How much you all have saved in your 401s? I want to retire.
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I'm retired!!! living on SS and pension. It is enough. Home is paid for so no mortgage. I travel and am out to dinner at least 3 times a week and enjoy other forms of entertainment. I have a 401K and IRAs that I can use when needed which isn't often. Needing to save millions is just a myth. If you have no mortgage, do it. I love my live and couldn't be happier.
I signed up for a trial period with Voya to manage my 401k. I think I had been sending 2 or 3% of my allocation to BNY stock, and the first thing they did was sell it :) That was a few years ago.
Concerned about Charlie, as there will never be enough. Can we help our leader?
About 930,000 here and another 200,000 in a rollover IRA. Hopefully 300,000 in home equity. Some cash savings for liquidity. A regular brokerage account so volatile that I don’t even consider it an asset. No debt and kids are out of college. No BK stock at all. Plan to work until 70 when SSI will top out. Then get a part time job and stay active.
I had a plan and stuck with it. I won’t be rich, but I hope to be secure enough.
Good luck!
I can tell you one important thing I did ... moved all my money out of BK stock in the 401k about 4 years ago since I saw the place was going nowhere fast. More recently as I'm getting old I've reduced my overall stock exposure as well, using money market and stable funds, given all the worldwide volatility. Most measurements show the market is overvalued.
Another thing to consider is where you plan to retire. There are states that don't tax retirement income at all. Kiplinger's have plenty of lists with all the details.
I've also looked at Thailand as an option. You can live a nice lifestyle there on $2-$3k a month, and medical care is both cheap and good. The Philippines is also nice, if you pick the right area.
Even staying in the US, there are places where you can buy a nice house pretty cheap and just use it as a home base while you travel.
The 4% rule is still looking pretty good to me: https://www.kitces.com/blog/how-has-the-4-rule-held-up-since-the-tech-bubble-and-the-2008-financial-crisis/
Age 51. I have 800K in after tax accounts, and I can't spend 4% p.a.
Ha! I'm 40. 401k is 33k
I am 41 yo, 401k is about 400k
Depending on your age, you’ll need anywhere from 25x to 33x your expenses less any known expected sources of income such as a pension and/or Social Security. If you are in your 50’s, it’s preferable to have more saved as your average life expectancy is age 84. Fifty percent of people die earlier, the others live longer but other factors can affect longevity such as your current health, family history and lifestyle risks (skydiving,etc). When calculating living expenses don’t forget to include your taxes owed, monies saved in a regular 401k are taxed upon withdrawal. Hope you’ve saved enough.
For Charlie, there will never be enough.
Save 25 x yearly expenses and you're all set. Draw 4% per year once you retire.
If you count Social Security, you may need to save a lot less than that, but that's the figure I like to use.