I just hit 100k in my 401k. Been at the firm for 5 yrs am a senior associate. 31 yrs. Am I on track for comfortable retirement?

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No you're going to be homeless

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📏

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A2 is stupid.
Always max your 401k.

In terms of being on track- do the math. You're capable of it.

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'401k is crap.' Excellent investment advice. #sarcasm

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That's pretty good for 401k. What about other savings? I generally have 2x as much in other investments. When I was 25 I had about 40k in 401k and another 75k roughly in index funds

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Max your 401k. Make your Roth IRA if your income allows (backdoor if necessary). HSA. Then any additional funds in a brokerage account.

Not sure of your income or financial situation at the moment, but go as hard as you can early.

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The general rule for a 401k is that you should have half your income by the time your are 30 and 2x your income by 40.

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@PwC1, how did you have $115k saved in only three years of working?

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Certainly isn't a terrible start. Are you thoughtful in your asset allocation within your 401k? $100k is great ... unless your investment choices suck and it doesn't grow.

And you've got Wealth Builder?

I think you can feel pretty good about that, you must have a pretty high 401k contribution rate. I think I'm around 50k 2.5 years in (5.5 yrs of total experience) but that is a little less than half of my total savings. Unfortunately, I don't think either of us will be retiring any time soon...

No. 401k is crap. You should be investing that money, losing it and getting it back. Look for some real equity opportunity and take some risks!! Or just live your retirement on a fixed income from a crap fund that's barely worth $1m

@A1 that's pretty great savings. Difficult to see path for twice the amount of after tax savings tho with trying to pay off students loans (currently ~40k)

To be fair, I didn't have any undergrad loans (thanks pops) and got a sizable scholarship for b school

A3 I thought it was 1x @ 30

EY1 - I thought so too. I just looking it up on a few websites and see both 1/2 annual salary and annual salary. It's definitely a lot easier to meet the 40 year old target of 2x if you have the equivalent of 1x by 30!

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