Just remember that your expenses 30 years from now

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Apr 16, 2014
9:37:50am

frontrowcougar

Just remember that your expenses 30 years from now

will be 10x what they are now, just due to inflation.

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frontrowcougar

Bio page: frontrowcougar
Joined: May 21, 2007
Last login: Mar 17, 2020
Total posts: 22,487 (540 FO)

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Messages

Author

Time

How much money should a 30-year-old have in his 401(k)?

Ham

4/16/14 8:55am

<< Deleted >>

cvd6262

4/16/14 8:56am

At least $600k.

4/16/14 8:56am

I was personally thinking 800k =\

jota

4/16/14 8:57am

Oh good. Right on track, then.

Ham

4/16/14 8:57am

like 15 bucks

El Joffrey

4/16/14 8:58am

Here's a funny story for you:

deek1906

4/16/14 9:02am

After the difficulties of 2008-2010, you might be just getting back to 11k now.

Florwood

4/16/14 9:16am

By 30, he & spouse (if applicable) should be maxing out 401(k) and IRA

4/16/14 9:03am

maxing out? so 50% of your income?

El Joffrey

4/16/14 9:05am

401k limit is $17,500. IRA limit is $5500. Not talking about profit sharing

4/16/14 9:11am

So, that $17,500 is that the max that you can contribute? or is it total?

deek1906

4/16/14 9:20am

17,500 is what you can contribute. Employer match is on top of that

4/16/14 9:31am

Is that right? I thought it was $17,500 from all sources...

BYUCoug11

4/16/14 10:01am

Limit w/ employer match is over $50K.

4/16/14 10:22am

In 5 yrs (35 y/o) you should have at least your annual salary. At age 45

snowbird

4/16/14 9:06am

I probably could have googled that, but my wife wants me to be more social.

Ham

4/16/14 9:07am

Nice, looks like I'm in the ballpark anyway. Plus I have

Born2Fish

4/16/14 9:15am

I think that is aiming too low. Save 8 times your salary by the time you retire?

4/16/14 9:19am

Shoot for 25 to 33 times your expenses forget about your salary that doesn't

Baron

4/16/14 9:35am

Just remember that your expenses 30 years from now

4/16/14 9:37am

Hopefully in 30 years you don't have a mortgage or car payments though

Big Wally D

4/16/14 9:39am

That ratio takes into inflation. And my real exspenses will be much lower after

Baron

4/16/14 9:51am

I think as long as you have a 401k and are contributing at age 30, you're doing

sortsol

4/16/14 9:07am

$2 million. 1st million by 25, 2nd million by 30.

WDaddy

4/16/14 9:13am

3x Annual Spending

05COUG

4/16/14 9:16am

<< Deleted >>

unctoothman

4/16/14 9:34am

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