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Joined: Dec 2008
Posts: 8,329 Likes: 1
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2008
Posts: 8,329 Likes: 1 |
Above average, but still not enough. I was hoping to retire at 50, but might have to work a few years beyond that since my RTI hasn't been what it should have the last 7-8 years.
"Life is tough, even tougher if your stupid"
John Wayne
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Joined: Dec 2002
Posts: 22,274
Campfire Ranger
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Campfire Ranger
Joined: Dec 2002
Posts: 22,274 |
Retirement: Is Your 401(k) Total Above Or Below Average?BY PAUL KATZEFF INVESTOR'S BUSINESS DAILY 02/12/2015 08:02 AM ET ![[Linked Image]](http://www.investors.com/image/WMUT90_0212_345.gif) Click Graph to View Enlarged ImageHow does your 401(k) retirement account balance compare with balances for other people your age?If your account balance lags the average for your age group, that's likely a sign that you need to revise your retirement planning. You may need to boost the percent of pay that you contribute to your account, or allocate more of it to growth-oriented investments such as stocks and stock mutual funds rather than, say, cash or bonds and bond funds. To pump up your nest egg's prospects, you should also consider kicking in enough money to qualify for the maximum company match your employer may offer. That gives you more flexibility as well as more cash to put to work as you seek funds and stocks to invest in, as well as an age-appropriate allocation to bonds. The need to fend for yourself with a 401(k) balance that's as large as possible keeps growing. Only 7% of Fortune 500 companies offered a traditional pension plan to newly hired workers as of year-end 2013, according to professional services company Towers Watson. That compared with 51% as of 1998. So how does your 401(k) balance stack up?The average 401(k) account balance was $248,397 for a plan member who is in his or her 60s with 30 or more years on the job, as of year-end 2013, according to a recent report by the Employee Benefit Research Institute. For a plan member in his or her 50s with the same tenure — 30 or more years — the average balance was $252,418. Plan members in their 40s who have worked more than 20 years, up to 30 years, have balances that average $154,228. The average balance was $66,139 for thirtysomethings with more than 10 years, up to 20 years, under their belts. And plan members in their 20s, who worked more than five years, up to 10 years, for their current employer, average balances of $18,351. The overall average account balance as of the end of 2013 was $72,383. Read More At Investor's Business Daily: http://news.investors.com/investing...size-of-a-401k-account.htm#ixzz3SaU0Z8wM Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook Interesting. I sit on our Corporation's Investment Board, where we manage the 401k. The data we were provided by ING last year said that for participants in their 50's, the average balance was $92,820. That's quite a difference to what's graphed above.
"...the designer of the .270 Ingwe cartridge!..."
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Joined: Jan 2004
Posts: 11,409 Likes: 1
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2004
Posts: 11,409 Likes: 1 |
35 here and have the average for my age group beat my many multiples. Don't think it's enough though.
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Joined: Jan 2002
Posts: 12,890 Likes: 5
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 12,890 Likes: 5 |
I'm about three times average -- and feel naked.
What worries me is not SS being there, I assume it is not going to be. What worries me is Medicare not being there. That scares the crap out of me..... A little heart blip or cancer hiccup, and 200K is down the drain.....
Sic Semper Tyrannis
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Joined: Oct 2004
Posts: 23,374 Likes: 2
Campfire Ranger
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Campfire Ranger
Joined: Oct 2004
Posts: 23,374 Likes: 2 |
Warren Buffet has been good to me the last 15+ years. After gettig burned by the Tech bust of the '90's I started buying Berkshire-B. I figured if Buffet goes belly up, we will all live in cages and make fire with sticks because the world economy will be a thing of the past.
"The Democrat Party looks like Titanic survivors. Partying and celebrating one moment, and huddled in lifeboats freezing the next". Hatari 2017
"Hokey religions and ancient weapons are no match for a good blaster at your side, kid." Han Solo
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Joined: Jan 2007
Posts: 11,607 Likes: 8
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2007
Posts: 11,607 Likes: 8 |
What's a 401k ? lol retierment ? lets see 200+ momma cows , 1000 acres, all farm and industrial equipment payed for before the age of 50 I think I'll be ok
Last edited by ldholton; 02/23/15.
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Joined: Jan 2002
Posts: 12,890 Likes: 5
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 12,890 Likes: 5 |
What's a 401k ? lol retierment ? lets see 200+ momma cows , 1000 acres, all farm and industrial equipment payed for before the age of 50 I think I'll be ok Yeah, but not exactly liquid assets, that's for sure!
Sic Semper Tyrannis
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Joined: Oct 2010
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Campfire Tracker
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Campfire Tracker
Joined: Oct 2010
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[bleep] im 31 and have over what the 60's are supposed to, and ive got 100K in equity in my house... i gonna be riiiiiiiiiiiiiich. well maybe not, but hopefully i wont starve to death :-(
I kill chit. "The Heathens nest"
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Joined: May 2003
Posts: 31,294 Likes: 10
Campfire 'Bwana
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Campfire 'Bwana
Joined: May 2003
Posts: 31,294 Likes: 10 |
It can be done. If you start soon enough, it can be done almost painlessly.
Invest $100 a month without fail from the time you are 25, and by 65 you'll be a millionaire. Invest 10% of your income per month, and you can make that multimillionaire. Any decent growth-oriented mutual fund that earns 6% or more will do it.
Cleverly disguised as a responsible adult.
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Joined: Dec 2008
Posts: 5,195
Campfire Tracker
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Campfire Tracker
Joined: Dec 2008
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What's a 401k ? lol retierment ? lets see 200+ momma cows , 1000 acres, all farm and industrial equipment payed for before the age of 50 I think I'll be ok Yeah, but not exactly liquid assets, that's for sure! Much rather have 200 momma cows than green backs any day of the week. Now if you live in the city you wouldn't understand that. Things get rough, cattle to eat, land to grow crops on, wood to heat. Will you be self reliant in your liquid situation. GW
If an injury has to be done to a man it should be so severe that his vengeance need not be feared. MACHIAVELLI
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Joined: Jan 2007
Posts: 11,607 Likes: 8
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2007
Posts: 11,607 Likes: 8 |
What's a 401k ? lol retierment ? lets see 200+ momma cows , 1000 acres, all farm and industrial equipment payed for before the age of 50 I think I'll be ok Yeah, but not exactly liquid assets, that's for sure! 1years calf crop = 200,000K +/- Thats right off the cow and not much feed expence so I can come up with some liquid pretty fast
Last edited by ldholton; 02/23/15.
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Joined: Nov 2002
Posts: 18,481 Likes: 2
Campfire Ranger
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Campfire Ranger
Joined: Nov 2002
Posts: 18,481 Likes: 2 |
You make $1,000.00 per calf?
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Joined: Nov 2002
Posts: 33,792 Likes: 13
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,792 Likes: 13 |
Those are downright horrible numbers.
Conduct is the best proof of character.
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Joined: May 2004
Posts: 2,820
Campfire Regular
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Campfire Regular
Joined: May 2004
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What's a 401k ? lol retierment ? lets see 200+ momma cows , 1000 acres, all farm and industrial equipment payed for before the age of 50 I think I'll be ok Yeah, but not exactly liquid assets, that's for sure! Much rather have 200 momma cows than green backs any day of the week. Now if you live in the city you wouldn't understand that. Things get rough, cattle to eat, land to grow crops on, wood to heat. Will you be self reliant in your liquid situation. GW Momma cows and land, the gift that keeps on giving
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Joined: May 2007
Posts: 14,654
Campfire Outfitter
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Campfire Outfitter
Joined: May 2007
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You make $1,000.00 per calf? That's what I was wondering.
your flippant remarks which you so adeptly sling
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Joined: Jan 2007
Posts: 11,607 Likes: 8
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2007
Posts: 11,607 Likes: 8 |
Wth todays prices , yes. Now one needs to remember there is some expence's as tractors, hay equpiment , fuel and such a,d LAND !! but with all this payed for it makes a big difference. Now I have to figure out where to spend $$ that is made so it all don't get payed to the goverment
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Joined: Dec 2008
Posts: 8,329 Likes: 1
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2008
Posts: 8,329 Likes: 1 |
Now I have to figure out where to spend $$ that is made so it all don't get payed to the goverment You could make charitable donation to me  I've been putting some of mine into rentals, it's not sexy money but it's reliable.
"Life is tough, even tougher if your stupid"
John Wayne
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Joined: Mar 2012
Posts: 6,519
Campfire Tracker
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Campfire Tracker
Joined: Mar 2012
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We had to start over about 4 years ago. The economic downturn hurt us and we were forced to cash it out. Now we are trying to make up for lost time, chunking 15% in right mow, plus some match.
"And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor." ![[Linked Image]](http://www.rockymtnrefl.com/TetonFenceBarncd1985987.jpg)
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Joined: Nov 2002
Posts: 33,792 Likes: 13
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,792 Likes: 13 |
Rocky nailed it. Folks make the mistake of not starting their investment effort early enough. Start at 25 latest and give up some of the toys to allow it to happen.
Conduct is the best proof of character.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Retirement: Is Your 401(k) Total Above Or Below Average?BY PAUL KATZEFF INVESTOR'S BUSINESS DAILY 02/12/2015 08:02 AM ET Click Graph to View Enlarged ImageHow does your 401(k) retirement account balance compare with balances for other people your age?If your account balance lags the average for your age group, that's likely a sign that you need to revise your retirement planning. You may need to boost the percent of pay that you contribute to your account, or allocate more of it to growth-oriented investments such as stocks and stock mutual funds rather than, say, cash or bonds and bond funds. To pump up your nest egg's prospects, you should also consider kicking in enough money to qualify for the maximum company match your employer may offer. That gives you more flexibility as well as more cash to put to work as you seek funds and stocks to invest in, as well as an age-appropriate allocation to bonds. The need to fend for yourself with a 401(k) balance that's as large as possible keeps growing. Only 7% of Fortune 500 companies offered a traditional pension plan to newly hired workers as of year-end 2013, according to professional services company Towers Watson. That compared with 51% as of 1998. So how does your 401(k) balance stack up?The average 401(k) account balance was $248,397 for a plan member who is in his or her 60s with 30 or more years on the job, as of year-end 2013, according to a recent report by the Employee Benefit Research Institute. For a plan member in his or her 50s with the same tenure — 30 or more years — the average balance was $252,418. Plan members in their 40s who have worked more than 20 years, up to 30 years, have balances that average $154,228. The average balance was $66,139 for thirtysomethings with more than 10 years, up to 20 years, under their belts. And plan members in their 20s, who worked more than five years, up to 10 years, for their current employer, average balances of $18,351. The overall average account balance as of the end of 2013 was $72,383. Read More At Investor's Business Daily: http://news.investors.com/investing...size-of-a-401k-account.htm#ixzz3SaU0Z8wM Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook Interesting. I sit on our Corporation's Investment Board, where we manage the 401k. The data we were provided by ING last year said that for participants in their 50's, the average balance was $92,820. That's quite a difference to what's graphed above.
Your numbers are much more accurate.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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