Worrying about job losses got me wondering how I'm doing vs others on 401k. Since I would only use as a last resort, what balance have you all had by say age 40, 45, 50?
33 replies (most recent on top)
Mid 40’s $1.2 mm. Need $2-3mm to retire comfortably.
Wow would love advice on what to do to maximize my growth: 40 with 220k. Been contributing since I was 24. I contributed at least 6 percent for the match and have been steadily increasing over the years and now at 15 percent as my income is higher. I will look into the S&P tip.
Late 50's. 1.5M. Been saving the max amount my whole life. Last 5 years were very good.
50 - 750k
Mid 30s at 400k is absolutely doable. Especially given the market the past 10 years.
The two most important things you can do to maximize growth are:
- Put ~90% of your contributions into the S&P index fund. It has the lowest management fees and the stock market has been amazing since the 2008 crash.
- Rebalance out of the WF stock match the day after it hits your account. You shouldn't have any single stocks in your retirement account, much less one that lags behind the overall S&P by so much. Look up the performance of the S&P 500 the last decade vs. WF's stock.
@1iac this is exactly the kind of thread that people exaggerate in. That said, if you + match was $20k a year for 17 years that'd be $340k with zero investment gains. So yeah, it's possible. 99% of 35 year olds won't have saved that much (in a 401k anyway), but with the way the market has performed over the last 15 years it's certainly possible.
Balances mean little at any specific age as it’s all about what you want your quality of life to be post employment. Some people need a 10 bed house in down in Boca with caviar every night. I would be ok with a tent in the woods.
To the OP, expand your retirement fund thinking. My WF 401k is light at $100k, no WF stock, mid-40’s. But my entire retirement portfolio is $850k.
Just retired at age 65 after 30+ years at Wells. 401K plus money I moved to an IRA at 1.7 million. Additional income from the Wells Cash Balance plan, wife’s minimal retirement from a company she worked for 25 years ago, and social security for both of us will net us about 150k/yr. Hopefully that will be enough! 😀
I could not disagree more.
If you are single, no children, there is absolutely no reason not to save. Where does the money go? Every couple that I know with kids has spent the vast majority of their pay on he kids.
Early 50's but on 500K. I'm way behind where I thought I would be.
@1dvh... that is great and doubly so when u consider the stock is depressed.... I assume a chunk of the 2mil is in wfc?
45 with 800k in 401k, 39k in cash balance acct
61 this year - $2.4 mill. But it’s that last 10 years it took off.
I did the over 50 contribution and after tax.
@1iac - not lying but have nothing to prove to you.. you do realize there's such thing as investment gains, correct? Plus matching and profit sharing contributions.. I max out my contribution every year. sorry if you think I'm lying because I've done well. focus on yourself perhaps.
@1iac....once you reach 50, the irs contribution limits go up to 26k and on top of that WF matches up to 6%
There's definitely people lying here, especially the young people. Max 401k contribution per year is 19.5k + WF's 6% match. That person that said they have $400k in 401k and they are mid-30s is a liar for one.
@xva don't worry, this is one of those bragging threads where half of the posts are true and 90% refuse to answer for various reasons. Safe to say not all WF employees are retiring with millions at 50-something. Some will, and kudos to them, but we aren't seeing averages posted here.
55 y.o. w/$680K (incl. current 401K plus past employer 401Ks rolled over into IRAs)
Not highly paid WF (relative to mgt); all I do is save for retirement :(
what tools/resources are you using in order to maximize your 401k growth? Are you utilizing rebalancing option? I understand that here are professionals.. just want to know where to look.. Thanks!
45 - 300k
43 -400k
46yo and $750k in retirement and personal investment accounts.
Well, I feel like a loser. 41 and 180k.
Nicely done @ktg. You will retire young, if you chose to do so, and rich either way.
Mid 40s, $450k
mid 30's- 400k
Everyone's situation is not the same. Some can lean on their spouse for support which allows them to put more into 401k. Some who own homes and have families to support will not have as much to put into a 401k. If you are single, chances are your 401k may not have as much. It all depends on your situation and where you live too. Don't compare your situation with others. Read up on financial planning if you are that worried.
Age 44, I have $1.25mm in my 401k. Save as much as I can. I recently got laid off from Wells and started a new job with even better retirement benefits. Hoping to be financially independent by my mid 50s.
Look up rule of 72. Get an idea when balance will double, based on return rate.
On the website you can actually see how you compare to others.
Mid 49s have ~$750k in 401k
Mid 40s, just over $500k. Hoping for a nice correction in the market...
Age 40;360k as of today. I will not be able to work longer, so this worries me.