How Much You Should Save In Your 401K By Age - 2024 Edition!
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- Äas pĆidĂĄn 6. 07. 2024
- This is the average, and median balances of the 401k in the United States as of the MOST recent Vanguard report "How America Saves" released just LAST week on June 23.
Here's the link to the full report: institutional.vanguard.com/in...
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Hello đ Iâm Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!
â±ïž Timestamps:
0:00 - Start Here
0:39 - Under 25
4:04 - Ages 25 - 34
6:18 - Ages 35 - 44
10:06 - Ages 45 - 54
12:34 - Ages 55 - 64
13:42 - Age 65+
Thanks for watching. How's your 401k balance? Let me know in the comments. Also...plz subscribe đ„č
Switched 6 months ago from the T Rowe price age based fund to Fidelity S&P500 index fund FXAIX, much lower expense ratio and so far better performance as well. $200k balance at 35 yrs old. Almost maxing out at $20k a year. Want to switch to Roth 401k but also don't want to foot the large tax bill with hefty fixed monthly expenses such as mortgage, car loan and daycare etc.
Age 35, currently $67k in my 401k. but have ~$200k in all of my portfolio (401k, Roth IRA, Trad. Brokerage Account)
Can't stress enough for anyone who's in their 30s and younger, to get that 401k and Roth IRA set up! I did not get serious until my later 30s and believe me, I'm trying to play catch up and it's stressful while also raising teens. Also Humphrey, go eat at Stillwater at Pebble Beach - great restaurant!
Started 10 months ago and just hit $10k!
31 $115K in my portfolio. Got some work to do but Iâm getting there
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
Interesting. I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems youâve got it all worked out with the firm you work with so i surely wouldnât mind a recommendation.
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this Pointer. It was easy to find her handler, She seems very proficient and flexible. I booked a call session with her.
s a soon retiree, keeping my $401k on course after a rocky 2022 is top priority. I have been reading of lnvestors making up to $25Ok R0I in this current crashing market, any recommendations to scale up my R0I before retirement will be highly appreciated
The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.
Having an lnvestment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K so far, that made it clear there's more to the market that we avg joes don't know.
Please can you leave the info of your lnvestment advsor here? Iâm in dire need for one
Yes my go to person is a 'LUCIA ALICIA CRUZ'(heart) So easy and compassionate Lady. You should take a look at her work
.Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Iâm 55 from southeastern Ohio but worked overseas all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management?
Glad to hear from another buckeye! comfortable retirement depends on your lifestyle...
I would get money management just in case. Youâre only 55. I think the average life execting in the US is 77.5 years, but many people live well into their 80s so that $1 million has to last you all of that and the unforeseen. $1m is a great start though. Good for you!
Iâm quite lucky exposed to personal finance at early age, started job 19, purchased first home 28. Going forward, got laid-off at 36 just after covid-outbreak, and at once hired an advisor with grit to help stay afloat. As of today, my portfolio has yielded over 300%, summing up $836k. Stay motivated friends
@@StephenTho42 this is huge! your advsor must be grade A, mind sharing more info pleas? in dire need of proper asset allocation
@@CaroLewis-j8k life expectancy depends on which age you are, at 65 the average life span is 83.5 years for men and 86 for females
Please never become a sellout like all the other financial youtubers. We need you , and thank you for everything đ
Wow. I am blown away by this presentation. I was an insecure 49 year old on SS in January 2018 when I started buying Bitcoin/crypto. Everyone though I was irrational. Most still do. I put my income in every month and watched the value drop each month but for some reason really believed in Bitcoin and alt coins/blockchain even though I don't totally understand. Finally, the crypto market started turning around and I am astonished at the value of my crypto currency portfolio today. I engaged in active trading and managed to grow a nest egg of around 2.3B'tc to a decent 27B'tc....At the heart of this evolution is Kerrie Farrell, whose deep understanding of both cryptocurrency and traditional trading has been instrumental. Her holistic approach to investment and commitment to staying abreast of market trends make her an invaluable ally in navigating this new era in cryptocurrency investment....
I appreciate the professionalism and dedication of the team behind Kerrieâs trade signal service....
As a beginner, it's essential for you to have a mentor to keep you accountable..
Kerrie Farrell program is widely available online..
The fact that i got to learn and earn from her program is everything to me think about it, it's a win win for both ways...
On the grand scheme of things, once you understand the potential of trad!ng, you can bet on it but I think people need the education to fully understand....
I'm 35 with $145k in a IRA and $27k in a 457b. I also can collect a pension at 52 years old. I also have 6k in crypto and 25k in a regular brokerage account. 50k cash in CDs. I have a GED and grew up without parents and managed to educate myself on finances when I got my first job at McDonald's at 17.
You're educated in finance but have $50k in CDs? đ€Šââïž
That hurts to read honestly.
â@@BlakeC341 hey smarty pants, he could be waiting to deploy on a house soon and doesn't want to risk short term volatility in the market.
@@TioMogi Smarty Pants? Such Language!
Iâm 37 single no kids been investing since I was 19 years old now I have 340k in my tsp/ Roth combined . Very thankful .
well done! congrats!
Easily $1 million by 50
@@RobertBeedle thatâs the goal or maybe even earlier .
Excellent! Continue putting $500/month into C-Fund and you will get your 4.8mil by 62(retirement age). Or even at 57 FERS eligible for 30+ years of service. Money should not be an issue for your retirement, unless you need a luxury yacht.
@@xungngo yes sir thatâs my plan . 70 C / 30 S .
Currently 26, only contributing my match from my employer. Rest of my contributions are in a roth. Have $400 in total. Started last month
Congrats, great to get the ball started
Keep going!
Thatâs really good. I started saving at almost 29, so in my point of view youâre ahead of schedule. Lol
Prosperity doesn't come out that way overnight. What Most people see at a glance-wealth, a perfect career, purpose-is the results of hard labour and hustle over time. I pray anyone who reads this will be successful in life...
Assets that can make one successful in life
I. Forex
2.Stocks
3.Shares
You are right.
But I don't know why people remain poor due to ignorance
It's not ignorance but unprofessional broker in the market
Please start asap!! I thought I started late at 28, but now in my mid 40s I thought I wasnât doing too good. Nope Iâm almost at 700g. I actually dropped my contribution to the min company matching. Because basically what I got now is going to continue to grow. Technically I think I could retire now, but the job is too good đąđą anyway not trying to boast. Iâm just saying you really donât get compound Interest and time. But more importantly you donât understand the freedom to choose and not be worried. Even if you starting late donât fret. Just do what you can. You will be surprised.
23 living with parents with 18.5k in 401k and 13k saved. Car payed off in 2 years bought it when I was 19.
great work!
Yup, my parents blessed me to take me back in after my husband passed. He was doing unscrupulous activities and happened to have recently had drained every last penny, then had a heart attack (men be warned.) leaving me with nothing. Iâm in a much better place now, thanks to them, Iâm in my 30âs so have missed out on some decades of compound growth!!
With a name like Master Baiter, I would assume youâre 23.
Don't worry one divorce can change that
@@eclektric get married? Hell no đ€Ł
22 with 35k in retirement. 33k and change in 401k and 1.3k is in my Roth IRA since I just decided to start maxing it out. So 291.67/paycheck to hit 7k/year. All that is from my 2yrs at my company as a welder. I barely decided to start building an emergency fund as well so I got $600 in my 4.60% APY SoFi savings. $600/paycheck so in 8 months Iâll have 9k contributed and more from compound interest. 8 months cuz thatâs when Iâll feel comfortable trying to switch careers, after having an emergency fund. Then I got 2.2k in savings and 1.3k in checkings. Caleb Hammer really b hammering these goals into my mind đ
Do not despair young fella! Use an online investment calculator to prove what I am saying. $35K at 13% (QQQ a Nasdaq mutual fund) with monthly contribution of $100 and compounded daily for 40yrs(retirement age 62) will get you $8mil. Don't fool around with individual stocks they will break you.
I am very fortunate and feel very encouraged by your videos. Our best advice we got out of school were two things: Donât pretend to know things; be humble and ask for help AND start contributing to your 401k at the max; diversify. Now as middle agers, my husband and I are enjoying our careers, raising young adults đ (plus one corgi puppy) focusing on our health and relationships. We canât feel more grown up than this!đ
Keep on Humphrey â€
28 years old. Been working for 6 years out of college, with an average salary of $98k across those 6 years (started out at $72k and now at $127k). Just hit a net worth of $400k ($300k in retirement, $100k liquid). Majority (> 90%) of retirement savings are in Roth. I've been maxing my Roth IRA since my first year of working, have maxed my Roth 401k since my second year of working, and have maxed my HSA the last 3 years. Total retirement savings rate of 30-40% (including employer match), liquid savings rate of 5-10%. Have lived in a moderate cost of living area (Philadelphia). The biggest things for me to achieve this have been living frugally (no debt), avoiding lifestyle inflation, increasing my salary (through negotiation and a strategic company change), and saving aggressively. Nothing magic here, just intense saving and investing in low cost S&P500 index funds. You can do it too!
Damn dude thats awesome. Most of my 401k is traditional because i only recently started contributing to roth. Im in a target date fund, and i feel like i should have just done s&p, but im scared to reallocate it at this point. Separately, i buy a share of VOO in a brokerage account every payday.
Well doneđđ
I'm 33 and have $41k between my IRA and 401k but I didn't start contributing until I turned 30, I contribute about 18% of my income which includes a 7% employer match
Thats good. 18% is crazy! Still early enough, dont worry. Keep it consistent
Thanks for sharing this, Iâm 32 and starting now
I didn't get started until I was 32 and started at 10% and moved up to 15% as I got raises. About 16 years from retirement now, and while it took a little while to get the snowball rolling retirement is looking like it'll be very comfortable. My account balances are ahead of the recommended values and just gotta keep on course. With an 18% savings rate you should be in excellent shape if you can keep it up.
I started at 35. Keep at it!
@@whorhaydelfuego7190 thank you for sharing!
I am very fortunate and feel very encouraged by your videos. Our best advice we got out of school were two things: Donât pretend to know things; be humble and ask for help AND start contributing to your 401k at the max; diversify. Now as middle agers, my husband and I are enjoying our careers, raising young adults đ (plus one corgi puppy) focusing on our health and relationships. We canât feel more grown up than this!đ
Congrats!
All your videos are great. Thank you for sharing your knowledge.
This video simultaneously makes me feel better about my situation, and anxious about the rest of my family's future.
Same
What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my $200k stock portfolio.
There are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist
I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
My CFA âANGELA LYNN SCHILLINGâ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
You have the best content of its kind! One of your videos covers two to three topics covered by other creators. Your presentation is easy to understand, succinct, and entertaining. Itâs never a slog listening to your videos. Keep up the great work! Itâs definitely helping me.
thank you Mario
Age 75. Retired at age 65. Compulsive saver and not an idiot investor over a 40 year career. 401 k after 10 years of retirement and taking required minimum distributions starting at age 71 is over $8,000,000 today. Didnât skimp on lifestyle during working years. Saved at a pace of about 8% of income during my working years. No magical investment style, just simple broad based mutual funds and now ETFâs. I did, however had earnings in the higher range.
Congratulations, well done!
Where did your day to day living income pull from between years 65-71?
That's awesome!. Just think, the DJIA when you were 20 was only $875. Now it's at $39308. Talk about growth!
@@JC-kp1hr 65 - 71 funded by non retirement assets in marketable securities and rental real estate. I bought residential real estate as individual properties over a 25 year period. Started with low income housing. Was fortunate to enjoy price appreciation. Sold the low income properties and 131 exchanged in to 4 houses that I paid cash for and rent with the assistance of a property management company. Didnât take social security until I turned 70.
Thanks so much, this was a very informative video! đ
Is that per household or per salaried employee? My wife goes to the office while I take care of the kids and Iâm not sure how a stay at home parent calculates into the equation.
Are we talking Individual 401k account snapshots for Average and Median values or consolidated? People go through multiple jobs and they may have multiple 401K / IRA / Roth IRA accounts, I presume and they may not always roll over and consolidate them into one retirement account? I am wondering if the Average and Median values give a true picture of a typical american's combined investment savings?
25 years old. 10k in 401k. 20k in Roth IRA. 110k in an investment account. 140k all in. Plan to keep buying dips in big tech and semiconductor stocks.
I'm 38 and I have $220k in my 401K. I just started a Roth IRA and trying to put whatever I can in it. I feel like I am in good shape, I hope
Iâm 29 with $130K in my 401K which is self-directed since Iâm self-employed so I can max it out twice a year which is a big perk. Started contributing at 25 - these stats are encouraging!
Iâm 34yo with roughly $7k in my 401k but I have $43k in my Roth IRA and $12k in HSA. Maxing out my Roth and HSA and not using those funds for health expenses until retirement. Getting very close to being able to max my 401k yearly contribution but Iâm 6 months into new job so thatâs why Iâm behind there.
Lets go, you are killing it still
@spencerbets1785 awesome job so far! Try to do Roth 401k if you can (as opposed to Traditional 401k). Tax rates will likely be going up in the coming years as a response to the ballooning US national debt.
does the median and average range factor in that people have multiple 401k accounts from previous employers?
Canadian. 39 years old. Modest home (paid), crap car (paid), investment property (paid) but not much in investment accounts. Company pension. Stocks in TFSA. Net worth is about $881,000 and there is zero debt.
My income is not great but I am a good saver. (cheap AF)
I'm canadian and you're very fortunate to have a pension. You have a huge step up
Roughly the same! 39yo with $810k net worth. My friends are buying cars and Iâm buying time!
Gotta love consumerism....no one has sh*t saved by the time they want to retire
Can I interest you in a brand new Charger at 50% APR, good sir? It'll only be a $1600 per month payment! A real bargain!
I do đ€Ł
Lots of people save for retirement. Not the majority (yet) but plenty. Look into Ramsey Solutions or the FIRE community.
Humphrey, can you do a video or a short on calculating employer match and why itâs best not to contribute too much too early in the year if your employer doesnât offer a true up match?
very helpful ty
One thing to consider is looking at retirement savings/investing as a whole. Iâm 50 with a $1.5M 401k, but I donât have any other investments. Iâm looking into Roth IRAâs now and will probably do some Roth conversions. But looking at all investments instead of just one type is definitely important.
Im turning 30 in a couple of weeks and im sitting at $67,300 between my Fidelity ROTH & 401K accounts.
I bought a duplex in 2020 for 316k and itâs worth about 550k. I owe 245k on it so I have just around 300k equity.
Where else can we contribute for retirement after maxing out the annual caps for 401ks, HSA, and back door Roth? I am 30 and started my career late because of extra schooling and I feel like I am playing catch up here.
Hi, Iâm at 55k in my 401k at age 28 on a 100k salary. At this rate, will I still achieve 300k (3x salary) on a 8% contribution ?
When talking about these numbers, is this assuming the 401k balance is a traditional 401k which will be taxed once removed? Essentially when you have 2 million in a 401k, it may actually be worth only 1.5-1.7 million depending on the taxes on the principle. Also are these numbers assuming it is a couple retiring or a single person? Obviously a couple would need more money than a singular person when saving for retirement. No critiques, just genuinely curious.
How many times have you made this video?
Awesome vid
For those of us who's lucky enough to still get pensions in retirement, how do we calculate pensions into this saving amount?
Iâm 53 and I contribute 29% of my income to my 401k. I have $80k in my pension and $501k in my 401k. I owe $90k on a $300k home. No car notes or credit cards. No loans other than a house note. I plan to retire at 60.
Just turned 27 with 139k in my 401k. Employer contributions are VERY powerful, make sure to take full advantage of them! So far this year I've contributed around 10k, while my employer has contributed 15k (!!!). Taking full advantage of any company matches or additional contributions, or even negotiating additional retirement contributions as part of your compensation package in the interview process can rapidly accelerate your retirement/financial independence timetable.
My husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means.
Thank you for your advice. I know it will help people. we are interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.
Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
My CFA Carol Vivian Constable, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Could you do a video on more aggressive index funds/etfs for us younger people? I feel like I should be a little more aggressive than a boilerplate 3 or 4 fund portfolio at 22 years old but donât know what the best way to do that is
My wife and I are at close to a million and we are early 50âs. Most in traditional, maybe 5 percent in Roth. Iâve changed all contributions to Roth. I contribute 18 percent and my employer contributes 10 percent, so 28 percent total of my income. My wife doesnât contribute anymore, but has a pension when she retires thatâll pay roughly 45 percent of her pay. Trying to retire at 61 if possible.
Iâm not a financial advisor or anything but this is exactly what Iâve been doing. Itâs just logical. I had 200k between my 403B and 401k. I loaned my 403B to buy a house during the pandemic. I put in 20% of my check to retirement. Also changed company so I can get a pension on top of my 401k. Plan on paying off the house at 55. Work part time till 60 so I can maximize my pension. If my 401k is at 1.5 mill by 55 Iâm flat out retiring. The difference in pension at 55 compared to 60 is 3.5k a month.
Does 4x your salary saved for retirement mean 4x your salary in 401k or 4x your salary as all your assets/net worth
Im at the start of my journey. 28 years old. Been on my own since 18 and struggled to get out of poverty for many years but I'm finally ready to kick off this savings journey. Right now I have 6k in a 401k, $500 in various stocks, and own a townhome. This was a great video to see what I should aim for.
Hi Humphrey! I think it would be helpful when you list invested totals when someone retires to also list the estimated purchasing power. $1.3 Million in 2023 will be a lot different than $1.3 Million in 2065
At 35 (in 2020), was still in a lot of student debt, took a risk and borrowed from my 401k with the cares act benefits during the pandemic to pay off the ones whoâs interest didnât freeze. That brought my 401k balance down to 5k; 39 now, i paid myself back what i borrowed from my 401k and have been maxing out my 401k; also opened a roth and have been maxing that out as well. Current balance is 180k in 401k and 16k in a roth. Hoping to get close to the target salary multiplier balances noted in the video within the next 5 years⊠although that might require even more savings maybe in a brokerage if i can pull it off
Scary tactic - glad it worked out for you!
@@arh1234 thx! yes very risky đ but 1000% best decision I could have made. Iâll note that it also relied heavily on me continuing to work for a ny city company while moving to a much lower cost of living city in the midwest (closer to family).
Can you use real returns instead of nominal? It is quite misleading to use the nominal amount you will have saved up by retirement without accounting for inflation either in you returns (4-5% real return instead 8%) or in your withdrawal amount (adjust for the next x years of expected inflation).
Do you need the recommended 401K savings if your job also offers a pension? For instance, if you make say $75,000 per year and worked for 40 years with a pension on $32,000 per year, then thats worth $620,000 by the time you have reached 80 years old. Add that to your 401k and thats worth over $1,000,000 by 80 years old. More if you live longer.
Iâm assuming this is just your current employers account. Many people have additional older accounts or ones they rolled into an IRA. So I think the numbers are different when you add all of the retirement accounts.
Turning 31 this month and I moved back in with my parents 3 years ago. $117k in 401k with 6% employer match and maxing out both 401k and Roth
đđŒđđŒ
The average for my age group seems to be very low. I don't necessarily think I have that much saved, but it's higher than what's shown. Is it because people are putting their money more into a roth, traditional IRA, or something else?
24 F. I only have $4k in my 401k since I just started it this year. However, I have $23k across my IRAs, $5.5k in my taxable brokerage, and another $5k saved in my transactional accounts. Currently contributing 15% to my 401k including employer match.
My gosh. You are killing it.
How does this advice change for high earners? I am 32 and have contributed the maximum to my 401k allowable by the government for the past 3 years, but even doing that won't even be close to 1x my salary in my 401k by 34
Stop using 8% for expected return. Inflation adjusted assumptions for all equity portfolios should be 6 MAX but more likely 4/5
A lot of the time these online calculators are auto-adjusted for inflation, not sure about this one he used but using those calculators at a 7-8% return is the most accurate imo
@@JC-kp1hr itâs clearly not. Heâs simulating an 8% return, which is a sensible nominal assumption but a very optimistic real assumption
Our household has accumulated 450k in 401k and 50k in hsa and we are at the age of 34. Without the data, i don't even know we are doing fairly great in our age group. Our saving rate for the past two years were close to 40% at 400k HHI in a HCOL area. We are very aggressively saving and still drive a 2006 Honda Civic (Super low maintenance which i love it). Keeping lifestyle inflation in check is definitely an important routine. We are those type of people who would review/adjust the fund selection at the end of every year and forget it till we need to reset my brokerage passwords next time trying logging in... and i just learnt a new words coast and barista FIRE today, thanks for bringing that up, it probably open up an option for us!
Thatâs amazing!! You are my hero! Hopefully my husband and I can be half that at your age!
After almost 5 years in the military im approaching 6 figures invested across TSP and Roth IRA, 28 years old. Come to this channel every now and then for info, appreciate you
appreciate you watching sir
I am 30 y/o. and started my Roth IRA since 2022.
I literally just started my 401K last week with my new employer (because previous employers don't have 401K). I did put 10% for now and will increase it to 15% next paycheck. Although, current company does not do price match, but instead will put 6% of my salary by the end of the year, if (that's the big "IF") the company makes money, if not they will not put any percentage. This is weird because I don't understand why the 401K is structured like that. I have always heard of the price match per contribution. Have you heard of this?
I drop out of university for 10 years and totally enjoying my youth years.
Started back at school at 30 years old . Bought a house at 33 . And finally got my pharmacy degree at 40 years old and save earnestly .
Luckily. I made several great real estate purchases for rental properties in the post 2010 crash.
Now Iâm 54 and looking forward to retire at 62.5 .
860k in 401k now plus rental properties. It was a hard core saving and investing.
All in SP500
I have right at 120K between 401K and traditional IRA, never contributing more than 6% at 32 years old. Company matches have always ranged between 3 and 4%. This is my wife and I combined, but hers is profit sharing with no contributions on that account from us.
So I'm just assuming here that average 401k balance does not include anyone's IRA or HSAs etc etc. ? Seems like a fairly flawed measure
Do you have a website or blog? These videos and graphics could be good as posts :) For quick referencing.
Thoughts on geared investment choices?
One thing is clear: most people won't have enough come retirement, and these days, retirement comes a lot earlier as companies lay off their top-earning workers.
35, with around $106,000 in a 401k, and around 5,000 in a roth IRA. Saving 12% for about 7-8 years now with an additional 3% match for a total of 15%.
I think these numbers are off because most people these days move from company to company throughout their career and as a result have multiple 401ks with lower individual balances. I have 3. 2 of them (technically now rolled over into traditional IRAs) matched the average for my age range but combined they are much higher.
Hey Humph. My contribution rate can't go higher than 3% cuz I make 700k a year. Will I be ok đ„ș
i think you'll be okay man... :D
I don't know why you would expect the contribution rate to increase, there's no point in increasing it past the match contribution. Meeting the savings goals as you constantly highlight which are recommended by fidelity is most likely to be done outside of a 401k.
I didnât start until I was 24 but Iâm so cheap, I was able to get one years salary by 30. Now Iâm 32 with your 45-54 average 401 balance. Not counting my companyâs stock purchase match
I'm 45. I have 18,000 in my 403(B). No 401k, no IRA. What am I going to do? All I have is $2.5M in tillable acres and $1.5M in taxable brokerage.
Find a reputable financial advisor and ask about all your options regarding opening up a Roth and a 401k with your employer (if applicable). Diversifying not just your securities, but your investment accounts as well will only help you down the line in the face of taxes.
To be a successful business owner and investor, you have to be emotionally neutral to winning and losing. Winning and losing are just part of the game. Risk comes from not knowing what you are doing.
Successful investment starts with clear goals and risk assessment, often best done with a financial advisor's help
James Clark's market insights have consistently led to profitable decisions.
Celebrating a $30k stock portfolio today from a $6k start. Investing wisely has given me time for family and future plans.
Iâm 31 years old and my 401k is 53k and my Roth IRA is about 32k. Still got a long way to go but making baby steps.
Heck yeah, Iâm way ahead.
Ur on point im 40 just hit 100k
Thatâs 100k more than $0 đ
I feel so behind because I didnât know about investing or how money works early on. Iâm catching up though!
42 yo- 450k in 401k and contributing ~25k a year through 12% employer salary match(yes 12% of my salary is employer contributed) and 8% employee contribution at an 80k salary and another 4k/yr employer contributed pension. Maxing Roth DCA at 258 every 2 weeks but just started this year. 75% in SP500. 25% in Blue chips.
Wow, amazing contribution rates.
I'm learning that Humphrey is one of the few financial CZcamsrs we can consistently trust
thank you Daniel
Never trust ANYONE on youtube
Relax your anusâ@@marksherberg6458
Lol. Theyâre all crooks.
â@@miketheyunggod2534 depends on if they're selling a course or not, the in video promos are pretty easy to avoid. Humphrey's math does add up
Dude these videos make my insomnia and consistent dread of "oh I'm behind" go away for a couple of weeks; realizing I am not doing too awful. The anxiety will come back to kick my ass in a week tho.
Some level of anxiety is good, it will help you, but not too much.
Iâm 36 and putting 16% into my 457b / have a pension / and started maxing out my Roth IRA (7k per year). Thatâs about 33% into my retirement I contribute
If I want to purchase a home though, the contribution to 401k would need to be hiy
I've been very fortunate and have been able to live with my parents, paying a fairly low rent. I'm only 29 but have ~4x my income saved across all my accounts, since I have no big expenses. Looking to buy a house in the near future, but that'll really depend on the housing market. It's shocking to know the average at 65 is only ~280k.
there always seems to be a lot of videos on saving money and managing money but not many videos on how to actually make more money
Why are we still referring to the average rate of return at 8%. It hasnât been 8% in 3 years
I just hit 100k in my 401k. Took so long to get there
29 with 96K in retirement with about 28K in savings. Hoping to amp this up once Iâm done with my masters and can start a side hustle
I fucked around and had zero in retirement accounts until nearly 30. Now im 31 with 15K in the roth, 7k in the 401k, and 1k in a 457b. On track to save 25% of income for 2024, barring unexpected circumstances. Just wish i wasnt so short sighted through my 20's, I burned everything I made....
I did bare minimum through my 20s, and didnât really pick up my game until in my mid-30s. Iâm at 47 now and Iâm well above what Fidelity says where I should be for my age group.
Live way under my means and drive the same car that I bought 23 years ago. First 100k was hardest and slowest but after that, things started to snowball. This includes major catastrophes like 2008 and 2020 crashes. Donât be discouraged when things are bad. donât over celebrate when things are good. Save first and spend less. God bless.
27, 93 k in a traditional 401k and 6k in a Roth. Hopefully todayâs the day I hit 100k!
If one has a substantial federal pension , subsidized health insurance and no debt ( I've earned it though having worked 40 years between military and Feds), as I do, you really don't need a huge balance in ones TSP/IRA
I'm favoured, $27K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.
Really đźhow?
It's Mrs Sonia Duke of course
I have heard a lot of wonderful things about Sonia Duke on the news but didn't believe it until now. I'm definitely trying her out
Started with 5,000$ and Withdrew profits
89,000$
I'm glad to write her tay I do hope she will help handle my paycheck properlyâșïžâșïžâșïž
my 401k, IRA combine is $5.4 mil. And i live a modest lifestyle. STILL NOT ENOUGH!
*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*
Waking up every 14th of each month to $210,000 itâs a blessing to I and my family⊠Big gratitude to Andrew Stella đ
Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Andrew Louis Stella, has been an amazing experience.
Hello how do you make such monthly?? I'm a born Christian and sometimes I feel so down đ€Šââïžof myself because of low finance but I still
believe in God
I'm favoured, $90K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,, all thanks to Ms Louis Stella đđ
Good day allđđ» from Australia đŠđș. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
At 33 I have 200k in a 401k.
I have a tiny Roth I opened as well. Only has 7k in it but further contributions to my 401k did nothing as far as the tax advantage. I already was getting a tax refund so lowering my pre tax earnings more didn't seem like maxing the benefit.
I opened the Roth to start putting some post tax money in instead of just further upping my 401k contribution. Its a tiny fund but with 30 more years I should increase the contributions and have both tax types to work with in retirement for whenever pulling from one is more beneficial.
Interested to hear your ideas on if there is any actual value in doing a side roth as opposed to just higher 401k contributions.
Humphrey, will you please stop comparing todayâs average balances, with some balance in 30 years into the future.
Are you accounting for inflation? Because 500k in 30 years is very bad, probably less than 200k in todayâs money.
Aim for 25-30% savings rate.
It will change your life.
Quick question:
When talking about contribution rate is the employer contribution included in that? Letâs say for example John Doe contributes 10% of his biweekly earnings to his 401k, and the company matches up to 4%. Is his contribution rate 14% or 10%?