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re: 401k - $100k milestone
Posted on 7/28/16 at 10:56 am to LSUEEAlum
Posted on 7/28/16 at 10:56 am to LSUEEAlum
Counting just mine and not wife's, I anticipate between 31 and 32. Could get there sooner but I prefer to only hit the company match at the moment.
This post was edited on 7/28/16 at 10:57 am
1
Posted on 7/28/16 at 10:58 am to MusclesofBrussels
I would assume you mean as a couple if you are married?
$401k I have yet to hit it and I'm 32 but my employer stopped contributing so I barely contribute now.
I think it would be better to say when did you hit $100k in retirement savings if you are married. I have about $125k in retirement at 32 counting my wife's.
$401k I have yet to hit it and I'm 32 but my employer stopped contributing so I barely contribute now.
I think it would be better to say when did you hit $100k in retirement savings if you are married. I have about $125k in retirement at 32 counting my wife's.
Posted on 7/28/16 at 11:05 am to LSUEEAlum
Just looked back at my quarterly statements.
Hit $100k in 457 and 401a in about 4 years and 8 months. Age 30.
Just hit $250k in those accounts in June. Age 34.
Only have ~$26k in a Roth though because I mistakenly neglected that for too long.
Hit $100k in 457 and 401a in about 4 years and 8 months. Age 30.
Just hit $250k in those accounts in June. Age 34.
Only have ~$26k in a Roth though because I mistakenly neglected that for too long.
Posted on 7/28/16 at 11:15 am to baldona
Yeah I was just talking about me and not my wife included. If I include my wife's we are a little north of $150k combined.
Posted on 7/28/16 at 11:52 am to LSUEEAlum
Just hit it. Will be 33 in Oct.
Posted on 7/28/16 at 11:57 am to Clark W Griswold
quote:
Clark W Griswold
Are you still in the food preservative business?
Posted on 7/28/16 at 12:02 pm to MorgusTheMagnificent
i don't know. I would guess around 30.
I have about 500k now, and am 42.
I have about 500k now, and am 42.
Posted on 7/28/16 at 12:17 pm to LSUEEAlum
I'm guessing the OP read the thread on /r/personalfinance.
Hitting $100 at age 30 is a very nice place to be, most people don't do it by then. I think $50 is more realistic, and even that is for people who made a consistent effort to get there. Most simply don't try very hard until after they're 30 and realize they have lots of catching up to do.
Hitting $100 at age 30 is a very nice place to be, most people don't do it by then. I think $50 is more realistic, and even that is for people who made a consistent effort to get there. Most simply don't try very hard until after they're 30 and realize they have lots of catching up to do.
Posted on 7/28/16 at 12:46 pm to LSUEEAlum
31. Though not $100k in 401k per se, but I reached $100k in funds that were once in a 401k (Current 401k, rollover IRA from previous 401k, and partial ROTH conversion from the rollover IRA).
This post was edited on 7/28/16 at 12:47 pm
Posted on 7/28/16 at 12:54 pm to LSUEEAlum
No poor folks on the OT aside from me it seems
Posted on 7/28/16 at 12:54 pm to MorgusTheMagnificent
quote:
Clark W Griswold
Are you still in the food preservative business?
Owns a Bed n Breakfast in Cali, catch up man.
Posted on 7/28/16 at 12:55 pm to foshizzle
So I guess my next question would be is if you have $100k by early 30's does that put you in the top 5%? 1%? of people in that age group? By this thread it seems that $100k is avg by age 30. 
and I know that can not be the case.
and I know that can not be the case.Posted on 7/28/16 at 1:09 pm to LSUEEAlum
quote:
and I know that can not be the case.
Posted on 7/28/16 at 1:10 pm to LSUEEAlum
Not there yet (age 30), but without doing the math, I'd guess I'll be there at around 34-35
Posted on 7/28/16 at 1:11 pm to LSUEEAlum
quote:
So I guess my next question would be is if you have $100k by early 30's does that put you in the top 5%? 1%? of people in that age group? By this thread it seems that $100k is avg by age 30. and I know that can not be the case.
Its not "average" for America, but I'd say its easily average for college graduates. You have to figure that the average college graduate marries a college graduate so they will probably have combined incomes of around 100k at 30, probably more. So if the average college graduate puts 15% that is $15k a year which would take 6.5 years without interest to hit $100k.
Its really not hard for 2 college graduates to have combined incomes of $150k by 30, 15% of that is $22.5K a year. If you start working by 24 its very manageable to have $100k by 30-32.
Posted on 7/28/16 at 1:16 pm to LSUEEAlum
Target 7 figures by 45 years of age
Posted on 7/28/16 at 1:17 pm to LSUEEAlum
I just turned 32 earlier this month. My 401k is hovering around $106k right now. Wish I had put more in when I started out, but what can you do when you're making $40k w/ bills, etc...
Posted on 7/28/16 at 1:17 pm to LSUEEAlum
100k at 27, but did not hit 250k until 35
As a young single guy I was saving aggressively, at close to 25% going into 401k. But since about 28 years old I have just put in the minimum to get the company match.
As a young single guy I was saving aggressively, at close to 25% going into 401k. But since about 28 years old I have just put in the minimum to get the company match.
Posted on 7/28/16 at 1:26 pm to baldona
quote:
So if the average college graduate puts 15% that is $15k a year which would take 6.5 years without interest to hit $100k.
I really don't think your average college graduate puts 15% in their 401K.
Posted on 7/28/16 at 1:33 pm to NewIberiaHaircut
quote:
I really don't think your average college graduate puts 15% in their 401K.
Oh I agree. I'd say for every person that posted $100k there's probably 5 that opened this topic and said 'yeah not posting mine' haha
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