{ "media_type": "text", "post_content": "Hey everyone, I’m looking for some advice. \n\nI’m 43yo and make 185k/year. \nI save around 14% in my 401k.\nI have 75k saved. \n\nIs 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?", "post_id": "5f8f3813e9ef07002bf7620b", "reply_count": 17, "vote_count": 2, "bowl_id": "593db9d38ab4fe0016554964", "bowl_name": "Over 40 in Advertising", "feed_type": "bowl" }

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
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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.

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

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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.

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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.

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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.

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You make and have saved more than I ever will

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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.

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