How much is in your retirement account ?

amother

Wed, Mar 06 2024, 7:00 pm

We are in our low 30s. Our retirement accounts total about $240k. Sounds like a lot but in actually it probably isn’t.
What’s a healthy range at this age?

amother

White

Wed, Mar 06 2024, 7:07 pm

I’m 24 and I have $20k in my retirement account. I started working for a company that matches my 401k contributions 3 years ago and started saving then.

I sometimes wonder if I should be saving that money for a house instead.

amother

Winterberry

Wed, Mar 06 2024, 7:08 pm

We are in our early 30s and we have about $800k last I checked.

amother

Cherry

Wed, Mar 06 2024, 7:11 pm

Zero
We have about 3K in savings and 50k in debt
We do have a house worth over a million (still have about 250k to pay off though)
Low 30s
I’m far from worried
We also have a few investment properties

amother

NeonBlue

Wed, Mar 06 2024, 7:14 pm

Actually that doesn’t sound bad. If you max you your IRAs each year till 65 you should have around 2 million, no?

I assume you mean a retirement investment account not savings

amother

DarkYellow

Wed, Mar 06 2024, 7:15 pm

amother Cherry wrote:

Almost the same but I'm almost 50! No investments... no savings, no debts...

amother

Beige

Wed, Mar 06 2024, 7:18 pm

Late 30s
Prob only about $40k
We have about 6 investment properties though that are worth 2 million plus the rent they bring in
My house is worth 1.6 million

We aren’t so into our retirement accounts. Just put in the max for our Roth IRAs every year as per our accountant for tax purposes.

amother

White

Wed, Mar 06 2024, 7:20 pm

amother NeonBlue wrote:

Actually that doesn’t sound bad. If you max you your IRAs each year till 65 you should have around 2 million, no?

I assume you mean a retirement investment account not savings

Taking inflation into account, 2 million won’t be worth nearly as much then as it is now.

amother

NeonBlue

Wed, Mar 06 2024, 7:22 pm

amother White wrote:

Taking inflation into account, 2 million won’t be worth nearly as much then as it is now.

It’s far from nothing. And if couple has their kids married off etc, and if their earnings are tax free (if it was a Roth IRA etc), that’s significant.

amother

NeonBlue

Wed, Mar 06 2024, 7:26 pm

Just did calculation. If you have 240k now and add 15k annually it’ll be 4 mil in 30 years
Much of it tax free if done through Roth IRA

That’s definitely close to enough

That’s before any Yerushahs or other investments or downsizing etc

amother

Burlywood

Wed, Mar 06 2024, 7:30 pm

amother White wrote:

If your company is matching your contributions then your throwing money away by not contributing.
To my understanding, you can withdraw the principal and not pay a penalty if you are withdrawing for a down payment.

At that age, my company matched the first 4%, so I put in 4%. It's free money they wouldn't give you otherwise.

amother

Wed, Mar 06 2024, 7:32 pm

I’m asking strictly about 401ks here. Nothing to do with other investments

amother

White

Wed, Mar 06 2024, 7:34 pm

amother Burlywood wrote:

Cool need to look into withdrawing penalty free for a down payment. I hope I won’t need to but good option to know about.

amother

Hotpink

Wed, Mar 06 2024, 7:54 pm

I’m feeling really poor now. 240k is considered low? Do you own a house or that’s all you have?

amother

Wed, Mar 06 2024, 8:12 pm

We own a house. Don’t have much in liquid savings. We have some other investment accounts. We are still paying family back for a loan for our down payment.

amother

Snow

Wed, Mar 06 2024, 8:29 pm

Late 20s/early 30s and we have 250k in 401ks. About half was matched by our companies.

Fidelity's guideline: Aim to save at least 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67

The most important thing is to start saving for retirement as young as possible because of compound interest.

amother

NeonBlue

Wed, Mar 06 2024, 8:46 pm

amother Snow wrote:

I wish we had employers that do that
Sadly dh can only do deferred comp - so it will grow tax free (I think) but it’s not matched
I don’t even have that. No retirement savings benefits at all.