. Mine was all in the last 9 years, as I was jumping from job to job in my twenties.
     
  3. Anonymous

    Anonymous Guest

    33 yr old, 200k.
     
  4. Anonymous

    Anonymous Guest

    I'm 43 & only have about $175k in my 401, plus another 60k invested elsewhere & about $70k liquid assets. Wife's old 401k (she hasn't worked in 13 years) has just under $50k. Equity in the house, about $200k. No debt what-so-ever, other than mortgage. Net worth: about $550k. Have very small pension from first pharma co. Still have to put 2 kids through college....I'm pretty well screwed. I'v probably jumped the financial shark already.
     
  5. Anonymous

    Anonymous Guest

    Just keep hammering your 401K at $16,500 a year. The markets will be back and at 43 you still have 20 years of working in front of you(I know I hate thinking of 20 years more of this job…if this job still exists!) That is plenty of time and plenty of market runs over the years to catch up. You’ll be fine. The biggest thing is you have no debt, which is what cripples most families. It may be very simplistic but it really doesn’t matter if you make $100K a year or $200K a year as long as you spend less money than you earn and invest the difference.

    Good luck!
     
  6. Anonymous

    Anonymous Guest

    I feel pretty good after reading this post. I'm 32, have about 200k in 401k, 200k in cash, 175k in equity in the house, and another 50k in stocks I play around with. I always feel like I need to save more, make more, etc...
     
  7. Anonymous

    Anonymous Guest

    50

    540K in 401K
    110K in Brokerage
    300K in Home Equity
    50K in checking, savings

    2 kids in need of college still
     
  8. Anonymous

    Anonymous Guest

    Your net worth is $1M including house equity. If you can get 6 or 7% on your investments and add $8k or so per year to your 401K you will certainly be done with work at 62, or sooner. Might not be flying all over the world each month in retirement but you will be fine! I've had to adjust my retirement dream downward to something a little more modest but at least we won't be working until we are 70+.
     
  9. Anonymous

    Anonymous Guest

    You are correct as I just hit the million mark. Now at 50 I can contribute catch-up as you mention on 401K and I take advantage of it each pay period to max out. True, I am not going to be high-flying but I have one vacation home where one day (if my health holds out) I will be able to retire. I forgot to mention a small (60K) pension from an old pharma company since gone but still held by an investment arm set up for us old timers. My present company will allow me with my tenure to tap into health plan upon retirement but not sure if this company will be next decade as my two other employers have since been bought out or merged.

    But the college tab still looms and I will sell a property to fund the education(s). It is on my mind constantly as I look at my friends putting their kids through school and they are writing some BIG checks!

    Wish it was 1980 again...good luck!
     
  10. Anonymous

    Anonymous Guest

    The option of tapping into the health plan that you mention is huge. I don't have that opportunity and that is what keeps me awake at night, not the college funding issue. My daughter starts school this fall. We have money in a 529 but not enough to pay for four years. At least she settled on a state school vs private-so that helps.

    But health care is the real issue for us. I really don't know what we will do until we are Medicare eligible. We hope to retire at 59 but then health care raises it hideous head. I really don't want to shell out $1300 a month for six years straight
     
  11. 34

    9k in 401k. Didn't start contibuting until my 30's. Too busy job hoping and going to grad school in my 20's to stay a year to be eligible to contribute.

    35K in student loans to pay off
    10k on car loan
    189k on a house. Zero Equity
     
  12. Anonymous

    Anonymous Guest

    I have to ask you all..how did you get so much in your 401Ks? I am almost 64 and am trying to find a way to retire soon. Unfortunately, 401Ks were not in existence for most of my career. I have a small pharma pension that will pay $200 a month at age 65. Whooppee!!! Then I have $65,000 in my 401K and another $60,000 in roll over IRAs. I never made a large enough income to put more than a small amount away. I was with small pharma, diagnostic and now a dental company. I can barely pay my expenses let alone put more into the 401K. However, I only owe $90,000 on a $300,000 house and am ready to pay off my car. I have some company stock that has tanked but if/when it comes back, that should pay off most of my mortgage. Kids are gone, no parents to provide for, and I do think I can afford to retire at 65. What am I missing here?
     
  13. Anonymous

    Anonymous Guest

    To above poster. 401K's have been around since your early 40's. Between 1990 and 2003 the Dow went from 3000 to 14,000. Either you had a lousy plan or were way too conservative. Starting with $10K investment in 1990 and a 4% match, compounding interest over the next 14 years would have turned it into over $300,000. Depending when you bought your house it may not even be an appreciating asset anymore.
     
  14. Anonymous

    Anonymous Guest

    Thanks for the 401K info. With downsizing I had many different positions and when a position was downsized I was not totally vested. One job, small pharma, gave me $9000 in the rollover which I put into a Vangaurd IRA, which was a mix of stocks and bonds. That is worth no more than $15,000 now. Mine did not grow as you mentioned, sure wish it had. I always took advantage of the 401Ks when offered but the vesting was an issue as well as what i could afford to have deducted. My last position paid better and that is where I got the most put away, about $60,000, and then that tanked with the market. At my age I think my only option now is to get the expenses cut way back to afford to retire on my SS of $1800 a month, my pension of $200, and then income from $60,000 in 401Ks and do something with my mutual funds and stock to turn them into income. It might be possible. It would be wonderful if the mortgage could go way down and then i could be home free. My house actually is fine. I built it in the 1990s for $150,000, and now only have $90,000 left on the mortgage. The house is easily worth close to $300,000 in this bad market and had been close to $400,000. It is on an acre in a very desirable location and the house is in great shape, only 12 years old. But, I want to stay there. I probably could not rent for what I pay in mortgage, about $600 a month.

    I think I am close to being able to retire but it is really close. No trips to the Bahamas etc are in my future!! but, that's ok, just being out of this rat race will be worth it.

    When I can fit in time to do it, I need to see a financial planner I guess.
     
  15. Anonymous

    Anonymous Guest

    No. 54 you're doing a good job on your own. Don't waste your time on a financial planner unlesss you're prepared to surrender 1-3% of your hard-earned money.
     
  16. Anonymous

    Anonymous Guest

    Don't need to lose any more money. I will keep working on getting things paid off. I guess I do have a plan to get there so might as well continue. Thanks for the support.
     
  17. Anonymous

    Anonymous Guest

    I’m 38 and got into the business right out of college. The one thing my Dad insisted I do was max my 401K out each year. I thought he was crazy! My base salary in 1996 was 40K and back then I think the max contribution was $15K and it was KILLING ME! I was putting almost half my income into it…but I will say it was the ONLY saving I did for the first few years. Thank god I didn’t have to pay for a car or gas as my $650 a month rent was tapping me out…thank God for all those dinner programs and lunches or I swear I would have starved! I felt so broke but now 14 years later my 401K is over $600K, and I am so thankful that I listened to the Old Man on that one…for once!
     
  18. Anonymous

    Anonymous Guest

  19. Anonymous

    Anonymous Guest

    Well most of you must be lucky, smart and blessed. I lost about 200K in the big crash about 13 years ago and, frankly, the market only went up for a couple of years in the last decade. Then, it crashed again and I lost about 40K. Had all gone well or had I been a better money manager, there would be about 400K in my 401k.

    I am single mom and put both my kids through college. That took a lot. Later I got an illness and disability was not paid, often I was left to draw from my savings to keep my house and pay MY precent of the medical bills. I find myself very depessed as I'm 52 accounts are flat with only about 180K in my plans. House is at least paid for, but I have no idea what it is worth since no one is buying 450K homes. Pretty bad and I doubt I will ever be able to retire. Never thought I would end up like this but too many layoffs and job changes and health issues with kids have left me drained emotionally and financially.

    To the braggarts on here, just be grateful! You would be surprised how one really bad illness can wipe you out even if you think you have good insurance. If you have over 800K, you could retire now and probably make it work. I know I will work until I drop over dead - not much to look forward to.
     
  20. Anonymous

    Anonymous Guest

    $180K in your 401K puts you in the upper tier, savings-wise. 43% of people have less than $10,000 in their 401K. You have your house and no dependents. You're ahead of the game whether you think so or not.