What is a good amount of money to have set aside in your 401K by 31?

Answer 1

It really depends at what age you started working at a job that you could contribute to a 401(k). If you started right out of college at age 22, then I might say a good amount would be close to $100k since you should have been saving for 9 years (at a level to get the company match at least).

If you graduated later or went to grad school a good amount could be quite a bit less. I went to grad school and didn't start my first real job until age 28.

A good 'rule of thumb' is that your net worth should be your annual salary multiplied by your age, divided by 10. So, if you make 50000 a year your net worth should be about $165,000. Now with all rules of thumb, they are just broad guidelines and individual circumstances will affect them greatly.

Answer 2

Depends on a lot of factors. You generally want to save 10% of your salary towards retirement, most often this would be a 401K and an IRA (hopefully a Roth IRA and if your employer allows it, a Roth 401K).

Assuming that you've worked for about 5 years and make $50k, then if you're anywhere near $20k, you're doing well.

Answer 3

take advantage of any company matching. try and get up to the percent contrib that will get you the maximum company match. I only have about $16k at age 48, but my plan with increased contributions and hopefully 75% company matching and only expecting 8% annual return will hopefully get me to almost $500k in 15 yrs

Answer 4

I'm 40 and have about $25,000. I'm pretty happy with that, though I might not be able to really retire until I'm past 65. At thirty, anything in you retirement fund is good, as long as you keep adding to it.

Answer 5

at you age i hope you have a least 25K in ira's or 401K!!!