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401K/salary

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Veteran
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Joined: Jul, 2010
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Posted: #1

What is your 401k balance divided by annual earnings, and what is your age?

Me...49 and ratio is 2.8, Hope it gets to about 8 by the time I reach 65.

 
Covers Linesmen
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Posted: #2
That is very impressive!
 
Banned
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Posted: #3
.92, and i am 42...but i am debt free and hope to really make some great steps forward in the next 10 years  
 
Legend
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Posted: #4
Our combined 401k/sep/roth's vs. annual salaries would be around 1.5 and we're 35.  Doesn't seem like much.  By the time we're 55, I want to have 15-20x what I have in there now.  Problem is that we didn't have much of anything in there until around 30.
 
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Posted: #5
Combined 401k's/Roths is a little over 1...ages 32 &31...
 
Prospect
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Posted: #6
33..1.28
 
All-Star
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Posted: #7
please explain this 401k balance and stuff

thanks
 
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Posted: #8
If you make 100k a year, and your 401k balance is 100k, then your ratio would be 1...
 
Prospect
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Posted: #9
I'm 21...when should i start to deal with this kind of stuff?
 
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Posted: #10
Quote Originally Posted by bfskate26:

I'm 21...when should i start to deal with this kind of stuff?

Right now is the best time.  Even if it's only $50 or $100 a month.  Time is your #1 asset
 
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Posted: #11

Quote Originally Posted by pjrez:


Right now is the best time.  Even if it's only $50 or $100 a month.  Time is your #1 asset

Exactly. Start young and you will amass quite a bit by the time you retire.

 
 
Prospect
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Joined: Jan, 2010
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Posted: #12
So essentially the younger you start the earlier you can retire?
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