Well, how much do you have in your 401K and how old are you?

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anonymous said:
Age: 46
4 Kids

401K: 900k
After tax savings/brokerage account: 4.1 Mil
529 college savings: 425k
house paid off: 500k
no pension
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Are you done or still in medical sales? What is everybody's number before they checkout? I am in my late 30's with 3 kids, hoping to get to 2.5 mil in savings by 45 then just work a job I love that is also my hobby.
 






anonymous said:
Just a heads up. You do not qualify your retirement savings. If its all in IRA's, your MD is going to be huge when you hit 70.5. Are you planing on using some of it to pay for Jr.'s education?
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Its split between a 401k and a SEP IRA so there will be required MD when we hit 70.5. Plan on building up the 529 for daughters education. Wife also has a defined benefit pension that should pay 6-7 grand monthly upon retirement. Any advice would be greatly appreciated on what we should be doing from here. Kind of been just stuffing money away without direction.
 






38 years old

Wife left me

Dealing with mental issues

No 401K as I lost my pharma job and can't afford to save money

I spend my days trolling CP and calling people "Parrot Boy" just to make myself feel better
 
























Like all of these threads, there are truths and falsehoods. With some of these numbers, you have to know it's either bullshit, or it's not the whole story.
Obviously, two big incomes, a large inheritance, windfall in market(rare nowadays), side businesses, real estate, etc. will screw the numbers.
A family of 4 with 2 kids, 125-250 in income with usual expenses and living within their means isn't saving a million by 40.
Mine 65, 35 yrs in pharma sales, 1.5 million in 401k, Roths, etc. 350k in home value,
50 k in savings. 2k mo. Wife and My pensions. Govt healthcare plan costs us 80bucks/mo out of pocket.SS will give us 45k next yr. with expenses of 40k, we'll be very comfortable without withdrawing a dime if we don't want to. Don't want a sailboat, world travel, or a vineyard. Love spoiling our grandkids.
So rest easy. You can live very well in retirement on a lot less than the financial boys tell you
 






anonymous said:
Like all of these threads, there are truths and falsehoods. With some of these numbers, you have to know it's either bullshit, or it's not the whole story.
Obviously, two big incomes, a large inheritance, windfall in market(rare nowadays), side businesses, real estate, etc. will screw the numbers.
A family of 4 with 2 kids, 125-250 in income with usual expenses and living within their means isn't saving a million by 40.
Mine 65, 35 yrs in pharma sales, 1.5 million in 401k, Roths, etc. 350k in home value,
50 k in savings. 2k mo. Wife and My pensions. Govt healthcare plan costs us 80bucks/mo out of pocket.SS will give us 45k next yr. with expenses of 40k, we'll be very comfortable without withdrawing a dime if we don't want to. Don't want a sailboat, world travel, or a vineyard. Love spoiling our grandkids.
So rest easy. You can live very well in retirement on a lot less than the financial boys tell you
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Actually it is possible to have a million by 40.... one caveat is we are a family of 3 but we hit one million when I was 38 and wife was 37 earlier this year. 0 in inheritance and no windfalls, just straight salary. Income currently is slightly below 250 but during most of our earning career so far it was closer to 150.
 












Somebody who's got it right. As I read through these posts allot of you are bleeding heart liberals that think the pharma or device company owes you. The days of old are gone and forever gone as this country works towards a single payer system, and the fancy dinners and fun you used to have are over. This kid did it right he's going where you can only truly make valuations on your own. He's taking a risk which none of you have thought about. As for me Iam 44 took the risk 12 years ago and went on my own here's the result.

2.5 million in retirement plans yes I am the owner of my device company it's called a defined benefit plan. The risk reward scenario folks

2.5 million in cash because it makes me feel good

1.5 million dollar home paid.

Couple rental properties.

I did this in 12 years with nothing. A couple of med devices in my bag and kicked the crap out of everyone by working 24-7. Now that the industry is consolidating I am going to sell the whole pig off to some stupid device company that wants or thinks the direct model is the way to go. I am going to take there money and go live life at 44. Take a risk folks fuck the corporation!!
 












anonymous said:
Somebody who's got it right. As I read through these posts allot of you are bleeding heart liberals that think the pharma or device company owes you. The days of old are gone and forever gone as this country works towards a single payer system, and the fancy dinners and fun you used to have are over. This kid did it right he's going where you can only truly make valuations on your own. He's taking a risk which none of you have thought about. As for me Iam 44 took the risk 12 years ago and went on my own here's the result.

2.5 million in retirement plans yes I am the owner of my device company it's called a defined benefit plan. The risk reward scenario folks

2.5 million in cash because it makes me feel good

1.5 million dollar home paid.

Couple rental properties.

I did this in 12 years with nothing. A couple of med devices in my bag and kicked the crap out of everyone by working 24-7. Now that the industry is consolidating I am going to sell the whole pig off to some stupid device company that wants or thinks the direct model is the way to go. I am going to take there money and go live life at 44. Take a risk folks fuck the corporation!!
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You forgot the part about your supermodel wife and your Nobel prize.
 






anonymous said:
Like all of these threads, there are truths and falsehoods. With some of these numbers, you have to know it's either bullshit, or it's not the whole story.
Obviously, two big incomes, a large inheritance, windfall in market(rare nowadays), side businesses, real estate, etc. will screw the numbers.
A family of 4 with 2 kids, 125-250 in income with usual expenses and living within their means isn't saving a million by 40.
Mine 65, 35 yrs in pharma sales, 1.5 million in 401k, Roths, etc. 350k in home value,
50 k in savings. 2k mo. Wife and My pensions. Govt healthcare plan costs us 80bucks/mo out of pocket.SS will give us 45k next yr. with expenses of 40k, we'll be very comfortable without withdrawing a dime if we don't want to. Don't want a sailboat, world travel, or a vineyard. Love spoiling our grandkids.
So rest easy. You can live very well in retirement on a lot less than the financial boys tell you
Click to expand...

Finally, a realistic post! I am nearly identical to you.

Age 61
401k, IRA, stock, and cash: $1,325,000
Home and a vacation condo paid off finally.
Our expenses are about 50k but I can reduce that.
Social security at age 65 is projected at 45k

Now to stay healthy and play with our 2 grand kids.
 






anonymous said:
Somebody who's got it right. As I read through these posts allot of you are bleeding heart liberals that think the pharma or device company owes you. The days of old are gone and forever gone as this country works towards a single payer system, and the fancy dinners and fun you used to have are over. This kid did it right he's going where you can only truly make valuations on your own. He's taking a risk which none of you have thought about. As for me Iam 44 took the risk 12 years ago and went on my own here's the result.

$2500 in retirement plans yes I am the janitor at a device company it's called a defined benefit plan. The risk reward scenario folks

$25 in cash because it makes me feel good

$15K double-wide trailer that will be paid off in 10 years.

Couple rental trailers for my deadbeat relatives.

I did this in 12 years with nothing. A couple of cleaning brushes in my bag and kicked the crap out of everyone by working 24-7. Now that the industry is being serviced by low paid immigrants, I am a bit worried that I might lose my job. Take a risk folks fuck the corporation!!
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Fixed the post to be more accurate.
 
























Hey guys, don't feel that I've done too well so far and about to get my plan on a more stringent path. My wife has been home with the kids for about 5 years now (they are young), and plans to return to work later when they get older. Hoping that will accelerate things in addition to a renewed focus. I have a long way to go:

33 years old
70K in my 401K
40K in cash
7K in kids college funds
Approx 110K equity in my home (owe 390K on home value of 500K+)
No other debt besides the home and wife's vehicle (35k)
Also have some stock options with a young device company, but nothing real yet
 






anonymous said:
Hey guys, don't feel that I've done too well so far and about to get my plan on a more stringent path. My wife has been home with the kids for about 5 years now (they are young), and plans to return to work later when they get older. Hoping that will accelerate things in addition to a renewed focus. I have a long way to go:

33 years old
70K in my 401K
40K in cash
7K in kids college funds
Approx 110K equity in my home (owe 390K on home value of 500K+)
No other debt besides the home and wife's vehicle (35k)
Also have some stock options with a young device company, but nothing real yet
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Your wife is driving a vehicle that is too expensive for a stay at home mom. Sell it and buy something for cash. Redirect the monthly payment into savings
 






Anonymous said:
Well most of you must be lucky, smart and blessed. I lost about 200K in the big crash about 13 years ago and, frankly, the market only went up for a couple of years in the last decade. Then, it crashed again and I lost about 40K. Had all gone well or had I been a better money manager, there would be about 400K in my 401k.

I am single mom and put both my kids through college. That took a lot. Later I got an illness and disability was not paid, often I was left to draw from my savings to keep my house and pay MY precent of the medical bills. I find myself very depessed as I'm 52 accounts are flat with only about 180K in my plans. House is at least paid for, but I have no idea what it is worth since no one is buying 450K homes. Pretty bad and I doubt I will ever be able to retire. Never thought I would end up like this but too many layoffs and job changes and health issues with kids have left me drained emotionally and financially.

To the braggarts on here, just be grateful! You would be surprised how one really bad illness can wipe you out even if you think you have good insurance. If you have over 800K, you could retire now and probably make it work. I know I will work until I drop over dead - not much to look forward to.
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