How much do you have in your 401k & what is your age?

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800k at 54

likeupliftingfunny

50, approx $1.5 mil

Everyone should maximize their 401k or any pretax savings vehicles. Even if you think you'll be a partner or make big comp some other way. Dont defer, dont rationalize that you can wait, dont hope that future comp will generate enough savings. I waited a few years to start contributing. Those few years of a few thousand each would be worth a ton today....neighborhood of $250k more. You're all accountants, think how much that would have grown to in my 60s or 70s. It means the ability to retire much earlier or increase spending in retirement, etc.

likehelpfuluplifting
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$6500, 25 years old. Contributing at 10% while I have cheap rent

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Haha, looking at these I feel broke af. I'm going to pretend owning a house and two cars without any car payments makes up for my poor 401k. Whatever it takes to make me feel better. šŸ˜‚šŸ˜‚

likefunny

$1.1M, 44 years old. I agree with P1s comments. Additionally, most of my 401k savings are Roth, so while Iā€™m taking the hit now and paying the taxes, I wonā€™t ever have to worry about paying taxes on those funds when Iā€™m in retirement

likehelpful

D2 is bitter about their own decision making skills.

likefunny

Is it just me or are there a few people that have been contributing more than the legal max *and* earned one hell of a rate of return to have these absurd numbers at such a young age?

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^D2 - At 23 I bought a house with my boyfriend with our own savings from 1 year of work. You donā€™t have to be an ā€œentitled millennialā€ to do that - just have to be willing to live well below your means to save enough money while also renting Donā€™t need to make some negative comment about millennial to justify your 401k amount

$12K at 24.

likefunny

20k in Roth, 27 yo. Should have more but have been aggressive with debt and like to spend šŸ¤·ā€ā™‚ļø

likefunny

100k - 30 years old. I started working at EY at 21 and contributed 15% up to 30% early on. Iā€™m down to minimum matching cause of some life goals at the moment that require more cash haha.

likehelpfulfunny

Bunch of accountants and no one has analyzed the data yet . . .

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likesmart

208k, 33 years old. Started investing right after college.

likesmart

10k, 32 y/o (but I just bought a house and wasnā€™t one of those entitled millennials who was handed everything in life)

likefunny

$650k. Old enough that I lost a shit ton during the recession

likefunny

$93k in 401k and $20k in Roth @38 y/o. Started to save way too late and I am working on catching up. Also have $150k equity in my home, $40k savings, and $15k kids 529 plan. Not terribly bad but I kick myself in the rear everyday for not starting my retirement account earlier. For those who have not started a retirement savings account, set it up today (stop everything you are doing and just do it!) and you will thank me later. The best time to plant a tree is 20 years ago. The next best time to plant a tree is now.

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Show of hands - who changed their allocations after reading this thread? šŸ™‹šŸ»ā€ā™€ļø

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@PwC 10, did you pass or fail?

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$260k in 401k and $35k in short term investments, 37. Was at $115k and $8k at age 34, I made terrible spending decisions from 22-28. Keeping expenses capped since early 30s and nice raises has helped a lot

likehelpful

1.2 mil. 55 years. Contributing for around 30 years

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8 inches on a good day

likefunny

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Savings: $14k

Emergency Fund Saved: $12k (on top of 14k in savings)

Stock Portfolio Worth: $70k (Only $5k in ETF, rest in various Stocks)

401k: $12k (I have only been working for 1.5 years out of college

Debt: Thankfully none

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