Related Posts
Conversation Starter
Chief
Additional Posts
Conversation Starter
New Member
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
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.
Messaging rates may apply
New to Fishbowl?
Download the Fishbowl app to unlock all discussions on Fishbowl.
Share
Embed this post
Copy and paste embed code on your site
Preview
24, ~26k in 401(k), ~15k in Roth IRA, with about $31k total. SO is still in school, so we're on a tighter budget, and I'm only contributing for the company match and sometimes more for the past 2 years. Have been maxing out Roth IRA for the past 2 years, though. Looking forward to us both maxing out next year!
I’m honestly surprised people from MBB don’t have more. Though $19K is the tax-advantaged limit, you can contribute up to $56K in total annually (including after tax investments that aren’t Roth). Then you can convert this excess ($56K - 19K - employer match) into a Roth since you’ve already paid taxes on it. If I was in my early 30s making ~200K, I’d be tax sheltering every bit of that $56K a year. Look up a Mega Backdoor Roth. Awesome way to supercharge your tax advantaged savings.
OP is right. And since your 401K is considered an IRA equivalent, when you leave your firm, you can convert all of your post tax contributions to Roth
Ugh. How many times is this going to be asked on FB????
Those need to go too
Nice try, Fidelity!
44, 700K
26, 15K (Just paid 60K of student loans earlier this year, and afterwards bumped up my contribution to 10% of salary. Looking forward to see this account grow!)
Congrats!
28! And 0!
28 and 20k here... I feel ya.
I am assuming this data is only meaningful if you target folks who had a traditional 4 year college directly to work path? Otherwise, too many variable and little to no insight can be derived.
Yes GT - let’s try to expand our vision perhaps. What I am trying to convey is that many people who are in certain fields besides professional services don’t contribute at all. I do HR diligence and it is quite obvious that certain industries have incredibly low participation rates when/if they offer a plan. The exempt/ steady paycheck nature of our work is a good thing but this is not the reality for all. Especially for those who did not go though the “traditional” route. So anyone falling into that bucket would not have a balance commensurate with the mean for their age group.
30, $250k
That's awesome. The power of compounding interest and a relatively bullish stock market.
24, 9k. Feel like I need to start contributing more while I’m young and debt free.
Unless you work at Ey then don’t even worry about the “match"
35, 400k
30, $135
31, $260k - max almost every year combined with biggest increase in asset prices we will probably ever see, combined with company match
56 $840k
57 $1.3M. Have been contributing since 401k became available. Adjusted contributions due to life events like paying for kids college so didn’t always put in max amount but always put in something every year
25, 60.5k
Uhhh, dumb question. How does one max out their 401k?
..,and work for a company that gives a good employer match and/or do a side hustle with a solo 401k and max out the employer match
29, $120k
30, $153K
42, $50k
28, 40k.. I feel behind 🙁
Lol just looked it up. We’re doing it
37. 15 years. 500k.