i have a 401k?

Question

ive been with this company for 6 years, now i am 34 years old and i have about 20 grand in there, now the company matches it with 6%, i was wondering how could i retire at the age of 65, will the 401k be enuff, i also understand the money gets invested in stocks over seas, will this be enuff

Answer 1

20k for a 34 year old seems low to me. You should have more in retirement savings by this point in your life (depending on income, you should have around 50k by now).

Increase your contribution to your 401k if they allow it. If not, then open a Roth-IRA.

At your current rate of savings, you will not have a comfortable retirement.

Answer 2

You don't say how much you are putting in there or how much you are making. Nor do you tell us how you are invested in or what you want to do during your retirement. Lastly, you don't tell us if you own your own home and are living within your means.

Remember, enough is relative...enough for you may be traveling the world with a vacation home in Phoenix for you to winter in while enough for me is 3 hots and a cot.

Go to yahoo and lookup "retirement calculators" and find one that takes into consideration inflation that will help you decide if you have enough.

Or if you'd like, edit your question and provide the extra details.

I realize that I'm not going to get best answer, but you honestly didn't provide enough info to give you an answer that has any value whatsoever.

Answer 3

if you try to invest it in stock, it might take a while to recoup your investment. why dont you try it on mutual funds. it has a higher returns.