How big is your 401k?
- Thread starter joesmith
- Start date
onestoptogo
Well-Known Member
Started contributing in 2008 into the S&P 500 fund. I have maxed out the contribution every year but one including the catch-up when I turned 50. I have a little more than $190,000. Three
more years to go until retirement with at least $24,000 going in each year for 2015, 2016, 2017.
I hope to have around $350,000 when I leave.
more years to go until retirement with at least $24,000 going in each year for 2015, 2016, 2017.
I hope to have around $350,000 when I leave.
Smart man. If I had to pick just one fund to put all my money in it would be the S&P 500.
40 and out
Well-Known Member
$372,000 in mine. Contributed 10% from beginning(1987 I think). Then stopped contributing in 2005 due to money issues due to divorce. Started contributing again in 2006 at 1% and have increased by 1% each year since then. Just raised it to 10% for 2015. Currently contributing 80% in Bright Horizon 2025 and 20% in S&P 500. Also have some of it in Stable Value Fund and Russell 2000 . Original plan was to retire in 2014 but now looking at 5 to 10 more years unless we can have a few more years like 2013(28% return). Also have about 800 shares of UPS stock between rolling over part of my Thrift Plan and $10 weekly deduction from pay.
ajblakejr
Age quod agis
Bump it now and you won't miss it.
Ms.PacMan
Well-Known Member
It's just something I keep track of. Your total contributions for each year will be on every W-2 statement and your year end 401K statements will have your new ending balance.
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401K limits for 2015 are $18,000 and an additional $6000 for 50 and older.
Roth IRA limits remain the same - $5,500 (must have equal employment compensation) with an additional $1000 catch up contribution for age 50 and older.
brownmonster
Man of Great Wisdom
Trying to talk my kid into taking advantage of the Roth available thru her employer. There's always next week. Nobody counseled me about saving. Just did it.
UPS4Life
Well-Known Member
I know the pain, been trying to convince my brother to start a 401 but he wants to save for a house. Can't blame him but I keep telling him anything is better than nothing, even 2%
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Ms.PacMan
Well-Known Member
If you're married you can file and suspend your own SS at FRA (66 or 67) and your wife can then collect spousal benefits (half of your SS amt). It won't effect your SS at all and you'll get the same increased payout at 70. Her own SS will also continue to grow.
http://www.ssa.gov/retire2/suspend.htm
Babagounj
Strength through joy
I was aware of this , but no wife .
bottomups
Bad Moon Risen'
You want mine?
Babagounj
Strength through joy
h'mmmm
Don't say It! Know you want to!
Take my wife = no give backs!
You can never put too much away in your 401k. I increased the number of dependents I claim on my w-4 and put the difference in take home pay into my 401k. Took home the same amount every week and didn't seem to change my tax situation every year. Always got the same back in my tax return every year. Glad I did. I had a career ending injury after 20 years on the truck and if I leave my 401k alone until I'm 60 or so (48 now) it should be a nice piece of change. Still wish I put more in over the years though. I planned on increasing my contributions until retirement at 55 but it wasn't to be. Contribute into your 401k til it hurts......
The Driver
I drive.
This concerns me somewhat, too. I wonder what the odds are that this will happen.
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