37 years old-How much should you have saved already for 401K?

Just wondering what everyone thinks.

Message edited 9/10/2008 3:20:20 PM.

Re: 37 years old-How much should you have saved for 401K?

When do you want to retire? It's a much different number if you want to retire at 55 than at 70.

Re: 37 years old-How much should you have saved for 401K?

I would say later than earlier, unfortunately :(

Re: 37 years old-How much should you have saved already for 401K?

by the time im 37 i expect to have about 200-300k in my 401k

BUT my company matches 80% of my contribution..

Re: 37 years old-How much should you have saved already for 401K?

This question plagues me every day and every night. I never feel like I'm putting away enough for retirement.

ETA - by the time I'm 37, I would estimate we will have about $250k set aside for retirement, between the two of us.

Message edited 9/10/2008 3:24:31 PM.

Re: 37 years old-How much should you have saved already for 401K?

I think it is all realtive to what you put in, what you comapany matches. It will be very different for everyone.

Re: 37 years old-How much should you have saved already for 401K?

Message edited 9/10/2008 3:27:13 PM.

Re: 37 years old-How much should you have saved already for 401K?

Re: 37 years old-How much should you have saved already for 401K?

Individually or combined?

Re: 37 years old-How much should you have saved already for 401K?

Please...I have literally nothing in my 401k...thanks to my ex-husband..

Ask him what he has in HIS retirement fund though

Re: 37 years old-How much should you have saved already for 401K?

DH maxes his out every year. I used to do the same when I was working.

Re: 37 years old-How much should you have saved already for 401K?

I can't even think like that.

I put in as much as I can manage. I think it is 10%. My company doesn't match, but contrin=buted 2% last year, and 1% the year before.

My income is pretty low and right now my investments are all losing money, so I won't be anywhere near the numbers posted by 37.

I only have about 1/4 of my my current annual salary saved, and I am in my early thirties. I'm not sure what my DH's is, he has a few different ones.

Message edited 9/10/2008 3:50:18 PM.

Re: 37 years old-How much should you have saved already for 401K?

Posted by nov04libride

Posted by MrsPorkChop

by the time im 37 i expect to have about 200-300k in my 401k

BUT my company matches 80% of my contribution..

At the rate we are putting into our 401Ks we would have over $200,000 COMBINED at that age. Which isn't too great. But I am going to do the max in our final years of working.

This is one of the reasons why I would never stop working--I am way too nervous about our retirement money.

Message edited 9/10/2008 4:19:23 PM.

Re: 37 years old-How much should you have saved already for 401K?

Re: 37 years old-How much should you have saved already for 401K?

we are 41 and 42. We took a hit this year with the market so not as much as we would like.

It's a long term investment. There are good and bad years. This one, not so good.

We both max out and have been for years. I didn't have a retirement plan until I was 30. I wish I would have taken a job with one much earlier.

Considering we both have been investing for an average of 15 years, we're not too bad. Only in the last 10 years have we been maxing.

Re: 37 years old-How much should you have saved already for 401K?

We try to contribute as much as possible NOW... because then the interest just keeps compounding... rather than waiting until just before retirement to add more $$$- that doesn't make your money work the most for you. We may scale back a little in the future, though.

As far as how much should you have.. that depends... there's tons of calculators out there to help you figure out how much you'll need in order to retire (and maintain the same lifestyle) and how much you should save in order to be able to do that.

Message edited 9/10/2008 10:18:50 PM.

Re: 37 years old-How much should you have saved already for 401K?

i think this is such a personal thing, and rather than trying to compare yourself to everyone else and what they either do have or think they will have at 37, you need to sit down with a professional and go over what your goals are for retirement and how to get there. everyone has different plans for when they will retire, what kind of lifestyle they plan to live and you also have to consider other investments people may have (home value, stocks, etc). does the 401K company you use offer services that would help you determine your goal and how to get there? you should definitely look into it.

Re: 37 years old-How much should you have saved already for 401K?

Posted by Kara

Posted by nov04libride

Posted by MrsPorkChop

by the time im 37 i expect to have about 200-300k in my 401k

BUT my company matches 80% of my contribution..

At the rate we are putting into our 401Ks we would have over $200,000 COMBINED at that age. Which isn't too great. But I am going to do the max in our final years of working.

This is one of the reasons why I would never stop working--I am way too nervous about our retirement money.

Due to compound interest, you'd do better to max out sooner rather than waiting until your last few years of working. The more money in there the longer, the more interest you can earn on that (and on the interest earned).

ETA - My Dh and I both max out our 401(k) contributions. I honestly have no idea how much we'll have in there by 37, though...

Re: 37 years old-How much should you have saved already for 401K?

Re: 37 years old-How much should you have saved already for 401K?

I contribute the maximum amount to mine. It is not matched but we have a Keogh plan that is set up with a profit sharing format. Honestly all of my accounts are taking a beating. I'd rather have the money under my mattress at this point.
We have real estate investments that we are counting on as the bulk of our retirement fund.

Its really hard to compare what other people have by a certain age as relevant. It depends so much on when you retire, what your health insurance options will be after retirement, your life insurance policies, if your house will be paid off, what your lifestyle is & if you plan to live like you do now or better as a retired person.

Re: 37 years old-How much should you have saved already for 401K?

I have a 403B- with teaching and dont have too much in their compared to others. But yet school dont match any of my contributions....