Our 401k balance in now 230K & we have 50K in after tax investments
2007-05-03 17:30:23 · 5 answers · asked by wheels41 1 in Business & Finance ➔ Personal Finance
Thanks for the answers. Some addittional info. 10% of our saving goes in to a 401K with a 5% match. I have a good pension, up to 33% of my income. I also get a small number of stock opt. Our goal is to retire around 55-57, with enough money to last at a 60% current level.
2007-05-04 01:06:08 · update #1
Its a pretty good start on what you have right now, but no one can accurately tell you if thats enough. You have to evaluate your needs and find out how much you and your wife needs each month when you retire. Basically, you need to find out your financial independence number. I know a company that can do the financial needs analysis for free.
2007-05-03 17:54:33 · answer #1 · answered by Anonymous · 6⤊ 1⤋
sounds like you are on a pretty good pace any you are contributing plenty. you have another 20 years till retirement so you have time for much more substantil growth so don't hesitate to keep your fund allocation in stocks worry about switching when you get within 10 years of retirement. I don't know if your income is lopsided or you both make about the same amount but you both may be eligible for roth ira which are a retirement plan that you contribute after tax dollars to and are never taxed on this money again and you could each contribute an additional 4,000 a year to this if you want to contribute more towards retirement, and if you are going to retire before the age of 59.5 it wouldn't hurt to keep contributing to a regular brokerage account you will not receive any tax benefits from a brokerage account but the money is withdrawable anytime.
I would say you are doing fine and better than most people.
2007-05-04 00:42:04 · answer #2 · answered by the man 3 · 1⤊ 0⤋
Probably. It really all depends on what your goals are.
I'd say that if you are saving 20% of your income (and investing it wisely) then you're doing about all you can do. If the calculations indicate that you are a bit behind schedule, then I'd say you might need to adjust your goals a bit (it's so very difficult and unrealistic to think you should save more than 20% of your income).
2007-05-04 07:43:14 · answer #3 · answered by derek 4 · 1⤊ 0⤋
If I were making that much money I would be saving more. I think you will be doing fine when you retire.
2007-05-04 00:39:18 · answer #4 · answered by Nelson_DeVon 7 · 1⤊ 0⤋
Depends on your health condition and living standard,also the assets.
2007-05-04 00:35:08 · answer #5 · answered by kalabalu 5 · 0⤊ 0⤋