In Empower on clicking the "how do i compare" it says 160% of goal
Not sure how accurate that is
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$1.4mm - 45 years old.
Never count your 401k until you retire. Corporate America is gunning for you when you get older.
Post ID: @1kic+1eksqzsq
Wait until you get laid off in your late 40s and have to use some of that just to survive until you can land another gig. It’s the age, not what you know or how you have kept up with current tech. Been there done that twice now.
Don’t count your wives 401K in the figure.
I won't reveal figures, but I'm embarrassed that I left company matching funds in WF stock for far too long. I'd probably be near $1MM now if it hadn't been for all the fraud plus COVID.
- 6M. The peace-of-mind that I have knowing that they don't have me over a barrel is incalculable.
I could quit today and tell my manager to F off if I wanted to, and I would be just fine.
And I'm not anyone special. Lot of people are doing better than me.
@ 1kic+1eksqzsq
That is awesome - nice work!
459k-36 yo
About 300k
Probably you set your goal at 500 dollars per month.
A lot of it also depends on what age you said you want out at
Be careful. The retirement calculators at Empower are way off/flat out incorrect. If you put in that you're starting SS late, they just put you in red for the first years of retirement, but fail to say that and publish "congratulations you're on track!" Whereas Wells Fargo's calculator used to actually determine that you'd have to live on something until SS kicked in and adjusted that by upping the amount that came out of your 401K plan. The same is true for the Cash Value Plan. For example let's say you retire at 65, but start your Cash Balance Plan at 66 and and SS at 67. For simplicity's sake lets say your target is $1000/month and you're getting $50/month from Cash Balance and $100/month from SS. With the Empower calculators, they just put mark the first year in red (but don't tell you) and assume you're taking $850 a month from your 401K even though you've told them you need $1000, the second year would be calculated at $850/month from your 401K and $50 from Cash Balance (so still below the target $1000 and in red) and the last year at $850/month from your 401k, $100 from SS and $50 from Cash Balance. Wells Fargo's calculator would accounted for $1000/month out of your 401k the first year, $950/month out of your 401K the 2nd year and $850/month out of your 401k plan the 3rd year. If you start taking your SS, Cash Balance etc all at the same time it doesn't matter. But if you're trying to maximize SS but still retiring at 65, it matters.
Drives me fricking nuts as it's deceptive with it's congratulations notification (which is sometimes only showing up because of their poor design in the calculator.)
They could have fixed all their calculators, because I haven't gone on their site in awhile.
I heard that tech is affected.
mine says 124% but I almost reach the annual contribution limit...but anyways I think it's fine.
I’m at $69,420, working my way up!
I'm not even at 100%. I cannot afford to give more than I do, and I do not live a lavish life. I've been with WF for over 20 years and haven't even hit 60k in pay yet.
Click the circle where it says 160%. Make sure it's estimating the income replacement percentage you want it to for a more accurate estimate.
Mine says 116% of goal. Congrats at being 160%. I worry that 116% won't be enough by the time I hit retirement age.
I don't check it often, last time I did maybe $600k? Something like that. It's a start.