Hey everyone, I’m looking for some advice.

I’m 43yo and make 185k/year.
I save around 14% in my 401k.
I have 75k saved.

Is it too late for me? My target was $2 millions for retirement. Is that realistic? Is that something that can be achieved? What would you do in my place?

likefunny
Posting as :
works at
You are currently posting as works at

Max out your 401k and open an IRA and make the maximum IRA contribuntion each year ($6k for 2020, under 50 years old). Once you hit 50, you can increase your contributions to both your 401K and IRA. Pay down your debt (school loans, credit card, mortgage) and keep saving! The stock market is doing good, so keep socking $ into 401K and IRA. I am not sure you need 2 mil at retirement, I am aiming for 1 mil by 62 and based on my moderate cost lifestyle (in Chicago, no debt, mortgage paid off by then), it works.

likesmart

OP, it took my 401K a long time to get traction and I was panicky too. A friend told me once it hits $100K it will start to snowball. Sounded like b.s. to me but damn if he wasn’t right. Keep adding and save as much as you can but don’t panic just yet.

like

That’s the most comforting thing I heard in my life! Thank you for sharing this information.

like

It’s not too late. If self-directed, find an aggressive growth fund like FGCKX, or the QQQ. Use Morningstar and Investopedia for analysis. You will then have lots of exposure to big tech as well as innovative stocks. You do have a long horizon assuming you don’t need the money until 60+. Buy regularly each month, and keep some powder dry (10-20%) in a money market fund/cash for the big buying opportunities, as the market inevitably pulls back. Invest it on the dips and then replenish your stores. When you get older then you can diversify but right now go for growth. Max your contributions and therefore company matches.

like

You need to start saving aggressively. Max out your 401k. And invest aggressively. And plan to work into your sixties.

I’m sure you’ll hear this a lot but not sure how you have 75K saved on a 185K yearly salary.

like

I love how everyone throws around "plan to work into your 60s" like its all that easy in an industry where you're put out to pasture by 50.

like

You make and have saved more than I ever will

like

You are where you are. What matters is now. You should aim to maximize your 401(k), and get employee matching. You should look at other jobs if you think you are underpaid. You should look at your biggest expenses. Flights for five people are bigger than avocado toast and lattes. And you should avoid risky all-or-bust investments like crypto or Tesla stock.

like

Agree that Tesla for retirement is definitely too risky. But as a medium-term savings, I’ve done ok (just one of many different stocks but the one that’s really increasing this account) ...

Post Photo
uplifting

Save over 50% of your salary. Start cutting costs right now. Invest better.

Step 1 : produce 4-5 children. (Different genders)
Step 2 : guilt trip them early and often about the sacrifices you make to give them a better life.
Step 3 : continue the guilt trip until adulthood, say things like, I don't care if I die, I just want you to be happy and successful..
Step 4 : enjoy retirement curtosy of your children at your beck and call.

It’s funny cuz it’s true @CD1. I’ve seen it play out.

You need more like 2.5 million. People live longer.

14% is way too low. You need at least a quarter of your salary. The more the better.

Related Posts

What would you do?

(Or really this is just me typing out loud. )

Currently 6 years at job A at 100K and 10K annual bonus but lil to no upward mobility. It's safe if not going anywhere.

Recruiter reached out regarding Job B at 130K with greater advancement potential but it starts out at 6 Months Contract to Hire per the agency contract. No bonus, benefits adequate by comparison. There is no guarantee to go full time.

Interview just for practice?

likehelpful

The level of shock and anger I’m seeing on my LinkedIn regarding the Twitter layoffs is puzzling. While unfortunate, didn’t we all know this was coming for months? They also get paid / benefits for 4mos + severance (correct me if I’m wrong). And it’s also only like a few thousand people at a tech company. I feel like they have a far better set up for recovery than others who have been laid off already where we all just moved on after seeing the headline. Thoughts?

likesmarthelpful

What is the best route to take to become an analyst? I have an RN, MBA in Healthcare Management, CPHQ, and 15 years of CQI experience.

like

Getting so over the grind of New York but don’t want to give up the pace of my career. Where should I consider moving (PR necessary, healthcare preferred)

like

Hi Sharks,
Till last July I was earning 12 LPA, now I switch to a product based with 30 LPA. Where 27 is the base. Monthly I pay 45k tax.
Things that i am doing already is LIC = 40 k , SSA= 50 k (for my kid) and tution fees = 25 K .So altogether withPF other superannuation fund I can show 1.5 Lakhs in 80 C.

Apart from this planning to buy flats or small villa in chennai. I can pay invest more as my most money goes as a saving or buy gold as risk free. Please advice wat else can i do? Kindly

fam, want to get out of debt in 2021. need help. i have ~95K in debt ~50/50 credit cards and student loans. my credit score is ~600. i make ~175K a yr. but the biggest hits on credit are 1) utilization and 2) history (~4 years avg). i made some mistakes with credit cards a few years ago and am holding ~40K @ ~22% int. my thought is to get a personal loan for ~50K but due to my credit, that’s also at ~20+%. think i can pay most of it in 2021 but feel like i have no recourse but to do it 20+ int

like

Thoughts on any of the following? I’m curious to know about culture, benefits, and work life balance.
- The Marketing Arm Dallas
- Deloitte (Green Dot Agency)
- Golin Dallas

like

The majority of my career has been in healthcare tech with some retail experience. Looking to break into event management/coordinating (I believe this is the correct job title) space in either the entertainment, fashion & retail or cosmetic industry. Any insights or advice is appreciated!

like

Benefits of a book club to drive capability building and thought leadership for teams?

like

Need advice. Am in the middle of parental leave right now and my spouse and I are on the brink of divorce. Have only this 1 kid. Spouse doesn’t work yet, but can with earning potential around $50k. I make around $450k. No way I’d keep this job if divorce happens. I’d eventually transition in house so I can take care of my kid when I have him, but that won’t be immediate. How will custody work in that case? I want joint, but how do I take care of him alone with this job in the meantime?

like

How much do you take home after tax and maxing pre tax 401k while making 144k? Not sure if I'm doing something wrong with my withholding. I'm married filing jointly withholding at a single rate, 1 federal and 1 state. DC location. I'm only taking home $6k a month.

like

I’m a technical consultant but sick of the low pay and bad benefits at SI firms. I have some opportunities at Big 4 with better pay & benefits. Will it derail my career to move to Big 4?

like

Got an offer from Baker Hughes for a senior role. Trying to understand how the work culture is, work life balance outlook and how are the benefits? How is the transition like from a big4 consulting to industry?

like

Has anyone has any luck getting a refund of NYC tax as a nonresident? I am paying tax because my office is in NYC but I never moved to NYC due to covid. I have been in Texas the entire 2020

like

Hey fish fam! What are you all seeing in terms of interest rates? Was quoted a high rate (excellent credit score, no debt, great salary) need to know what’s out there.

like

Ladies, I need work/fashion tips. I work in center city Philadelphia. Our dress code is “business casual.” I want to implement more outfits with sneakers. I struggle with what hem length and pant style (tapered, flare, etc.) work best.
When I look on Pinterest, most of the results show very casual work outfits w/ sneaks & while I think dark wash jeans, blouse and blazers can look cute/presentable, it’s not appropriate for my office (I’m in healthcare).

like

Best books about product management for a good exit to industry? I already have an MBA and PMP but looking for a refreshed perspective since it’s been years since my formal education.

Currently reading “Product Managements Sacred Seven” but it’s geared toward the startup world. I am in healthcare and not looking for a startup role. TIA!!!

like

Do we get internet or furniture reimbursement at optum?

More Posts

Is WLB in CDD that bad? Wondering how WLB is in ODD. Currently in FDD.

like

Anyone at LA? Looking to apply BB/MM/Boutique firm with good culture. Would appreciate if anyone can share their experience.

like

Does that super conservative guy from KPMG have any comment on Trump's "interview" with Fox and Friends? I just want to know how they ratioanlize Mr. Stable Genius

like

Why when I refresh a query, the table where the query is loaded to just gets duplicate rows? Same with the pivot table that feeds off of that query?

like

Has anyone started a non profit before? What is the process to register or the best way to get it set up legally?

like

Hi Fishes,
BA profile. YOE 8+

I have cleared Nagarro's aptitude test, soon interview will get schedule. Please help me with the interview details so that I can prepare for it.

like

Has anyone made the switch from agency to editorial? how did you do it?

like

Good Morning from Pittsburgh! I'm a Recruiter with Duolingo and new to Fishbowl (enjoying so far). I just posted a Senior Creative Recruiter opportunity to the job board. Duolingo is looking for a passionate Creative Recruiter to lead the recruiting efforts for our Product Design, Design Studio, Creative Marketing, and Studios + Content roles, across all our global offices. Let me know if you're interested or know someone that would be the perfect fit. Have a nice day :)

like

Newbie here - booked my hotel through Concur at $250/night... when doing my expenses realized the hotel charged $340/night instead. Called the hotel 3 days ago, still no resolution. Ask for points?

like
like

Wise confessions bowl turned out to be a feel good bowl. ♥️♥️

likeuplifting

What are some feasible exits to the investment industry? PE seems to be too hard. Currently at Strategy& Deals Strategy and will leave at the 3YOE mark

like

Any difference between Tax Consultant I and II at Deloitte ?

like

Anyone willing to post their home office? I’m looking to revamp mine

like

Any one here has any insight or recommendations for passing the ARE 5.0 Exams?

like

I am about to join Nagarro next week as a Staff Engineer - Angular. Recently I have seen many posts that people are not getting projects and are on bench for almost couple of months! So my question is - do they have enough projects on Angular? Nagarro

like

Has anyone taken a contract position with Medtronic? What's your review

like

if you get an offer, how many months after you clear background check can you push your start date to? does google usually require you to start in 1-2 months or can you push it to 4+ months?

like

Thoughts on becoming a "Growth & New Initiatives PM"?

I was a regular PM managing my own vertical and now have the opportunity for a new role in the org. No promo or cash related, just jurisdiction wise.

I'd be focusing on:
For old product-
-Free Trial
-automation
For new product-
-Building out from scratch
-UI/UX related user feedback
-sales and marketing focus
-use cases and features

Is this a good move career wise? Love being a PM and looking to grow.
Prefer new product > old

like

Additional Posts in Over 40 in Advertising

I don’t know how to feel. I am 52 and hired 2 creatives both at least 5 years older than me. It felt good to add depth to a young team, but on the flip side, these guys had to accept rather low wages.

likeupliftinghelpful

on a scale of 1 to 10, how pushy do you have to get to ensure projects keep moving? bonus question: and why is that number always 11 for me?

like

Need to give the website a refresh. Anyone have a preferred site with simple templates? Is it SquareSpace or bust?

like

Ugh...after having a fairly successful (almost 20-year) career, I’m now stuck looking for a job for the 2nd time in less than a year due to budget constraints. I hope things are getting better soon.

like

Any recommendations for strong recruiters in the southeast?

Heard this from a person I was interviewing with recently and can't stop thinking about it: "And this role can be 100% remote, so you won't have to worry about moving." I've waited at least a decade to hear something so simple and yet so magical.

likeupliftinghelpful

Surprised not to see more about Eddie Murphy’s star turn/return on SNL. 58 years old, clearly showing his age, he was every bit the explosive comic talent of his youth. Urban legend: age limits.

like

My current job is a dead end. No salary increase no growth. I have a phone interview with another company & aside from asking the usual questions and giving them answers, when do you ask about salary?

like

Here’s a disturbingly circular question:,what will 2020 look like in hindsight?

likefunny

Juicy Couture is now considered “vintage.” Discuss.

funnylike

From a job posting for a CD. They just put it right out front .

Post Photo
funnylikeuplifting
likeuplifting

Ready to level up at work and need to figure out what's next. I've been gifted the opportunity to have meet and greets with various senior executives. It's a chance to introduce myself and learn more about other departments. If something clicks, maybe they will open/create a role for me.

Any advice on best questions to ask?

like

Feeling my age today.
That’s all.
Thanks for listening.

like

Hi to everyone from the GenX thread!

likefunny

How did you get your start in advertising?

I’ll go first - I was originally going into film.. started shooting tv spots for regional high-end car dealers.. realized I didn’t love production I loved pitching.. been closing deals in the ad game ever since..

like

What’s stopping you from doing your own thing?
We all have the experiences to be consultants or small biz owners ... besides experience, what’s holding you back? What’s scary?

like

The perfect job found me. Starting today. Client side. Can’t be happier.

likesmart

I’m 51 years old. For many reasons that would make this post too long, I’ve had a very slow profesional growth. I am finding myself more and more isolated as I see that most of my coworkers are much younger than me. I’d like to find a job environment where I could relate more to my peers. How do I look for job opportunities where I can find more people of my same age group? I don’t want to be the only old person in my creative group. Should I be looking in-house? Pharma? Any ideas are welcome.

like

Hey, wait a second. I thought we Gen Xers were defined by the word “slacker.”

Post Photo
like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal