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Started By
Message
re: 401k - $100k milestone
Posted on 7/29/16 at 7:45 am to DeathValley85
Posted on 7/29/16 at 7:45 am to DeathValley85
quote:
Well this thread is depressing. Took me too long to figure out a career and now starting from scratch at 28.
Sigh...
Don't feel bad. I'm 35 and have only two retirement accounts, started last year, with a shade over $10k in them. Plan is to make a crazy amount of deposits the next twenty years.
2
Posted on 7/29/16 at 9:21 am to DeathValley85
quote:
now starting from scratch at 28.
There are worst positions to be in
Posted on 7/29/16 at 9:29 am to PillPusher
The people on this board are fricking amazing at money 
I am a CPA, been working since graduating at 23, put 10% since the first day of working, and currently have 32,000 at alomost 29 years old. How the hell so many of yall have 100k by late 20s early 30s is absolutely astounding
I am a CPA, been working since graduating at 23, put 10% since the first day of working, and currently have 32,000 at alomost 29 years old. How the hell so many of yall have 100k by late 20s early 30s is absolutely astounding This post was edited on 7/29/16 at 9:30 am
Posted on 7/29/16 at 9:53 am to Napoleon
quote:
I'm 35 and have only two retirement accounts
you're still a baby.
I didn't start making shite by my standards until i was around 32.
make a plan and execute it.
Posted on 7/29/16 at 9:55 am to lsupride87
I'm happy for all the young bucks here who are very wise investors. Love seeing it.
Posted on 7/29/16 at 9:55 am to Napoleon
quote:
. I'm 35 and have only two retirement accounts
wait...am I supposed to have more?
I have my 401k and my roth IRA
what else should I have?
Posted on 7/29/16 at 9:57 am to Salmon
quote:
what else should I have?
TIRA for when you make over the limits of the roth
i had to open one for those reasons.
maybe a SEP also if ever needed.
Posted on 7/29/16 at 10:00 am to Salmon
I have a savings and a Roth. The savings is Acorns. I was surprised by how fast it accrues, I have it linked to the business account.
I have no matching funds, or 401k.
I also have a short term savings, but I travel so much that I never have much in it.
I have gold and silver that I bought over the years but i stopped buying it, and started playing with stocks instead.
I have no matching funds, or 401k.
I also have a short term savings, but I travel so much that I never have much in it.
I have gold and silver that I bought over the years but i stopped buying it, and started playing with stocks instead.
Posted on 7/29/16 at 10:03 am to Golfer
quote:
I just hit 30 and I'm around $55k :/
I'll be around this, but I invested in education (graduate school for me and professional school for my wife), and have no student loans. We're behind right now, but we'll do some catching up in the next few years.
Posted on 7/29/16 at 10:05 am to Epic Cajun
quote:You arent actually behind. Yes, you are behind the apparant retirement wizards in this thread, but 55k at 30 years old is actually very good.
We're behind right now, but we'll do some catching up in the next few years.
This board is what I read when I need a kick in the testicles. If you dont have a 100k in your retirement at 30, buy a home with 20% down at 25, and make 100k by 28 you suck at life
Posted on 7/29/16 at 10:22 am to lsupride87
quote:
If you dont have a 100k in your retirement at 30, buy a home with 20% down at 25, and make 100k by 28 you suck at life
90% of people only have SS to retire on per bankrate. It's not hard to believe. Everybody on this board is in the 10% or 5% bracket obviously.
any 1% ers?
Posted on 7/29/16 at 10:24 am to lsupride87
quote:
If you dont have a 100k in your retirement at 30, buy a home with 20% down at 25, and make 100k by 28 you suck at life
this is actually the one time I don't actually feel completely inadequate
although it did take me till 32...fricking failure
Posted on 7/29/16 at 10:26 am to Fat Bastard
quote:
any 1% ers
$100k in a 401k by age 30 is probably 1%..
Posted on 7/29/16 at 10:30 am to Powerman
quote:
There are worst positions to be in
i know people in there 50s that have under 50k in their 401k.
quote:
TIRA for when you make over the limits of the roth
There are income limit rules with traditional iras along with limits to contributions to these. But this is how you backdoor.
I have a TIRA, RIRA, and 401k. The wife has the same.
Posted on 7/29/16 at 10:39 am to Hawkeye95
100k when you are 30 is fantastic, but if you do not have anywhere close to that, do not be alarmed. If you have 1X your annual income in retirement accounts when you are 35, you are still on an OK track (and way ahead of the median).
Posted on 7/29/16 at 10:39 am to Hawkeye95
quote:
There are income limit rules with traditional iras
well WTF those are obviously i'm not there yet
one step at a time. only damn thing i've went over is a roth.
quote:
I have a TIRA, RIRA, and 401k.
same here.
quote:
The wife has the same.
mine has 401k and roth
Posted on 7/29/16 at 10:44 am to Fat Bastard
Someone mentioned relativity earlier. My wife only has $14k in her retirement plan, but that's because we are paying off $248,000 in med school + my MBA loans. Next summer her income increases by 3.5x, we can pay that loan off in 4-5 years, and from there I guess she plays catch up and we sock away as much as possible.
Posted on 7/29/16 at 10:45 am to Hawkeye95
Your 30s are way more important than your 20s for your retirement. The most important thing IMO is to realize by your early 30s that you need to really start saving as much as possible.
In order to get to $100,000 you need to average $10,800/ year invested for 7 years with a 7% return. $10,800 is 15% of $72,000, 20% of $54,000, and 10% of $108,000.
Certainly not easy for the average college graduate, but if you are married that's not difficult at all with two college graduates' incomes.
In order to get to $100,000 you need to average $10,800/ year invested for 7 years with a 7% return. $10,800 is 15% of $72,000, 20% of $54,000, and 10% of $108,000.
Certainly not easy for the average college graduate, but if you are married that's not difficult at all with two college graduates' incomes.
Posted on 7/29/16 at 10:49 am to lsupride87
quote:
make 100k by 28 you suck at life
I thought it was by 30? I would still have 2 years left to make it, but apparently I'm behind on that, too.
Posted on 7/29/16 at 10:50 am to baldona
quote:This is why it is impossible for me to believe there are so many people in here who have 100k before 30.....
In order to get to $100,000 you need to average $10,800/ year invested for 7 years with a 7% return. $10,800 is 15% of $72,000, 20% of $54,000, and 10% of $108,000.
This post was edited on 7/29/16 at 10:51 am
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