401k GENERAL questions...

[Homerboy]

I'm 30 (today in fact is my B-Day) and I was thinking of my 401K that I rolled over from a prior employer.

Right now it sits at just at ~$37K and on my past few qtrly statements its gone up $1000-$1750 each time. I FULLY trust the company and the individual I have working it... but how much is "enough" (I know you can never have "enough")

Is there a calculator someplace? Im REALLY horrible at this kinda stuff.

 

[spidey07]

don't touch it.

That's for retirement.

Also you've got a nice little egg to just sit there and keep growing and growing. And if time ever got really, really super hard you could pull some from it.

 

[LordSnailz]

happy birthday!!

 

[Ornery]

Buy AT LEAST as much as your company will match any percentage of. Are you able to juggle the money to different accounts yourself?

 

[GasX]

RETIREMENT CALCULATOR

 

[Homerboy]

Oh Im not going to touch it at all... I understand that. I would never think of it.
I would love to still be adding to it at this point, but I really cant spare the extra funds as of right now. It haunts me with every paycheck, but I still have to pay the mortgage.

Yes Im able to juggle all I want, but like I said, my man "Sal" and The MONY group knows his sh!t pretty well and takes care of all that for me. And hasn't failed on that account at all thus far, turning a profit each qtr, even in bad economic/stock times. Thats what he gets paid to do and I trust him fully on it.

I guess my overall question is is that a good $ to be at being 30 with 2 kids (thus far) and a wife? Is there a magical calulator someplace?

Oh and thanks for the B-Day wish... granted I should be at home and not at work.

 

[Homerboy]

Originally posted by: Mwilding
RETIREMENT CALCULATOR

THANKS!

 

[Homerboy]

heh so whats "average return"
I guess right now Im actually looking at nearly 10% as Im earning at least $1k/qtr. That seems AWFULLY high though does it not?

 

[Orsorum]

Originally posted by: Homerboy
heh so whats "average return"
I guess right now Im actually looking at nearly 10% as Im earning at least $1k/qtr. That seems AWFULLY high though does it not?

Average long-term return for equity stocks is something like 10-12%.

 

[FeathersMcGraw]

If you're completely strapped to pay your mortgage, see if you can refinance to free up some of your monthly budget. Not contributing to a 401(k) when your employer offers matching funds is virtually throwing money away.

 

[edro]

6% seems high to me... is that right though? I know it depends on the market, but what's a good average? I started my 401k when I was 18, in the year 2000.

 

[Homerboy]

Originally posted by: FeathersMcGraw
If you're completely strapped to pay your mortgage, see if you can refinance to free up some of your monthly budget. Not contributing to a 401(k) when your employer offers matching funds is virtually throwing money away.

Well I am strapped right now (damn economy) and I did recently refinance and really dont think I could get much of a lower rate as-is right now. Regardless, my employer doesnt offer 401K until I hit 1yr here so I still have a few months to really worry about that... and like I said, EVERY paycheck I cringe knowing that I am not getting my "free money"


10-12% is normal? Nice... that $40K is pretty solid then. Wonder what I will "need to retire" with... $500K? $1M?

 

[rahvin]

If you want to maintain the same lifestyle you have now you will need 3-4 million.

 

[dr150]

WHat are good funds to look at?

What funds & asset mix are you 401k high earners into right now?........

 

[spidey07]

Originally posted by: Homerboy

Originally posted by: FeathersMcGraw
If you're completely strapped to pay your mortgage, see if you can refinance to free up some of your monthly budget. Not contributing to a 401(k) when your employer offers matching funds is virtually throwing money away.

Well I am strapped right now (damn economy) and I did recently refinance and really dont think I could get much of a lower rate as-is right now. Regardless, my employer doesnt offer 401K until I hit 1yr here so I still have a few months to really worry about that... and like I said, EVERY paycheck I cringe knowing that I am not getting my "free money"


10-12% is normal? Nice... that $40K is pretty solid then. Wonder what I will "need to retire" with... $500K? $1M?

well over a mill

 

[pyonir]

Happy Birthday!

 

[Yossarian]

max it out every year if you can. iirc yearly max is $13k. 100% tax deductible babyyyyyy!!

 

[Rufio]

Originally posted by: pyonir
Happy Birthday!