» Sponsored ads

» Sponsored ads

» Sponsored ads


Go Back   Cafepharma Message Boards > General Discussion > Industry Veterans
Register Members List Calendar Search Today's Posts Mark Forums Read

Reply

 
Bookmark and Share Thread Tools Rating: Thread Rating: 124 votes, 5.00 average. Display Modes
  #51  
Old 09-05-2010, 06:25 PM
DavidinCalifornia
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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
Reply With Quote
  #52  
Old 09-06-2010, 03:18 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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?
Reply With Quote
  #53  
Old 09-06-2010, 06:40 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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.
Reply With Quote
  #54  
Old 09-07-2010, 07:56 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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.
Reply With Quote
  #55  
Old 09-07-2010, 12:59 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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.
Reply With Quote
  #56  
Old 09-07-2010, 11:58 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
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.
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.
Reply With Quote
  #57  
Old 09-08-2010, 08:56 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
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?
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!
Reply With Quote
  #58  
Old 09-09-2010, 07:20 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Timing is everything. Even a short an investing window as the 10 years between 1990 and 2000 found Dow going from 2700 to 11,000. The 10 year window from 2000 to 2010 has been flat. The attached graph says it all:

http://finance.yahoo.com/echarts?s=%...5EDJI;range=my
Reply With Quote
  #59  
Old 09-19-2010, 12:43 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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.
Reply With Quote
  #60  
Old 09-19-2010, 01:35 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

$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.
Reply With Quote
  #61  
Old 09-20-2010, 08:21 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

26yr. female 401k+=11k
Reply With Quote
  #62  
Old 09-20-2010, 02:55 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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.
Reply With Quote
  #63  
Old 09-21-2010, 01:42 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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.
Reply With Quote
  #64  
Old 09-22-2010, 07:21 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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
Reply With Quote
  #65  
Old 09-22-2010, 12:52 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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?
Reply With Quote
  #66  
Old 09-22-2010, 08:20 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
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?
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
Reply With Quote
  #67  
Old 09-28-2010, 01:33 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

25yrs 30k in 401k..12k investments..10k bonds... my dad always kept telling me to save in life and I'm glad im listening
Reply With Quote
  #68  
Old 10-19-2010, 04:36 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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!
Reply With Quote
  #69  
Old 10-20-2010, 07:58 PM
thehairyfiddler's Avatar
thehairyfiddler thehairyfiddler is offline
modmo
 
Join Date: Mar 2006
Posts: 1,733
Default Re: Well, how much do you have in your 401K and how old are you?

I have so much fuckin money in the bank...I just don't know what to do.
Reply With Quote
  #70  
Old 10-20-2010, 08:18 PM
Drug Dumper Drug Dumper is offline
cafepharma is my drug of choice
 
Join Date: Feb 2007
Location: Carolina
Posts: 4,313
Default Re: Well, how much do you have in your 401K and how old are you?

Wanna share?
Reply With Quote
  #71  
Old 10-20-2010, 09:24 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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
Reply With Quote
  #72  
Old 11-06-2010, 03:28 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
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.
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...
Reply With Quote
  #73  
Old 11-06-2010, 03:38 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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.
Reply With Quote
  #74  
Old 11-07-2010, 08:21 AM
DCB23
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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.
Reply With Quote
  #75  
Old 11-07-2010, 11:22 AM
cruzinman cruzinman is offline
cafepharmhand
 
Join Date: Nov 2010
Posts: 69
Default Re: Well, how much do you have in your 401K and how old are you?

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.
Reply With Quote
  #76  
Old 11-16-2010, 11:18 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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.
Reply With Quote
  #77  
Old 11-16-2010, 11:33 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
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.
So how much is your pension now?
Reply With Quote
  #78  
Old 11-19-2010, 08:34 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

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
Reply With Quote
  #79  
Old 11-19-2010, 01:17 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
So how much is your pension now?
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.
Reply With Quote
  #80  
Old 11-19-2010, 09:19 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
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.
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.
Reply With Quote
  #81  
Old 11-21-2010, 12:02 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

No. 76, we are the same age. If you were born within a very narrow time range, 1946-1954 (early baby boomers, as some will call it) your chances of retiring and living well (assuming proper saving and investment) are pretty good. Being born in 1949, I didn't start saving for retirement until 1990 at age 41. Most of my financial rewards again came over a very narrow time frame, 1990-2000, when the Dow went from 3000-11,000 with annualized returns of about 18%. If I had begun investing one decade later I would be SOL like so many middle and late boomers are, not to mention Gen X and Gen Y. I would, by necessity have to become a market timer rather than a buy and holder, make riskier investment decisions, and probably wind up on food astamps.
Reply With Quote
  #82  
Old 11-24-2010, 01:52 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

#81, you make some outstanding points. I wish I would have exercised more judgement when I was 25-30 than I did. The variable that makes your 401K great is time. When you start late, time does not have the same impact. your right, I am fine financially because I "maxed out" every savings program I could when I was 36-37. we did not even have a 401K offered until I was in my 30's. I also had the opportunity to stay with the same company 35 years (we were not sold or merged with any other company during that time). That is just luck. They matched 5% of my income and never deviated from that number. I went ahead and put 15% for the last 15 years of my service. I had reps, however, that I knew wexactly what they made and they put in 3-4% of their income (a few did not take advantage of the 401K plan at all). I also had many that borrowed against their 401K which is crazy, but they did it to get into a bigger house or swimming pool, new car, etc.

Being raised by parents that were in the depression, taught me differently about money. With all of the layoffs, mergers, downsizing, and loss of jobs in general, I think this generation will not retire when the Baby Boomers do and may not retire at all. I hope I'm wrong.
Reply With Quote
  #83  
Old 11-26-2010, 12:19 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

47K is average because some people are only 20 years old and have $981 in there.
I know a guy that is 50 and has under $5k and a loan that he is paying back at $4.98 per pay and not adding any more or taking the company match. How cool is that?
You know why? Because he can't afford to put any more in there. Just think if he were unemployed, how much would the average unemployed person have in their 401K?
Most people cash out when they change jobs (or loose them).
I think a 401k in the $400k range is fine...then put money into an Roth IRA, emergency savings, pay off your home, get out of debt, and enjoy your life...there is no guarantee of being around to collect at age 65 or needing it at age 92. People live off only SS checks (not well, but they live). There is your no BS answer.
Reply With Quote
  #84  
Old 11-28-2010, 11:16 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
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...
How did you build up some much equity so fast? Do you have a working spouse who also contributes heavily? Did you start with any kind of inheritance or big cash gift from parents?

To have over 600k at your age is phenomenal and makes me wonder what I've been doing wrong. I thought I was always doing the right things -- living well under my means and always saving/investing much to my long term goals.

I'm 38 and have about $220k in net worth. How do you have so much?
Reply With Quote
  #85  
Old 11-29-2010, 01:49 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
How did you build up some much equity so fast? Do you have a working spouse who also contributes heavily? Did you start with any kind of inheritance or big cash gift from parents?

To have over 600k at your age is phenomenal and makes me wonder what I've been doing wrong. I thought I was always doing the right things -- living well under my means and always saving/investing much to my long term goals.

I'm 38 and have about $220k in net worth. How do you have so much?
If you are saying $220K in net worth,-maybe you are already deducting outstanding mortgage/auto loans/HELOCs. etc into your calculation and still $220K ahead. I suppose some of the others posting might not be. Possibly they have three or four hundred grand of debt which lowers the net worth they show. But you don't always see it in their posts. I am only guessing as none of us really know all the particulars of the people who post here. When I figure my own net worth I deduct all outstanding debt.

I know people who have made just as much as me but have less to show (not that I am doing great by any means). Its just that they spent the last 20 years jumping from one job to another never staying long enough at any one place to keep prior company's 401K match. Over a 20 year span it really can be costly. After tax salary increases to jump jobs don't cancel out thousands of $ in tax deferred matches left on the table where dividends and interest could have been re-invested and continued to grow. Plus, they stepped into a $350 to 500K mortgage which always scared me. I'm a chicken my nature. I have always banked 90% of any bonuses earned. Some don't. And you mention something in your post above that is very important,-having a working spouse who also invests/saves. Can make a big, big difference over time. Maybe some other posts are including spouse $'s and some are not. Again-I'm only guessing.
Reply With Quote
  #86  
Old 11-30-2010, 01:27 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
How did you build up some much equity so fast? Do you have a working spouse who also contributes heavily? Did you start with any kind of inheritance or big cash gift from parents?

To have over 600k at your age is phenomenal and makes me wonder what I've been doing wrong. I thought I was always doing the right things -- living well under my means and always saving/investing much to my long term goals.

I'm 38 and have about $220k in net worth. How do you have so much?
I can’t speak for anyone else but the way I made it was taking a risk 17 years ago. I was at a “big big big pharma” right out of college when they were hiring like crazy. I did one year and absolutely hated it and starting looking into the “biotech” companies. When I left the big comapny my colleagues thought I was crazy for taking such a risk and leaving the “security” of the big company. Oddly enough many of them have been laid off from various different Big Pharma’s and very few have created any wealth. I accumulated shares of stock via ESPP, sign on options, and merit options and grants. For 15 years I did this and recently the company was sold and anyone who was there for more than 8 years made over $1M. The only way to create wealth in the biopharma space is through the stock. Now a big part of that team have moved on post buyout to a new opportunity and what I have found is that there are groups of people on the BD side that follow each other especially in the Boston and SF Bay biotech communities. They are all chasing and looking to create the next Gilead or Genentech.

There are still plenty of opportunities out there to do this but you have to get out of the mindscape of playing it safe at big pharma and you have to do your homework and not rely on calls from recruiters or job boards. The good companies do not need either to attract talent.

First step is to look for bio’s that are a year or two away from having a commercial drug and start following them and do your research. Become an expert. If you are not willing to put the time and effort in the you should prepare for a career muddled in big pharma with very little chance of creating wealth. It’s not going to be easy and there is no guarantee
Reply With Quote
  #87  
Old 12-01-2010, 05:38 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
I can’t speak for anyone else but the way I made it was taking a risk 17 years ago. I was at a “big big big pharma” right out of college when they were hiring like crazy. I did one year and absolutely hated it and starting looking into the “biotech” companies. When I left the big comapny my colleagues thought I was crazy for taking such a risk and leaving the “security” of the big company. Oddly enough many of them have been laid off from various different Big Pharma’s and very few have created any wealth. I accumulated shares of stock via ESPP, sign on options, and merit options and grants. For 15 years I did this and recently the company was sold and anyone who was there for more than 8 years made over $1M. The only way to create wealth in the biopharma space is through the stock. Now a big part of that team have moved on post buyout to a new opportunity and what I have found is that there are groups of people on the BD side that follow each other especially in the Boston and SF Bay biotech communities. They are all chasing and looking to create the next Gilead or Genentech.

There are still plenty of opportunities out there to do this but you have to get out of the mindscape of playing it safe at big pharma and you have to do your homework and not rely on calls from recruiters or job boards. The good companies do not need either to attract talent.

First step is to look for bio’s that are a year or two away from having a commercial drug and start following them and do your research. Become an expert. If you are not willing to put the time and effort in the you should prepare for a career muddled in big pharma with very little chance of creating wealth. It’s not going to be easy and there is no guarantee
I think you definitely did the right thing. Going with a smaller company is better for potential earnings, even though it does carry some risk. I started with a comapny that was initially very small but grew to a top 20 company. If I could do things over again, I might have tried a smaller biotech company. However, I stayed my entire career with one company. It made my retirement easier, but I sure did not have much fun during those final years.
Reply With Quote
  #88  
Old 12-02-2010, 08:00 PM
cruzinman cruzinman is offline
cafepharmhand
 
Join Date: Nov 2010
Posts: 69
Default Re: Well, how much do you have in your 401K and how old are you?

No. 86, I did the same thing about the same time. Cashed out stock options at 8-10X purchase price when went public. The problem is that today is that the multiples are MUCH smaller. In fact when I went with my start-up I actually took a pay cut to get in on the ground floor with the options. Don't think that's a winning strategy these days. People may be taking pay cuts these days, but for entirely different reasons.
Reply With Quote
  #89  
Old 12-04-2010, 07:27 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

I retired this year and had 475,000 in 401k plus took lump sum pension. Think it's enough? Think again! Yes, my former employer claimed to provide medical (not dental) in retirement, they capped it at 1994 rates! The monthly cost to me is $560 plus big deductibles and out of pocket max for 2011 and it will only go up from there. In addition, the only medical insurance offered is out of network and I'll have to drive 1 1/2 hours to find in network care. Don't even think about trying to buy your own insurance in your 60s - you'll be denied. Changes I'd have made - put money in a Roth every year, made more independent investments. Don't count on your employers for anything.
Reply With Quote
  #90  
Old 12-04-2010, 02:27 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Sorry, #89, you're dead wrong. I'm 61.5 years old and have a good individual policy with BC/BS for which I pay $560/month. Plus in my state insurance companies are prohibited by law from raising rates by more than 15% in any given 4 year period.
Reply With Quote
  #91  
Old 12-07-2010, 12:40 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
How did you build up some much equity so fast? Do you have a working spouse who also contributes heavily? Did you start with any kind of inheritance or big cash gift from parents?

To have over 600k at your age is phenomenal and makes me wonder what I've been doing wrong. I thought I was always doing the right things -- living well under my means and always saving/investing much to my long term goals.

I'm 38 and have about $220k in net worth. How do you have so much?

I'm married, but I don't count my wife's savings or 401k. We keep it separate, she has a small savings and about 100k in 401k.

I was in pharma, then went over to device for about 5 years, that's where I made some good money. In pharma, I never made more than 100k, in device I made about 200k a year (some years 250k, some 175k, but on avg, 200k). I guess that's where I've gained most of my worth.

I pretty much made everything on my own (no gifts, etc).

I live in a high cost of living area, so my income (plus my wife's) doesn't make me feel as secure as I'd like. We do extremely well, but I never feel like I have enough.
Reply With Quote
  #92  
Old 12-07-2010, 01:44 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by cruzinman View Post
No. 86, I did the same thing about the same time. Cashed out stock options at 8-10X purchase price when went public. The problem is that today is that the multiples are MUCH smaller. In fact when I went with my start-up I actually took a pay cut to get in on the ground floor with the options. Don't think that's a winning strategy these days. People may be taking pay cuts these days, but for entirely different reasons.

Poster #86 here. Funny I work in oncology and I never once took a pay cut and I received more options than ever at my latest endeavor. I think it is very specialty dependant. The folks at Dendreon are making crazy money and they were front loaded with stock so there are still opportunities out there if you are in the right therapeutic specialty. The oncology reference labs are making a lot of dough as well.
Reply With Quote
  #93  
Old 12-11-2010, 07:53 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
I'm married, but I don't count my wife's savings or 401k. We keep it separate, she has a small savings and about 100k in 401k.

I was in pharma, then went over to device for about 5 years, that's where I made some good money. In pharma, I never made more than 100k, in device I made about 200k a year (some years 250k, some 175k, but on avg, 200k). I guess that's where I've gained most of my worth.

I pretty much made everything on my own (no gifts, etc).

I live in a high cost of living area, so my income (plus my wife's) doesn't make me feel as secure as I'd like. We do extremely well, but I never feel like I have enough.
It is that attitude that will keep you ahead financially. Most people don't think about potential problems until they are faced with one.

I operate the same way you do. Keep putting money away and lowering our debt load. Fortunately I'm almost there. House will be paid off this summer and no other debt. It takes the stress out of pharma.
Reply With Quote
  #94  
Old 12-12-2010, 01:21 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

No. 86, I think that that, aside from the money, working for a small startup is plain more fun than big pharma. What's the #1 complaint on these boards besides job secuity? BOREDOM.
Reply With Quote
  #95  
Old 12-17-2010, 01:02 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Hummm, I don't know what to think. I'm 55. Have about 589,000 in my 401K. House worth about $340 and owe 110 on it. No other debt. About 80K in other savings.
Reply With Quote
  #96  
Old 12-18-2010, 12:21 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
Hummm, I don't know what to think. I'm 55. Have about 589,000 in my 401K. House worth about $340 and owe 110 on it. No other debt. About 80K in other savings.
Hope you have a great pension plan..
Reply With Quote
  #97  
Old 12-22-2010, 12:09 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

No pension plan.
Reply With Quote
  #98  
Old 12-23-2010, 09:03 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

I just retired and I do have a pension from the company (they have since discarded the pension plan for people coming on board after 2004). This is a non-contributing pension fund so there is not "lump" sum. My financial advisor told me if you receive 5,000 dollar per month, it approximately the same as having another 1.2 million in the bank (based on receiving 4-5% distribution from a sum like that). To retire, you really need to have something like this in place (or an equivalent).
Reply With Quote
  #99  
Old 01-08-2011, 11:15 AM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

I'm 48 and only have $165K in 401K, and about $160K in cash. I didn't realize how far behind I was until I read this post. I've never been married, no kids, so no excuse for me. I just never had a high salary.
Reply With Quote
  #100  
Old 01-11-2011, 07:17 PM
Anonymous
 
Posts: n/a
Default Re: Well, how much do you have in your 401K and how old are you?

Quote:
Originally Posted by Anonymous View Post
I'm 48 and only have $165K in 401K, and about $160K in cash. I didn't realize how far behind I was until I read this post. I've never been married, no kids, so no excuse for me. I just never had a high salary.
You can still catch up. Put the max away which is $16,500 and once you hit 50 you can do the catch up contributions for an additional $5,500 or $2500 depending on your 401k plan. Bang that out from now until you are 65 ˝ and you will be surprised how much you can accumulate and grow over the next 17 years. You should be fine and if you have a couple of good market runs you could be doing better than fine. Good luck.
Reply With Quote
Reply




Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Forum Jump


All times are GMT -4. The time now is 02:58 PM.


Powered by vBulletin® Version 3.6.11
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.