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

wow good for all the pharma savers,,anybody on this site a roofer? age 52,, zero debt blah, blah,, house equity zero,, blah blah,, pension zero, blah blah ,,,net worth 35000000.. blah blah,,snoesville u.s.a.

 

37 Year old
75k- 401k
400k- Invested in business get net 30k p/y very stable annual passive income
100k equity in home
25k pension
200k Real estate investments

3 kids have not started student saving account yet.

 

If you take early SS, there is a provision where you can repay the gov what you were paid up to that point and then start drawing at the higher SS rate - as if you waited to to take SS at a later age.

This strategy may be of use for some people if you can now afford the payback cash and you will live long enough to make it a better net payment option. It's not for everyone but just something to consider.

 

Why would a roofer come to this site? I don’t go on roofing sites…do you? Not sure I get your point. Unless something horrific happened to you or your family that impacted your financial well being I see no reason why most pharma reps would have very little debt and have a robust 401K/savings plan. Most of us have little to no automobile expenses, like every most other working stiffs out there, in most cases we have very good health insurance that won’t bankrupt you even in the case of a catastrophic disease, we have an equitable base and bonus structure that is well above national averages and very little overhead in common utilities like internet, cell phone, throw in a few free meals a week and you have a recipe for savings. Also at all the companies I’ve worked for the company contribution to 401K was healthy and many offered stock option, espp, or money purchase plans that also help and encourage saving. Some still offer pensions!

Again not sure I’m understanding you dribble…

 

35 yo female.
401K: 275K
Savings: 200K
IRAs: 5K

paid off mortgage on a $400k house 2 years ago.

No other debt
Single, no children.

Best advice I ever got when I started in pharma 12 years ago was from an old timer in my district. He said to max out my 401k before my first paycheck came so that I would never miss the money.

 

How much do you make a year?

 

$150k (total)

 

The SS administration closed that loophole a few weeks ago, you can look it up

 

total bullshit. 35 years old? So you have been working 10 years and paid off a $00K house, and have 200K in the bank, and 275K in your 401K? Sorry honey...the numbers don't add up.

 

275k in my 401k because i've been maxing it out since i started working 12 years. starting at $10.5k/yr to $16.5k/yr currently. I lost money during bad years but i've been pretty lucky the last couple of years and done well.

Lived with family the first few years of working and had very little bills to pay other than contributing to the utility bills. Saved enough to put down a $100k downpayment on my house. the house is worth $400k today but I bought it for $250k. i forgot to mention that.

Have never needed to buy a car because I've always had a company car. Have always saved my bonuses which is why i have 200k in savings. (avg $20k in bonus/yr)

I get paid every two weeks, two paychecks per month. One paycheck had always been used for expenses including mortgage, taxes, food, and clothing and entertainment. My other paycheck went towards paying off my mortgage.

i live by the motto if i can't pay for it immediately than i don't need it. I also admittedly live in state with no state income tax so it helps.

I have no other debt so it's easy to save up when you aren't buying crap all the time.
and like i've said before... i am single with no children so what else am i spending my money on?

 

Man, I thought I was a saver. Do you ever go on vacations? You only spend your money on bills?!? Just remember, you can't take the money with you when you die....live a little.

 

How much you have saved up at what age, also depends on how much you make per year, and how long you've been able to contribute to a 401k. Not all employers allow you to contribute to a 401k right away. And starting out, you may not contribute much to a 401k, let alone the max amount. If you're able to contribute the max per year, that's fantastic, and that should always been your goal. The earlier you start saving, the better, and it's never too late to utilize a 401k.

Some of the examples I've read here are great, but I have to wonder how much some of you make to have those funds by those ages. A person making 30K a year vs a person making 70K a year will have different balances in their 401k at the same age. Just something to consider.

I read somewhere that by age 45, you should have about 3x your salary. By age 55, you should have 6x times your annual salary saved. It'll compound over your lifetime.

If you do happen to contribute the max to your 401k, and have funds left over for investing, then you should seriously consider a Roth IRA, and then possibly maximize the contributes to that as well.

If you still have funds beyond that, then you can have a brokerage account, and invest there.

 

I agree with the above post. It all depends on how much you make now and how much you made way back when. Alot has to do with where you live and the cost of living too. Someone making 100k in Kentucky is for more "wealthier" than say someone living in San Francisco.

For those of us who have been around for a while (hence the "industry veterans" board), this industry has been a decent ride. For the most part there has either been a pension or the ability to contribute with a company match to a 401k.

The question really is... how much is enough for retirement?

 

Age 54 $418,000

 

31 years old - I curently have $162,000 in my 401k, $19,000 in my Roth IRA, $14,000 in my HSA ($5,000 cash balance and the rest invested into mutual funds), $25,000 in savings/checking and $2000 in brokerage. My only debt is my mortgage and it is roughly $169,000. I am currently engaged and my fiance (26 years old) has little to no savings ($3000) but she has zero debt. My current income is $100K and she makes around $30,000. I thought I was saving enough but compared to some of the people on here it makes me a bit worried. However, when I step back and look at others my age I think I'm ok.

I really feel we could do better on managing our variable expenses but my real question is how much should I dabble with a brokerage account versus staying on my current route of maxing my Roth and 401k?

Also, is anyone else trying to put money away in an HSA fund to cover future medical expenses? I do not get health insurance after I retire.......

 

55 years old
just over 600K in 401K
45K savings
owe 110K on a 300K home...used to be worth 400K...crap!
14K car loan

no other debt

I feel ok, 401K is still down about 80K from my high.
paid off college edu for both our kids.

Not sure if I'm doing well or not.

 

i'm 59, wife 56...between us 1.9mm in retirement savings,; 401ks & IRA's....house has 325k of equity, still have a mortage, other debts, college savings for 2 more children, 16 & 15..my wife will collect a small pension...still don't feel safe !!!

 

Gee, where is the gold or silver?

You have way to much in the 401k.

Now, I am twenty years younger than you, and I can appreciate your savings. You seem to have done a good job...

but, I think it is never a good idea to tie up most of your money with other people, or 401k institution or whatever.

My 401 is about 20 percent of yours, and I have about 30 more years to work, but I back off the 401k because I don't trust it one bit.

I am sure you have a planner to give you advice on it too, because those Wall Street bums will take what they can get, and remember a few years ago, when the crazy Democrats were considering spreading the wealth around with 401k and Social Security tied to that as well....

Trust nobody when it comes to money. I have learned my lesson, with people that never paid me back when they got into a jam and other unfortunate circumstances!

 

You need to find better friends to lend money to, or just do some basic background info on the strangers that you fund.....

 

WHAT kind of company in health care does NOT give medical bennies after retirement???? That's crazy. Why would you even go to work for them in the first place?