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Industry Veterans This board is for reps that have been in the industry for 10 years or more. Newer reps may also post questions, etc., but please be respectful of those with experience.

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  #1  
Old 11-05-2009, 05:50 PM
Anonymous
 
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Default Well, how much do you have in your 401K and how old are you?

I just read an article that said the average 401K balance in the US is $47,890! Seriously?

Please be honest, no bs. Just trying to see where I stand among the masses.

age 54
401K balance $465,000

I know, it should be higher, never changed my portfolio before the crash and I'm down about $140K from my high.
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  #2  
Old 11-05-2009, 11:08 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

age 49

445,000 401k
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  #3  
Old 11-06-2009, 02:34 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

47

$425k
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  #4  
Old 11-06-2009, 03:43 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

32 and 200k
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  #5  
Old 11-08-2009, 11:08 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Age 60. $401K in my 401K. But that's only about 40% of my net worth.
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  #6  
Old 11-17-2009, 11:30 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

57 yrs
$594K in 401k
$201K in Cash Balance Pension
(but still owe $250K on my house)
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  #7  
Old 12-07-2009, 06:34 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

37 yo approx 600k. Started working in pharma when I was 22 and maxed out my 401k since then and have had a few nice market runs. I will admit that I have a financial planner(dad's guy) who has been managing my 401k since I started, so I can't take credit for choosing the funds and the percentages in each.
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  #8  
Old 12-08-2009, 05:52 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

that seems pretty much impossible.
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  #9  
Old 12-09-2009, 10:35 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

This is obviously a self-selected group of people who are reasonably pleased with their 401k balances. The fact that there has been only 8 responses in over one month suggests to me that most people are sucking wind or have already cashed out.
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  #10  
Old 12-09-2009, 11:02 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
that seems pretty much impossible.
It seems possible to me. If they had a solid company match, were aggressive since they started young, and if they had any company shares at a company bought out like genentech et al it is very probable they could be in the 600's. I'm 40, I was ultra aggressive in my 20's and 30's, and I worked at amgen for most of my career, and I too have a financial professional activley managing my 401k and I'm still over 500k in my 401k. So it's not as impossible as u think.
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  #11  
Old 12-09-2009, 11:12 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Number 9 seems plausible for you. Also considering your aggressive investing strategy, I'm guessing that if you have $500K in your 401K today that you probably had about $700K in it about one year ago and took a major hit.
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  #12  
Old 12-29-2009, 09:21 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

43 years old, with 250k in my 401k plus another 225k equity in a business I own. The plan is that I will retire in 6 years and the business will provide 50k+ in income pluse 25k in pension. The 401k is not the only way to go, it is all about income streams.
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  #13  
Old 01-04-2010, 03:32 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
Number 9 seems plausible for you. Also considering your aggressive investing strategy, I'm guessing that if you have $500K in your 401K today that you probably had about $700K in it about one year ago and took a major hit.
Actually I didn’t take that much of a hit…that’s why we pay a financial planner/asset manager. They don’t allow 401k funds to wallow around to underperform or become vulnerable. They are constantly playing with it so when things started going south they got out of a lot of things and went into a protective mode. If you make more than 150K a year you should have a financial planner from a reputable firm, not the “big box” national firms like Amex, or Ed Jones, or god forbid your bank. Find a good private firm in your area. It has done wonders for our financial picture.
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  #14  
Old 01-04-2010, 07:51 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

59 years old and 600k in the 401(k). Yet, I can't retire. Worse yet, no one will hire me.
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  #15  
Old 01-05-2010, 11:51 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Per #13, if you can find a good financial planner/asset management advisor, then go for it. Here's my bias. The 1980's and 1990's created an entire class of "high net worth" individuals, i.e. those with at least $1,000,000 in investible assets. From this sprang an entire industry of "wealth management" advisors, many of whom were former brokers who took a weekend course in financial planning. It was clear that there was much more money to be made as a fee-based "wealth advisor" than commission-based broker. I just saw my dad write a $37,000 check to his asset manager and almost cried, since I could advise him just as well. My belief is that the need for an asset manager should be based not on you net worth but on the complexity of your financial situation. In my case, I have no dependents, no outstanding debts, no college 529, no real estate, no estate other than my liquid assets. For this I think I can manage my own assets. The new breed of wealth advisors want you cradle to grave, starting pre-natally with a college 529 plan up through doing your estate plan and everything in between. No thanks. I'll handle it myself.
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  #16  
Old 01-05-2010, 07:46 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Poster 13 here. Yeah our situation is a bit different we do have well over $1M in liquid assets as well as three rental properties, plus our home, two young children et al. We both still work and generally W2 @ $400K combined, and we still have a fair share of unexercised options and espp shares that are managed by, but not charged/billed for, by our financial planner, as the are held it separate brokerage accounts set up by our employer.

With that being said we pay less than 2% of our total managed assets to our financial planner annually and this past year was a great year for us with close to a 20% return. We have yet to have a year that delivered less than 8%, even in the worst of years.

I would find it hard to believe, unless you are a CPA, and a Tax Attorney, and an Estate Attorney, and an ex- or experienced fund manager, that you could provide the same services to your father or anyone else, that our financial team provides to us. Sure anyone can pick a few mutual funds and IRA’s but to truly “manage wealth” you need to be able to do more than pick a few mutual fund/stock/bond winners. Tax implications, tax structuring, insurance, investing, estate planning, LLC management, to name a few are things that I, even with an MBA in finance, are not willing or knowledgeable enough to do alone and <2% a year fee of our total assets feels like I’m stealing from them, especially in the double digit return years!!

We literally did not lose a penny during this economic downturn and I feel 100% confident that if not for our financial advisor and the firm we would have had substantial losses, like most of the people who manage their own assets had.

I’d agree that you need to have a certain level of assets and a certain level of complexity to warrant a financial team, but at the very least if you have a high level of assets, the complexities will be there.
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  #17  
Old 01-06-2010, 01:48 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
Per #13, if you can find a good financial planner/asset management advisor, then go for it. Here's my bias. The 1980's and 1990's created an entire class of "high net worth" individuals, i.e. those with at least $1,000,000 in investible assets. From this sprang an entire industry of "wealth management" advisors, many of whom were former brokers who took a weekend course in financial planning. It was clear that there was much more money to be made as a fee-based "wealth advisor" than commission-based broker. I just saw my dad write a $37,000 check to his asset manager and almost cried, since I could advise him just as well. My belief is that the need for an asset manager should be based not on you net worth but on the complexity of your financial situation. In my case, I have no dependents, no outstanding debts, no college 529, no real estate, no estate other than my liquid assets. For this I think I can manage my own assets. The new breed of wealth advisors want you cradle to grave, starting pre-natally with a college 529 plan up through doing your estate plan and everything in between. No thanks. I'll handle it myself.
I have to disagree with you here as well. If you all you have are liquid assets then I’m sure you can “handle” it on your own as you have very little to “handle”. I made over a million dollars at the age of 34 when a very well known biotech was acquired. I’m married, my wife is a stay at home mom to our son and we plan on having another child. When I was scratched a seven figure check I didn’t have the first clue of how to invest it, what was best for tax purposes, and now I had to set up a will, an estate, umbrella insurance because now I had assets that I could lose if something happened to me or we were sued. When we had no money there was no risks now that we have more than a million in liquid assets we have a lot to lose, but we also have the means to make gains and we too have a financial planner who has done an excellent job getting us set up. Just getting us through the tax implications the first year was worth every penny.
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  #18  
Old 01-06-2010, 07:50 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

No. 15. I know some pretty smart CPA's, tax attorneys and accountants here in New Jersey, the highest taxed state in the country. With all their tricks of the trade, you know what they advised to avoid getting killed on estate taxes? Move to Pennsylvania. With all due respect to you guys, I didn't need to pay someone 2% of my assets for that piece of wisdom.
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  #19  
Old 01-07-2010, 01:16 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
No. 15. I know some pretty smart CPA's, tax attorneys and accountants here in New Jersey, the highest taxed state in the country. With all their tricks of the trade, you know what they advised to avoid getting killed on estate taxes? Move to Pennsylvania. With all due respect to you guys, I didn't need to pay someone 2% of my assets for that piece of wisdom.
If that’s the case than I would argue that you are not talking to highly qualified people. I live in Bergen County and have no intentions of moving to PA and if not for our financial management firm we would be getting hammered on taxes. Again it is all relative. We are fortunate that we had some things go our way over the years and thus we have a lot of assets which comes with exposure that in no way could I manage on my own.

2% of assets when they are finding ways(that I would never have dreamt of) to make 10% to 20% returns on said assets in bad economic times, let alone some of the windfall years we have had, is a bargain.
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  #20  
Old 01-07-2010, 03:15 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Numbers 13 and 15, we have one thing in common. When Chris Christie runs out of ways to find money for the budget he will reinstitute the "millionaires surtax" (actually it's greater than $400k), and when Obama runs out of ways to fund healthcare, he will put a 30-40% surtax on "Cadillac" healthcare policies, which I assume we both have. So hang on to your good financial planners; we are both about to get clobbered taxwise this year.
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  #21  
Old 01-07-2010, 03:47 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Anyone than can make 10-20% return on assets in bad economic times, when the Dow has dropped from 11K to 10K since 1999 has a bridge to sell you in Brooklyn.
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  #22  
Old 01-07-2010, 03:49 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

I know someone who did exactly that. His name is Bernard Madoff. He is presently a guest of the Butner Correctional Facility in NC for the next 150 years.
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  #23  
Old 01-07-2010, 04:52 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Plenty of people, financial planners and hedge fund managers included, have found ways to have big returns in this economy legally and ethically. Just because you didn’t, does not mean everyone has lost.

Try not to be bitter against those who did well during this time…many have seized the opportunities and values that have been out there. I made over $900K over the past year on three stocks. GE (bought for under $6 a share) SBUX (bought for under $8.50 a share) and DNDN (bought for under $3). Just because you missed out on some incredible bargains too bad for you. My financial planner found these two and we went heavy in them and made some real money.

So to all the financial planner naysayers keep putting your 16% into your 401K, let in go unmanaged, and hope for the best!
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  #24  
Old 01-07-2010, 09:48 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Number 23, you fall into the 1% of investors that are able to be successful market timers, the example you stated yourself of the successful hedge fund manager. Please do not try to convey this a typical strategy for the average investor, who took a bath while you were playing the stockpicking timing game. There is a huge difference between regular rebalancing of your portfolio, which is a smart thing to do and timing the market, which while successful in your case is usually a disaster for the unsophisticated investor. Most investors are still better off with a long-term strategy that emphasizes quality and diversity rather than market timing. Even Jim Cramer, a former hedge fund manager agrees with that approach.
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  #25  
Old 01-07-2010, 09:55 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

#24 is spot on correct. In impolite company, number 23 is known as a "bottom feeder" (they like to call themselves "value investors"). SBUX (Starbucks) is a classic example of a bottom-feeding play. It sunk to $7/share in January, after announcing massive underperformance and store closings. Everyone was unloading SBUX, so #23 bought it on the cheap. Went back up to $20/share or so, but this was basically throwing a dart at a dartboad. At $7/share, anywhere on the target probably would have been a profit. Don't try to pawn this off a a brilliant investing strategy.
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  #26  
Old 01-08-2010, 06:31 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
#24 is spot on correct. In impolite company, number 23 is known as a "bottom feeder" (they like to call themselves "value investors"). SBUX (Starbucks) is a classic example of a bottom-feeding play. It sunk to $7/share in January, after announcing massive underperformance and store closings. Everyone was unloading SBUX, so #23 bought it on the cheap. Went back up to $20/share or so, but this was basically throwing a dart at a dartboad. At $7/share, anywhere on the target probably would have been a profit. Don't try to pawn this off a a brilliant investing strategy.
I disagree. If this guy was buying no name stocks I would agree that they were throwing darts. But Starbucks and GE are big blue chip companies and they were absolute bargains ESPECIALLY for a long term approach. I don’t think anybody thought that either GE or Starbucks would rebound as steeply and as quickly as they did, so it’s doubtful he was trying to “time” the rise.

I work in oncology and bought some Dendreon but was conservative on it and now I’m kicking myself! If this guy took the risk good for him, and if a financial planner works for his situation (it does for me too) than who cares. To be honest some of you sound of sour grapes.
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  #27  
Old 01-09-2010, 12:42 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

My asset manager put all my money in bonds and cash. He says the China bubble will burst this year, dropping the market 20%.
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  #28  
Old 01-12-2010, 06:47 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Now this is a good topic on the board . Nice baromoter
I am 48 400K in 401k, 25 k pension . Drug rep in 80's start up late 80's , corporate rep 90- 2004 , Independent since then . Investment real estate todays equity 500k. primary home 400k equity . Kids college paid for . Divorced 500k pay out to ex and only 9k a year child support no alimony
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  #29  
Old 01-13-2010, 01:28 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

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Originally Posted by Anonymous View Post
Now this is a good topic on the board . Nice baromoter
I am 48 400K in 401k, 25 k pension . Drug rep in 80's start up late 80's , corporate rep 90- 2004 , Independent since then . Investment real estate todays equity 500k. primary home 400k equity . Kids college paid for . Divorced 500k pay out to ex and only 9k a year child support no alimony

Just curious, any way you could tell us what company you work for without ‘outing’ yourself?

I haven’t worked for a company that still has a pension plan in more than 10 years so I am very intrigued. Also does the pension included health benefits once you hit a certain years of service milestone? Man if they do I would stay there forever just for the health benes in retirement!

Thanks in advance!
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  #30  
Old 01-13-2010, 04:40 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

That was not my post , but jnj provides pension but not health
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  #31  
Old 01-13-2010, 06:28 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
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That was not my post , but jnj provides pension but not health
Thanks. Are there any bio/pharm companies that offer health as part of their pension?
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  #32  
Old 01-18-2010, 02:55 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

56 and 900k not including company pension.
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  #33  
Old 01-19-2010, 09:41 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Are these numbers combined if poster is married and spouse works? So in the above example the $900K is you and your spouse (if married) together or is it just your own 401K?

Just curious. If it is only yours and doesn't include any other IRAs and so forth I am starting to feel inadequate. I am 43 and I have $470K in my 401K. My wife works full time is 40 years old and has $364K in hers.

If the $900k is yours and your spouse also works and has a separate 401K you must be in pretty good shape. Nice job!
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  #34  
Old 01-19-2010, 11:13 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Most people think that they don't have enough saved for retirement because their overpaid financial planners push them into thinking that when they retire they should have enough money to continue their pre-retirement lifestyle. The reality is that with retirement usually comes reduction in expenses, mortgage and car paid off, downsize to smaller house with lower utility bills, kid's college paid off, etc. Based on my own experience in early retirement (the voluntary kind), my monthly expenses are about 35-40% lower than when in my 40's, adjusted for inflation. Contrary to popular wisdom, you DON'T need to be a millionaire to retire at 65.
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  #35  
Old 01-23-2010, 12:02 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Man, you guys are killing me. I must have been doing something horribly wrong. I'm 55 and only have $387,000 in my 401K. It's still down about $100K from my all time high. Have $200K equity in my house. No other debt. Paid cash for my kids college. Dang, I feel like a loser.
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  #36  
Old 01-23-2010, 09:52 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
Man, you guys are killing me. I must have been doing something horribly wrong. I'm 55 and only have $387,000 in my 401K. It's still down about $100K from my all time high. Have $200K equity in my house. No other debt. Paid cash for my kids college. Dang, I feel like a loser.
Right there with you. I am 51 with $405K in 401K and $90k more in a taxable account. I just paid my house off but it's not much of a house,-worth maybe $210K. Daughter still in college and my goal is to pay 75% of her cost when all said and done.

My first few years in the work force there weren't many 401Ks. I struggled a little with which way to invest at that point. Clearly I made mistakes with where to park money. My wife only ever worked in a daycare making peanuts. But ever since I had a 401K available to me I have maxed out my contributions. Obviously I screwed up with how to position money within the 401Ks based on how much more others have in theirs than I do

But what can you do. I'm just happy I'm debt free and my family is healthy.

Worst case scenario, I pull up stakes and move to Mexico or Thailand. My money will go further there
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  #37  
Old 01-23-2010, 02:32 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
Right there with you. I am 51 with $405K in 401K and $90k more in a taxable account. I just paid my house off but it's not much of a house,-worth maybe $210K. Daughter still in college and my goal is to pay 75% of her cost when all said and done.

My first few years in the work force there weren't many 401Ks. I struggled a little with which way to invest at that point. Clearly I made mistakes with where to park money. My wife only ever worked in a daycare making peanuts. But ever since I had a 401K available to me I have maxed out my contributions. Obviously I screwed up with how to position money within the 401Ks based on how much more others have in theirs than I do

But what can you do. I'm just happy I'm debt free and my family is healthy.

Worst case scenario, I pull up stakes and move to Mexico or Thailand. My money will go further there
Hey, I'm the guy you responded to. My wife was also in daycare for our first 10 years of marriage. Stay at home mom till the kids were in jr high. She's never made much money but was always highly involved in the kids schools etc. I have another 80K in mutual funds and stocks. House worth about 330K, I owe 112K on it. Like I said, no other debt. Sure I'd like to have a lot more, but feel fine and no financial pressure. Hate this job and this industry. When this ends I'll probably get my real estate license and have some fun.
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  #38  
Old 01-23-2010, 05:57 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
Hey, I'm the guy you responded to. My wife was also in daycare for our first 10 years of marriage. Stay at home mom till the kids were in jr high. She's never made much money but was always highly involved in the kids schools etc. I have another 80K in mutual funds and stocks. House worth about 330K, I owe 112K on it. Like I said, no other debt. Sure I'd like to have a lot more, but feel fine and no financial pressure. Hate this job and this industry. When this ends I'll probably get my real estate license and have some fun.
We'll both be OK. At least we don't carry a $650K mortgage like so many people do who earn the same $ as us. I guess if someone lives in NYC or San Fran they might not have a choice but to have a hefty mortgage. I'm content to live in a cheaper area. It's all we've ever known. I don't sleep soundly as it is....I couldn't handle knowing I owed a bank that kind of money. I would never be able to sleep.

Interesting you mention real estate. I've been thinking about that. I've also thought about just a ho-hum job that offers health benefits. As long as I can pay utilities and taxes we'd be ok. There are even a couple employers around here that still pay health insurance for part timers (my pharma gig will not pay lifetime health benefits no matter how long I stay here). Worst case, if my wife and I both worked part time we could squeek by. I'd rather not squeek by but you just never know what might happen down the road. Nice to know you could if you had to.

I don't want to complain-this job isn't difficult. I'm just burnt out and tired of looking over my shoulder-wondering when he axe will fall.
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  #39  
Old 01-24-2010, 01:37 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

Hey, me again. I know just what you mean. I'm in the midwest. Not sure how long this pharma gig will last. Not sure how long I can stand it. Completely burned out. Dread the poa meetings and all the bs. Target lists, and super target lists, best practices, bla bla. I do want something that provides medical insurance. Local Honda dealer where I've bought several cars says I'd love selling Honda's. I think I would actually enjoy that more than this mindless job.
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  #40  
Old 01-28-2010, 04:45 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

I wouldn't want to be selling Hondas now!
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  #41  
Old 01-28-2010, 05:03 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

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.
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  #42  
Old 03-25-2010, 11:58 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

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.
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  #43  
Old 03-26-2010, 09:59 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

33 yr old, 200k.
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  #44  
Old 04-13-2010, 01:49 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

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.
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  #45  
Old 04-14-2010, 03:17 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

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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.
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!
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  #46  
Old 04-15-2010, 04:17 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

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...
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  #47  
Old 04-18-2010, 09:38 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

50

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

2 kids in need of college still
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  #48  
Old 04-19-2010, 08:45 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

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+.
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  #49  
Old 04-20-2010, 09:40 PM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

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Originally Posted by Anonymous View Post
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+.
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!
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  #50  
Old 04-21-2010, 11:38 AM
Anonymous
 
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Default Re: Well, how much do you have in your 401K and how old are you?

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Originally Posted by Anonymous View Post
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!
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
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