My wife and I have about $80,000 at this time. I am curious what other people/couples in their early 30's have.
2007-01-13 13:50:09 · 6 answers · asked by jhistenes 2 in Business & Finance ➔ Investing
http://www.boston.com/business/personalfinance/articles/2006/08/25/average_401k_account_grows_past_100000/
There is another article I read that broke it down better, but it is outdated. You are about average for those of the 65% of workers that have 401Ks. What is is more important is, will it be enough and the answer is probably not with two people over a long time. At that rate it will be like living a $20,000 a year lifestyle (with no more needing to save). It will keep you from living on the street and starving, but don't expect a pretty lifestyle beyond that (and woe to half the population that will be far worse off). Unfortuately for those that are 65, their 401K average is about $150,000 which could be stretched out to 8 years and then if they are still living, they will need to tap some other type of income.
I personnelly have $87,000 in a 401K and another $7,500 in a Roth IRA and I'm 37.
2007-01-13 15:51:42 · answer #1 · answered by gregory_dittman 7 · 0⤊ 1⤋
I think you're way ahead of the average American...sorry to say... there are still people out there who think Social Security is going to take care of them.......I doubt if 50% of couples have ANY retirement savings.
Yeah! I think you're ahead, but you can do better..just a little adds up....as little as an extra $50 a month, ' cause you've got almst 30 years to go....run some numbers through this:
http://www.finishrich.com/free_resources/lattecalculator.php
P.S. also make sure your account is "working" for you...some weekend read a little more about investing and put some of your funds into aggressive funds ( just some, just a leetle) you've got time still on your side..... don't settle for 7% across the board on your investments...get one or two little ones at 14%...17%....
Get cautious when you're over fifty....
Good luck.......Oh! the most important thing : take care of each other and STAY together.... ( actually a little more important than the savings)
2007-01-13 18:08:15 · answer #2 · answered by jebediabartlett 6 · 0⤊ 0⤋
You are doing very well. When I was 35 a long time ago, I was just a tad above that, not much. I am now retired. I retired at 56 and invest full time when I am not anwering investment questions on Yahoo. You do have several advantages over me when I was that age. Your retirement account is tax free or tax deferred. Mine was not.
Remember slow and steady does it. I made some monumental screw ups along the way by investing in some real loosers and not bailing out in time. Don't let that happen to you. Invest only in solid companies, not some of the crap I did and you might be able to hang it up at age 50 and go birding full time.
2007-01-13 15:48:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Having 80g is probably ahead of the curve.
As a barometer, most people don't even start to think about saving for retirement until they are in their 40's. (That's when they start to think about retirement.) So most at 30-35 would have nothing more than a bit of money in a savings account and spend all their money just trying to keep up with the Jones's.
Kudo's for looking out for your future!
2007-01-13 14:17:47 · answer #4 · answered by highkvp 2 · 0⤊ 0⤋
You are well ahead of the game. No investment here. Working on killing off the mortgage then concentrating on retirement. hope we dont have too many ENRON's.
2007-01-14 13:03:28 · answer #5 · answered by friendly advice from maine 5 · 0⤊ 0⤋
3 dimes.......4 nickels......1 quarter and a broken piggy bank!
2007-01-13 14:07:07 · answer #6 · answered by madmilker 3 · 0⤊ 1⤋