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What's your age and the value of your 401k?

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2 minutes ago, -OZ- said:

If you're just referring to consumer confidence, possibly. 

President Pence is kinda a scary thought. 

Won't happen though.

Not to go off the rails, but it is all relative

President Biden

President Warren

President Trump

 

Seriously?  This is the best we can do?  I would take the CEO of my place of employment in an instant over any of them.

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20 minutes ago, dino259 said:

Not to go off the rails, but it is all relative

President Biden

President Warren

President Trump

 

Seriously?  This is the best we can do?  I would take the CEO of my place of employment in an instant over any of them.

Nobody we would want would want the job.

President Gates could work, if he wanted it.

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2 hours ago, dino259 said:

Not to go off the rails, but it is all relative

President Biden

President Warren

President Trump

 

Seriously?  This is the best we can do?  I would take the CEO of my place of employment in an instant over any of them.

I think it's pretty clear that politics is not about finding the "best" people.

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On 12/18/2019 at 11:12 AM, joey said:

Long time listener (reader), first time caller in this thread...

 

the SS delay calculations that use 8% or even 5% are confusing to me. If you’re at retirement age, wouldn’t you want to be conservative and not risk your capital, therefore investing in safer options with returns that are much lower than 5%? Sounds like spinner the roulette wheel a bit to me. 

I will die being aggressive. 

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2 hours ago, Capella said:

I will die being aggressive. 

How so? In a fight? Yelling at someone? Road rage?  

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12 minutes ago, dkp993 said:

How so? In a fight? Yelling at someone? Road rage?  

46 defense.

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1 minute ago, KCitons said:

46 defense.

Buddy Ryan was certainly aggressive 

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3 minutes ago, dkp993 said:

Buddy Ryan was certainly aggressive 

Kevin Gilbride agrees.

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My 401k grew 24% this year!

Anyway is 2.3x my current salary at age 42 good/bad/ average?

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18 minutes ago, shadyridr said:

My 401k grew 24% this year!

Anyway is 2.3x my current salary at age 42 good/bad/ average?

Millionaire Next Door says your net worth should be:

Quote

Multiply your age times your realized pretax annual household income from all sources except inheritances. Divide by 10. This, less any inherited wealth, is what your net worth should be.

Seems like if your net worth is 4.2x your current salary, you'd be on track. But that includes all wealth, not just your 401k. So if you have a Roth, pension, savings account, etc. add that all in too.

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33 minutes ago, Walking Boot said:

Millionaire Next Door says your net worth should be:

Seems like if your net worth is 4.2x your current salary, you'd be on track. But that includes all wealth, not just your 401k. So if you have a Roth, pension, savings account, etc. add that all in too.

Welp, I'm way behind the pace.

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One reason im not to worried about my 401k is worse comes to worse I'll just move to lower cost of living area and with my current NY salary savings I'll be fine. 

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1 hour ago, shadyridr said:

My 401k grew 24% this year!

Anyway is 2.3x my current salary at age 42 good/bad/ average?

Really depends on that salary.

If you're making $300K a year, I'd say you're right on track. If you're making $30K a year, you have a lot of saving to do.

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17 minutes ago, kutta said:

Really depends on that salary.

If you're making $300K a year, I'd say you're right on track. If you're making $30K a year, you have a lot of saving to do.

Why does it matter?

 

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Just now, shadyridr said:

Why does it matter?

 

at 300k you'd have 700k saved vs. 70k saved

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Just now, Penguin said:

at 300k you'd have 700k saved vs. 70k saved

I understand that but isn't your retirement income supposed to replicate about 80% of your current income.

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1 hour ago, shadyridr said:

My 401k grew 24% this year!

Anyway is 2.3x my current salary at age 42 good/bad/ average?

Myself as well, currently sitting at 23.96% for the year.

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7 minutes ago, shadyridr said:

I understand that but isn't your retirement income supposed to replicate about 80% of your current income.

That totally depends on what you want to do in retirement.  If you want to sit and do nothing and live on ramen noodles it takes a lot less to accomplish that.  If you want to travel and see the world you better have a lot more in reserve......

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Going through this again. Currently at 372k in my 401k, 20k in my IRA, and the wife has roughly another 100k on her 401k and IRA's. This doesn't count value of my house, pension, social security, or any inheritance. I actually hope there isn't any inheritance from my mother because then it means my deadbeat brother has to grow the #### up. He's almost 41 with nothing to piss in other than his hands.

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5 minutes ago, Gally said:

That totally depends on what you want to do in retirement.  If you want to sit and do nothing and live on ramen noodles it takes a lot less to accomplish that.  If you want to travel and see the world you better have a lot more in reserve......

My goal is just not have to work. Where I can just sleep till whenever, grab a cup of coffee, and relax. Traveling is nice but it isn't the be all end all. Just having the means of not having to work is what some of us really crave.

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1 hour ago, shadyridr said:

I understand that but isn't your retirement income supposed to replicate about 80% of your current income.

If you're happy with that, great. Some people want more in retirement. Some people can live on less.

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3 hours ago, shadyridr said:

My 401k grew 24% this year!

Anyway is 2.3x my current salary at age 42 good/bad/ average?

The multiplier rule becomes a rather silly metric at higher income levels because you are capped by how much you can contribute.  It also isnt accurate for those that have quickly grown their compensation levels as it calculates everything off of current compensation rather than an average of prior years.

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2 hours ago, shadyridr said:

One reason im not to worried about my 401k is worse comes to worse I'll just move to lower cost of living area and with my current NY salary savings I'll be fine. 

Speaking in these terms, where would be the best place to work then the best place to retire (in terms of best area to build net worth then best area to retire with lowest cost of living......though still a decent area)

Edited by ghostguy123

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2 hours ago, shadyridr said:

I understand that but isn't your retirement income supposed to replicate about 80% of your current income.

There are definitely some fixed costs in life that are very hard to get around that make an absolute amount meaningful - food, taxes (property tax), insurance, etc.  Even for a modest couple in a median location these items can hit 20k a year.  It's the "getting out of bed" tax.

 

2 hours ago, dorno said:

Myself as well, currently sitting at 23.96% for the year.

I'm at 25.5% liquid net worth increase.   No complaints, but then I haven't complained about the markets since 2008.

 

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2 hours ago, dorno said:

My goal is just not have to work. Where I can just sleep till whenever, grab a cup of coffee, and relax. Traveling is nice but it isn't the be all end all. Just having the means of not having to work is what some of us really crave.

I can't imagine myself ever not working.

I won't work for anyone else, and therefore I will have that cup of coffee and relax - but a life of golfing and drinking all day long would get boring real quick.

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Even when that becomes impossible, I swear I'll bag groceries or something part time just to keep from going crazy.

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I plan on being the grandpa that's always available to take his grandkids to their sporting events. But that would hinder my plan to retire to the outer banks. 

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51 minutes ago, matuski said:

I can't imagine myself ever not working.

I won't work for anyone else, and therefore I will have that cup of coffee and relax - but a life of golfing and drinking all day long would get boring real quick.

For me it's if I don't want to I don't have to. I never said I wouldn't do anything but I can see myself spending most of my weekly free time volunteering in the local shelters. Usually not enough people hours to go around with most of them and the fact I love animals it's a win win.

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4 hours ago, shadyridr said:

One reason im not to worried about my 401k is worse comes to worse I'll just move to lower cost of living area and with my current NY salary savings I'll be fine. 

This is sort of my plan - leave the Bay Area soon to move to Eugene, where cost of living is maybe 50% of what it is here. I already work remotely so I’ll keep my Bay Area compensation for the next several years while slashing my cost of living, allowing me to ramp up savings big time between now and when I finally stop working for the man, hopefully around age 55.  Between now and then the goal is to find a way to generate enough income at that point (Consulting?  Rentals?  Part time job selling popcorn at U of O baseball games?) that I can hold off on the retirement withdrawals. I just need enough extra cash to cover season tickets and donations for basketball and football, with a few road trips for away games a year. 
 

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4 hours ago, shadyridr said:

I understand that but isn't your retirement income supposed to replicate about 80% of your current income.

Even that is so varied.  I only anticipate needing half my current income bc so much of my income now goes to expenses i wont have in retirement: mortgage, college saving, retirement saving.

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On 12/15/2019 at 2:54 AM, -OZ- said:

Biggest difference is the likelihood of one of the couple living past 90 is pretty high. On average. 

How do you figure? While people are definitely living longer, there's not a ton of nonagenarians. Hard to find exact numbers, but I think it's less than 5% of the population.

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9 hours ago, Walking Boot said:

Millionaire Next Door says your net worth should be:

Seems like if your net worth is 4.2x your current salary, you'd be on track. But that includes all wealth, not just your 401k. So if you have a Roth, pension, savings account, etc. add that all in too.

Never understood why salary should be the determining factor in financial goals. Expenses are far more relevant.

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3 hours ago, Terminalxylem said:

Never understood why salary should be the determining factor in financial goals. Expenses are far more relevant.

If your expenses exceed your salary, your not increasing your net worth anyway, and so will still fail the formula 

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5 hours ago, Terminalxylem said:

How do you figure? While people are definitely living longer, there's not a ton of nonagenarians. Hard to find exact numbers, but I think it's less than 5% of the population.

This site is a little tricky on mobile but it’s the best one I’ve seen to visualize your odds of living to 90+
https://flowingdata.com/2015/09/23/years-you-have-left-to-live-probably/

 

I work in Biotech, and I can tell you that medicines are advancing at a tremendous pace right now as well. I wouldn’t bet against longevity. 

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5 hours ago, Terminalxylem said:

How do you figure? While people are definitely living longer, there's not a ton of nonagenarians. Hard to find exact numbers, but I think it's less than 5% of the population.

Keep in mind, we're talking about people who are already in their 60s (at least I was). 

https://safemoney.com/blog/retirement-planning/how-long-might-i-live-in-retirement

One report by the Society of Actuaries shows how long a retiree might spend in retirement. Their analysis of data from the Census Bureau indicates that a 65-year-old couple today has a 72% chance of one spouse living to age 85, a 45% chance of one spouse making it to age 90, an 18% chance of one spouse living to age 95, and a 5% chance of one spouse living to age 100.

Those are averages. Your chances increase if you're able to meet your medical needs, stay active, eat healthy, etc. 

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4 hours ago, Terminalxylem said:

Never understood why salary should be the determining factor in financial goals. Expenses are far more relevant.

It's used most places because far more people know their salary than know their expenses. 

I'd bet, of everyone in the shark pool and FFA today, 90% know their salary within 10%. Most will know exactly what they earned in 2019. Maybe half, likely far less, know what they spent. 

But if you do know your expenses, use that. 

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3 hours ago, wilked said:

This site is a little tricky on mobile but it’s the best one I’ve seen to visualize your odds of living to 90+
https://flowingdata.com/2015/09/23/years-you-have-left-to-live-probably/

 

I work in Biotech, and I can tell you that medicines are advancing at a tremendous pace right now as well. I wouldn’t bet against longevity. 

"Living" or staying alive? There's a big difference in my book. 

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2 hours ago, ConstruxBoy said:

"Living" or staying alive? There's a big difference in my book. 

I don't think those statistics can capture decrepitude.

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11 hours ago, Walking Boot said:

If your expenses exceed your salary, your not increasing your net worth anyway, and so will still fail the formula 

True, and people tend to spend more as they earn more, on average. But there’s a saturation point where that assumption fails.

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10 hours ago, wilked said:

This site is a little tricky on mobile but it’s the best one I’ve seen to visualize your odds of living to 90+
https://flowingdata.com/2015/09/23/years-you-have-left-to-live-probably/

 

I work in Biotech, and I can tell you that medicines are advancing at a tremendous pace right now as well. I wouldn’t bet against longevity. 

Interesting site, thanks.

I work in medicine, and I’m not as optimistic regarding improved longevity. Between obesity and diseases of despair, we’re already seeing decreases in life expectancy for the general population.

Cancer immunotherapy certainly prolongs life for people with otherwise poor prognoses, but it ain’t making people live past 90. Can’t think of anything out there specifically targeting longevity, and treatments for diseases of old age like dementia and osteoarthritis are mediocre at best.

Hopefully you’re right.

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10 hours ago, -OZ- said:

Keep in mind, we're talking about people who are already in their 60s (at least I was). 

https://safemoney.com/blog/retirement-planning/how-long-might-i-live-in-retirement

One report by the Society of Actuaries shows how long a retiree might spend in retirement. Their analysis of data from the Census Bureau indicates that a 65-year-old couple today has a 72% chance of one spouse living to age 85, a 45% chance of one spouse making it to age 90, an 18% chance of one spouse living to age 95, and a 5% chance of one spouse living to age 100.

Those are averages. Your chances increase if you're able to meet your medical needs, stay active, eat healthy, etc. 

Actuaries are much better at math than I, but given the current % of people aged 90+ and our country’s life expectancy trajectory, something doesn’t add up.

I hope you’re right, too.

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10 hours ago, -OZ- said:

It's used most places because far more people know their salary than know their expenses. 

I'd bet, of everyone in the shark pool and FFA today, 90% know their salary within 10%. Most will know exactly what they earned in 2019. Maybe half, likely far less, know what they spent. 

But if you do know your expenses, use that. 

Good point. I don’t know my exact expenses, but I definitely spend far, far less than my salary. Absent some unforeseen disaster, expenses shouldn’t go up much in retirement.

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18 minutes ago, Terminalxylem said:

Interesting site, thanks.

I work in medicine, and I’m not as optimistic regarding improved longevity. Between obesity and diseases of despair, we’re already seeing decreases in life expectancy for the general population.

Cancer immunotherapy certainly prolongs life for people with otherwise poor prognoses, but it ain’t making people live past 90. Can’t think of anything out there specifically targeting longevity, and treatments for diseases of old age like dementia and osteoarthritis are mediocre at best.

Hopefully you’re right.

Really depends on where you're at economically.   I've posted this before, but top quintile and even the one below that have seen increased life expectancy and the gap before theirs and the bottom quintile is something like 12 years and growing.   I'd imagine most of us are in that top quintile so chances of us making it to 90 are pretty high.  

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30 minutes ago, NutterButter said:

Really depends on where you're at economically.   I've posted this before, but top quintile and even the one below that have seen increased life expectancy and the gap before theirs and the bottom quintile is something like 12 years and growing.   I'd imagine most of us are in that top quintile so chances of us making it to 90 are pretty high.  

Yeah, I’m sure wealthy people live longer on average. But those actuarial stats weren’t factoring income into the equation.

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Just passed 800k.  I'm sure a recession pushes me back before I get there but I can see the finish line to becoming a 401k millionaire

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On 12/21/2019 at 7:39 AM, -OZ- said:

It's used most places because far more people know their salary than know their expenses. 

I'd bet, of everyone in the shark pool and FFA today, 90% know their salary within 10%. Most will know exactly what they earned in 2019. Maybe half, likely far less, know what they spent. 

But if you do know your expenses, use that. 

That’s true but think that’s part of problem. Not enough focus on expenses from both general populace and these articles/ books that are written.

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