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.
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!
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
Finding financial advisors like Sophia Maurine Lanting 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.
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 often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
One of the most briIIiant investing advice i have ever gotten on youtube came from watching an interview with Julianne Iwersen Niemann on CNBC. Indeed, A solid investment strategy is like a well-planted tree-it can withstand storms and still grow strong
That's great advice! Julianne Iwersen Niemann's perspective on investments as a long-term growth strategy, much like a well-planted tree, is a solid analogy. A good investment strategy should be resilient enough to endure market fluctuations while still growing over time. It's essential to have a strong plan that balances risk and reward, much like cultivating a tree that thrives even in tough conditions. Working with a seasoned expert like Julianne can help ensure your financial decisions lead to sustainable growth.
I can only speak from my experience when I advise seeking professional advice. It looks like a smart bet if you don't know where to get an experienced one, but if you don't know anything about the market.
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
I stopped listening and taking financial advise from these RUclipsrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying it’s ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge
It all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.Reason I decided to work closely with an brokerage-adviser ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Elisse Laparche Ewing is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Recently, I've been pondering retirement, unsure if my 401(k) and IRA will provide a stable future. I've also put $800K into the stock market, encountering fluctuations with limited gains. i need an approach that will align with my risk tolerance and financial goals
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management
Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2022
“Rebecca Nassar Dunne” has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?
Look up dividend aristocrats. Pick six to ten from that list. Those companies have a track record of 25+ years of paying dividends. Also, its advisable you work with a financial advisor to help set up a well-structured portfolio.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
I work with Sharon Marissa Wolfe as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Rebecca Nassar Dunne has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
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.
I'm set to make $600,000 this year, and my net worth is north of seven figures, but I'm really worried. My portfolio has only grown 10% in the last five years, and I feel stuck. I desperately need to revamp my investments. Any advice on what to do with my money would be greatly appreciated.
This is what people that handle their portfolio themselves go through. I will advise you get yourself some professional advisor to help you make better portfolio decisions.
I agree, investing with the help of an advisor set me up for life with about $1.6m currently in stock portfolio. I max out my 401k and have few properties. I worked hard as a language tutor for 32 years, and my salary was just over 80k annually. It all boils down to consistent regular investing to minimize risks and maximize growth.
I work with Jessica Lee Horst as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
It's impressive how much you saved during your working years, a feat not many achieve in a lifetime. Now that you're retired and rely on your investments, it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
What therefore should concern those of us over 50 with less than a million? I have a $500k Roth that I don't know how to build, therefore I'm concerned that I'm approaching too near to retirement.
I was in a similar circumstance a few years ago. I was constantly anxious. After I decided to start working with a financial counselor and started receiving sizable monthly gains, my concern disappeared.
That's my approach too, even though I'm not retired. I've relied on a fiduciary to handle my portfolio for seven years, as I don't have time to research assets. This method has expanded my portfolio by up to 300% and helped navigate market volatility effectively. You might consider a similar strategy.
That is just amazing. I've attempted to employ a financial advisor by doing some research on my own, but it's somewhat daunting. Would you kindly refer the people you work with?
Amber Michelle Smith has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for sharing, I must say she appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
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
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.
.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.
The market is anything but crashing right now. My portfolios are up 16% YTD lol and it the most generic ETFs. I’m up 600% on my personal portfolio but that’s way less value than my retirement accounts and pretty risky, but still. It’s easy money in a bull market lol
@joseph__7113 Same, I feel so good about how I go about my finances. But I think about my spouse and their planning and my anxiety is through the roof.
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. I’m in a much better place now, thanks to them, I’m in my 30’s so have missed out on some decades of compound growth!!
I’m 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 I’m 6 months into new job so that’s why I’m behind there.
@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.
Dude, keep at it and you won’t believe what you’ll have when you’re my age (48). You have more than I had at your age but I kept increasing my contribution maxing out at everything by 40 and adding what extra I had. Be patient, learn, live below your means (but occasionally treat your self), don’t worry about the downs, and perhaps experiment a little with risk (stocks) and you’ll be set. I’m retiring within the next 5 or 7 years with more money I can handle 😅.
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.
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)
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. It’s never a slog listening to your videos. Keep up the great work! It’s definitely helping me.
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
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.
Please start asap!! I thought I started late at 28, but now in my mid 40s I thought I wasn’t doing too good. Nope I’m 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 😢😢 anyway not trying to boast. I’m just saying you really don’t get compound Interest and time. But more importantly you don’t understand the freedom to choose and not be worried. Even if you starting late don’t fret. Just do what you can. You will be surprised.
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.
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. Didn’t 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 ETF’s. I did, however had earnings in the higher range.
@@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. Didn’t take social security until I turned 70.
I just turned 41 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 65 atleast, so how best do I maximize my savings of over $500k
Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk.
Generally speaking, a good number of people discredit the effectiveness of financial advisor in planning for retirement, For over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3m in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.
Kristin Amber Landis"" has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her.
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!
Vanguard VTI. You can count on a net 9% with a reasonable standard deviation of 15 to 17%. Start early, be consistent and the miracle of compound growth will take over. Use time as the real basis of growth...it takes about 5 years.
It's essential to conduct thorough research, consider the long-term outlook of the companies, and diversify your investments to manage risk effectively.
My 401k is at a steady rise, Which is perfect for me, the problem is that most don't have the knowledge needed to succeed in a challenging economy. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn and save high in these challenging conditions.
Every week I buy more of whatever is the lowest percentage of my portfolio and try to keep everything around 10%, but what could be my safest buys with $400k to outperform the market in 2024?
I know It's essential to conduct thorough research, consider the long-term outlook of the companies, and diversify your investments to manage risk effectively, but I need advice
Consider diversifying your portfolio with a mix of stocks and stable assets. Seeking professional advice now could provide valuable insights and strategies to navigate market uncertainties and protect your investments.
I am very fortunate and feel very encouraged by your videos. Our best advice we got out of school were two things: Don’t 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 😅 (plus one corgi puppy) focusing on our health and relationships. We can’t feel more grown up than this!😂
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 I’ll have 9k contributed and more from compound interest. 8 months cuz that’s when I’ll 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 😂
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’m 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.
Currently 50 years old and wife is 48. Our house is paid off and we have no debt. I currently put 22% into my 401K and my wife puts 50%. My current balance is 710,000 and my wife's is 165,000. We plan on retiring in 11.5 years from now.
My wife and I are at close to a million and we are early 50’s. Most in traditional, maybe 5 percent in Roth. I’ve changed all contributions to Roth. I contribute 18 percent and my employer contributes 10 percent, so 28 percent total of my income. My wife doesn’t contribute anymore, but has a pension when she retires that’ll pay roughly 45 percent of her pay. Trying to retire at 61 if possible.
I’m 29 with $130K in my 401K which is self-directed since I’m self-employed so I can max it out twice a year which is a big perk. Started contributing at 25 - these stats are encouraging!
I really work so hard to engage myself in someway of earning more income. My family are happy once again and can now afford anything for my family even with my Retirement.$47k weekly returns has been life changing, after so much struggles.
My outlook on money changed when I realized someone making $200K can retire broke & someone making $80K can retire a millionaire. With the current market movement.
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...
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.
One thing to consider is looking at retirement savings/investing as a whole. I’m 50 with a $1.5M 401k, but I don’t have any other investments. I’m looking into Roth IRA’s now and will probably do some Roth conversions. But looking at all investments instead of just one type is definitely important.
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....
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....
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.
I am very fortunate and feel very encouraged by your videos. Our best advice we got out of school were two things: Don’t 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 😅 (plus one corgi puppy) focusing on our health and relationships. We can’t feel more grown up than this!😂 Keep on Humphrey ❤
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 it’s worth about 550k. I owe 245k on it so I have just around 300k equity.
What I don’t like about these studies is it doesn’t take into account what’s been rolled over to an IRA and what’s been saved in the IRA. I rolled over a 6-figure 401K when I left my last job and now my 401K is not as high.
You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
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.
I started around 3 years ago and have made 16k in total towards my ROTH 401k. Now 28 and starting a Full Time Job and looking to give more towards it. Thanks for the info Humphrey!
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.
I'm 57 and have a about 640K in the 401k, 80-90K is cash and my house will be paid off by the end of the year. At that time, I plan to raise my contribution from combined 18% to either 25 or 30%. My goal is to have 1.5 million in my retirement accounts when I finally decide to start my permanent vacation!
I'm 34 this year. For a long time, I always put on average 15-16% towards 401K - I didn't even need to cut out any of my treats either, I just reduce the frequency of it. I still eat out and enjoy a nice cup of coffee outside, but significantly less than when I was in my 20s. And if your company offers bonuses, I highly recommend putting 50% of those bonuses to retirement, you get taxed a lot less.
Im 22, i have about 3k in a roth 401k. I have it set to 80% S&P500 20% bonds. I contribute 6% of my salary with no match. I also get a pension that puts in $13 for every hour i work until retirement. I also DCA into a brokerage account weekly. $20 into Voo, $10 into schd, and $10 into schg. I also DCA a dollar a day into BTC and ETH. I dont allow crypto to go over 10% of my portfolio. When it does i sell some and buy into VOO. I also save $50 weekly in a HYSA, with about 3 months of expenses saved. 0 debt besides a car at a 3.45% interest rate.
At your age, why don't you go full send into the S&P 500? You only want bonds to hedge against temporary downturns, but since you won't even draw from these accounts for nearly 40 years, you don't give a hoot about downturns. The market will even out over the long haul. All you're doing at this point is ensuring 20% of your holdings don't do as well as the rest. PS: Schwab does have options for investing in the S&P 500, but it's a mutual fund. Same expense ratio as their commission free ETFs, though, so if you were just using SCHD and SCHG because they're reasonably well performing commission free ETFs, then SWPPX is the name of their mutual fund that tracks to the S&P 500.
Lot of comments from people with a lot of money. Just let yall know I started last August at age 24 after living paycheck to paycheck my whole life. I just hit 10k savings and no debt. Keep in mind I live in a camper so no house yet but I still feel like I’m doing pretty well. Keep y’all’s heads up, I’m starting to learn it is a slow process and there isn’t a whole lot you can do to speed it up except increase income or decrease expenses
I’m 56 with a 403b balance of $ 1.23million. Put away a 30k per year in 403b plus 8k in Roth . Also brokerage investment of 279k plus 125k in cash. All the same as the spouse. No debt whatsoever. Plan to retire in 3-4 years
Wow! I am 53 years old and I have 360,000 in my 401k but I am saving 45 percent of my income! Looks like most Americans aren’t saving enough for retirement unfortunately! I am above average for my age range 😊
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
Hallelujah!!! I’m blessed and favored with $60,000 every week! Now I can afford anything and support the work of God and the church. For Your glory, LORD! HALLELUJAH!
Absolutely! I have heard stories of people who started with little or no knowledge but managed to emerge victorious thanks to Ana Graciela Blackwelder.
I only contribute 9% (with a 7% match) because I would rather max the HSA and Roth IRAs first after the match. That's probably skewing the rate to be lower than actual retirement savings rates are Stats: 26 yo. 33k in 401k. 23k in Roth IRA, 12k in HSA.
Ideally if you had further education till your 30s, you are earning more than the average person and should be able to catch up no problem. This study encapsulated millions of accounts so im sure there were some people in there in your boat.
@@sw33tm3 I hope you have a high enough salary, to catch up in your 401K savings. If you max it out at 30K (23 from 401, 7 from Roth IRA) every year from hence forth, I think you should be perfectly in line with what is expected in your 40's. To have 4x your salary by the time you are 44 (which I would assume is around 10 years), you would need to put in 32% of your salary into your investment account (I assumed a conservative 5% return rate, because for catch up, you should always use a conservative estimate). Since you are a late starter, instead of using a percentage of salary, I would say a flat amount every year is better. And once you caught up, switch to a % of salary. The contribution cap each year of 30K might be a big ask for most people early in their career.
In my age range at the middle of the range I am at, I have about 1.9X more than median and about 70% of the average number. Regarding my other retirement accounts, I have almost $100K in Roth IRA, stocks, & pension balance at my job. In the past two years, my retirement total invested has nearly doubled thanks to maxing ira amounts and putting in at least $1000/month into 401Ks.
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.
$156,000 in the 401K at age 37. Im above the average in my age group but still feel way behind. I slacked some in my 20s, not taking the full advantage of the match. Currently at a 20 percent savings rate now between me and my employer.
I’m still pretty shocked my employer offers a 50% 401k match. I just started my 401k this year since I’m 22, and I should be maxing it out even though I’m only working for half the year which is great (love living with parents and saving on rent). Should have 34k in there without counting for gains end of 2024!
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
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.
31yo, 34k in my 401k, 15k in HYSA, wife has 12k in an IRA. Pandemic really hit us hard and basically had to restart our careers in 2023. We were almost penniless. Saved up for a house and hoping that really helps us over time. We are in a relatively LCOL area. We should be paying off student loans in the next couple of years, and youngest will be out of daycare in a couple. We're just scrapping for anything we can get our hands on right now. I'd be happy to even have a chance to retire by the time I'm 80 at this point. We lost at least 4 years of solid investing due to the state economy we left in 2023/24. We were on track to have over 100k in saving by the time we were 28. Had to make a lot of sacrifices to make ends meet.
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 who’s interest didn’t 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
@@arh1234 thx! yes very risky 😅 but 1000% best decision I could have made. I’ll 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).
I'm 53 and have $1M in retirement between 401k and pension. Live in Ohio and salary is $140k, started contributing 15% to 401k about 22 years ago. I am planning to retire at the end of 2025 as the mortgage will be paid off by that summer, I'm tired of the rat race!
If I reach FI I'd walk into the office and act like I'm the boss just to see how long it takes for people to call me out. Afterall, that's when you can be as bold as you want because it won't affect your finances.
The theoretical amount you should have saved per age group sounds unreasonably high. I have seen examples of people that have hit the 401k yearly contribution max($23k/$30.5k) and they still are nowhere near 10x their salary in retirement savings. Those numbers just sound like unreasonable goals. The best savers I know can’t hit those numbers and yet they are going to retire quite comfortably.
Just turned 33, I have $150k in equity in my second house and $80k in a 401k, my car is paid off and I don’t have any debt other than my mortgage at 3.5%.
Humphrey, can you do a video or a short on calculating employer match and why it’s best not to contribute too much too early in the year if your employer doesn’t offer a true up match?
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 I’m 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
35 years old. at 33 I was making about 70k per year contributing 12%, now I'm making 300k and contributing 25%. 401k went from 21k in 2022 to 120k now.
Currently 27 with ~60k in my 401k, been contributing company match of 6%, we also get an extra 3% from the company each year, which ramps up to 4.5% and then 6% extra based on age and service years. Just upped my contributions to 17% of my salary, and planning on ramping up to maxing it out (~22%) as finances allow. Already maxing out my Roth IRA
21 just got out of the military 3 months ago and have 140k with 52k in my 401k (TSP). Trying to hit 2MM before 30, just landed a killer job and will be making 135k a year only working 3 days and 4 days a week rotating.
These numbers are all fine and dandy but nobody is talking about the negative return years. These returns lately have been astronomical and you always see a bunch of happy investors in bull markets. Everyone always mentions an average return from index funds and blah blah, but most investors do not have the stomach to endure through 3 or 4 bad years which 100 percent are coming, and they will sell and never return again.
I’m not a financial advisor or anything but this is exactly what I’ve been doing. It’s 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 I’m flat out retiring. The difference in pension at 55 compared to 60 is 3.5k a month.
Will be at 45k at 29 in 401k and a bit over 60k aggregated across tax advantaged accounts. Finished education and got my first white collar job recently. Now sustainably maxing 401k with goal of being 3x income by 40 and retiring by 55.
I think you are missing a big aspect of why that 10% number hovers at that range for so long. As people enter their mid 30s to mid 40s other major expenses become a reality. Specifically, the purchase of a home, college and weddings. All of which require massive amounts of liquid cash. I am of the opinion that in the US, if you live in a modest suburb, drive modest cars and live in a standard 4 bedroom suburban home with 2 kids, if your gross household income is 150k, there just isn't enough left over after mortgage, cars, kids, groceries, college and weddings to be contributing the max....at least not until you get a solid base in those accounts to feel more comfortable that you are going to hit your mark 15-20 years down the road.
I am 44 and have maxed out both pretax and post tax contributions for 12 years, plus 7% 5 years before that. I'm still only at 400K with an aggressive model. I'm tempted to go back to employer match and buy rental properties.
I’m 33 and watching this video makes me extremely happy with how I’m doing on my retirement. With social security going away for my generation, I’m extremely surprised people aren’t taking saving for retirement more seriously. They really trying to work until they drop dead, won’t be me!
Thanks for watching. How's your 401k balance? Let me know in the comments. Also...plz subscribe 🥹
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 I’m getting there
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
Mind if I ask you to recommend this particular coach you using their service?
Finding financial advisors like Sophia Maurine Lanting 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.
Just ran an online search on her name and came across her website; pretty well educated. thank you for sharing.
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 often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
she actually appears to be well-read and educated. I just did a Google search for her name and found her webpage, I appreciate you sharing
One of the most briIIiant investing advice i have ever gotten on youtube came from watching an interview with Julianne Iwersen Niemann on CNBC. Indeed, A solid investment strategy is like a well-planted tree-it can withstand storms and still grow strong
That's great advice! Julianne Iwersen Niemann's perspective on investments as a long-term growth strategy, much like a well-planted tree, is a solid analogy. A good investment strategy should be resilient enough to endure market fluctuations while still growing over time. It's essential to have a strong plan that balances risk and reward, much like cultivating a tree that thrives even in tough conditions. Working with a seasoned expert like Julianne can help ensure your financial decisions lead to sustainable growth.
I can only speak from my experience when I advise seeking professional advice. It looks like a smart bet if you don't know where to get an experienced one, but if you don't know anything about the market.
Mind if I ask you recommend this particular professional you use their service? i need all the guidance I can get.
Her name is. 'JULIANNE IWERSEN NIEMANN’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.
I stopped listening and taking financial advise from these RUclipsrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Google SONYA LEE MITCHELL and do your own research. She has portfolio management down to a science
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying it’s ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge
It all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.Reason I decided to work closely with an brokerage-adviser ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Elisse Laparche Ewing is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Recently, I've been pondering retirement, unsure if my 401(k) and IRA will provide a stable future. I've also put $800K into the stock market, encountering fluctuations with limited gains. i need an approach that will align with my risk tolerance and financial goals
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management
Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2022
I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.
“Rebecca Nassar Dunne” has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?
Look up dividend aristocrats. Pick six to ten from that list. Those companies have a track record of 25+ years of paying dividends. Also, its advisable you work with a financial advisor to help set up a well-structured portfolio.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings
I work with Sharon Marissa Wolfe as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Rebecca Nassar Dunne has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
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.
I'm set to make $600,000 this year, and my net worth is north of seven figures, but I'm really worried. My portfolio has only grown 10% in the last five years, and I feel stuck. I desperately need to revamp my investments. Any advice on what to do with my money would be greatly appreciated.
This is what people that handle their portfolio themselves go through. I will advise you get yourself some professional advisor to help you make better portfolio decisions.
I agree, investing with the help of an advisor set me up for life with about $1.6m currently in stock portfolio. I max out my 401k and have few properties. I worked hard as a language tutor for 32 years, and my salary was just over 80k annually. It all boils down to consistent regular investing to minimize risks and maximize growth.
I'm glad I found this conversation. I just started earning six figures and need investment help. Can you share how to contact your advisor?
I work with Jessica Lee Horst as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
I'm learning that Humphrey is one of the few financial RUclipsrs we can consistently trust
thank you Daniel
Never trust ANYONE on youtube
Relax your anus@@marksherberg6458
Lol. They’re all crooks.
@@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
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
It's impressive how much you saved during your working years, a feat not many achieve in a lifetime. Now that you're retired and rely on your investments, it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
Rachel Sarah Parrish is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.
Please never become a sellout like all the other financial youtubers. We need you , and thank you for everything 🙏
What therefore should concern those of us over 50 with less than a million? I have a $500k Roth that I don't know how to build, therefore I'm concerned that I'm approaching too near to retirement.
I was in a similar circumstance a few years ago. I was constantly anxious. After I decided to start working with a financial counselor and started receiving sizable monthly gains, my concern disappeared.
That's my approach too, even though I'm not retired. I've relied on a fiduciary to handle my portfolio for seven years, as I don't have time to research assets. This method has expanded my portfolio by up to 300% and helped navigate market volatility effectively. You might consider a similar strategy.
That is just amazing. I've attempted to employ a financial advisor by doing some research on my own, but it's somewhat daunting. Would you kindly refer the people you work with?
Amber Michelle Smith has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for sharing, I must say she appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
*Thank you😊 for this video, do you offer account management or have any recommendations?*
As a beginner investor, it's essential for you to have a guide. Myself I'm guided by Mrs Victoria K Walter, a widely known consultant
If you’re using a good manager, it’s easier to earn from the market
I've been trying to trade but I keep making losses and it's frustrating
VICTORIA K WALTER is exceptionally good, i believe you should give her a try
There seems to be constant mention of
"Victoria K Walter" everywhere I turn. Are the accolades and reviews truly worth 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
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? I’m 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.
The market is anything but crashing right now. My portfolios are up 16% YTD lol and it the most generic ETFs. I’m up 600% on my personal portfolio but that’s way less value than my retirement accounts and pretty risky, but still. It’s easy money in a bull market lol
This video simultaneously makes me feel better about my situation, and anxious about the rest of my family's future.
Same
@joseph__7113 Same, I feel so good about how I go about my finances. But I think about my spouse and their planning and my anxiety is through the roof.
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. I’m in a much better place now, thanks to them, I’m in my 30’s so have missed out on some decades of compound growth!!
With a name like Master Baiter, I would assume you’re 23.
Don't worry one divorce can change that
@@eclektric get married? Hell no 🤣
I’m 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 I’m 6 months into new job so that’s why I’m 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.
Dude, keep at it and you won’t believe what you’ll have when you’re my age (48). You have more than I had at your age but I kept increasing my contribution maxing out at everything by 40 and adding what extra I had. Be patient, learn, live below your means (but occasionally treat your self), don’t worry about the downs, and perhaps experiment a little with risk (stocks) and you’ll be set. I’m retiring within the next 5 or 7 years with more money I can handle 😅.
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.
@@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!
Good work.
Killing it, good job!
Nice. I am 38, only have 160 in 401k but have almost 800 in a taxable brokerage account. Don’t have a house yet though
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 I’m buying time!
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. It’s never a slog listening to your videos. Keep up the great work! It’s definitely helping me.
thank you Mario
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!
That’s really good. I started saving at almost 29, so in my point of view you’re ahead of schedule. Lol
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
Good job!
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, I’m 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!
Please start asap!! I thought I started late at 28, but now in my mid 40s I thought I wasn’t doing too good. Nope I’m 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 😢😢 anyway not trying to boast. I’m just saying you really don’t get compound Interest and time. But more importantly you don’t understand the freedom to choose and not be worried. Even if you starting late don’t fret. Just do what you can. You will be surprised.
I’m 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 that’s 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 that’s my plan . 70 C / 30 S .
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. Didn’t 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 ETF’s. 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. Didn’t take social security until I turned 70.
I just turned 41 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 65 atleast, so how best do I maximize my savings of over $500k
Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk.
Generally speaking, a good number of people discredit the effectiveness of financial advisor in planning for retirement, For over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3m in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Kristin Amber Landis"" has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her.
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!
That’s amazing!! You are my hero! Hopefully my husband and I can be half that at your age!
Vanguard VTI. You can count on a net 9% with a reasonable standard deviation of 15 to 17%. Start early, be consistent and the miracle of compound growth will take over.
Use time as the real basis of growth...it takes about 5 years.
It's essential to conduct thorough research, consider the long-term outlook of the companies, and diversify your investments to manage risk effectively.
My 401k is at a steady rise, Which is perfect for me, the problem is that most don't have the knowledge needed to succeed in a challenging economy. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn and save high in these challenging conditions.
Every week I buy more of whatever is the lowest percentage of my portfolio and try to keep everything around 10%, but what could be my safest buys with $400k to outperform the market in 2024?
I know It's essential to conduct thorough research, consider the long-term outlook of the companies, and diversify your investments to manage risk effectively, but I need advice
Consider diversifying your portfolio with a mix of stocks and stable assets. Seeking professional advice now could provide valuable insights and strategies to navigate market uncertainties and protect your investments.
I’m 30 with only $4600 in my 401k. I started last year..maybe a little under 2 years ago. It’s never too late
I am very fortunate and feel very encouraged by your videos. Our best advice we got out of school were two things: Don’t 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 😅 (plus one corgi puppy) focusing on our health and relationships. We can’t feel more grown up than this!😂
Congrats!
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 I’ll have 9k contributed and more from compound interest. 8 months cuz that’s when I’ll 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 😂
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’m 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.
Currently 50 years old and wife is 48. Our house is paid off and we have no debt. I currently put 22% into my 401K and my wife puts 50%. My current balance is 710,000 and my wife's is 165,000. We plan on retiring in 11.5 years from now.
My wife and I are at close to a million and we are early 50’s. Most in traditional, maybe 5 percent in Roth. I’ve changed all contributions to Roth. I contribute 18 percent and my employer contributes 10 percent, so 28 percent total of my income. My wife doesn’t contribute anymore, but has a pension when she retires that’ll pay roughly 45 percent of her pay. Trying to retire at 61 if possible.
I’m 29 with $130K in my 401K which is self-directed since I’m self-employed so I can max it out twice a year which is a big perk. Started contributing at 25 - these stats are encouraging!
I really work so hard to engage myself in someway of earning more income. My family are happy once again and can now afford anything for my family even with my Retirement.$47k weekly returns has been life changing, after so much struggles.
wow this awesome 👏 I'm 37 and have been looking for ways to be successful, please how do I make such weekly??
Maria Angelina Alexander I really appreciate her efforts and transparency.
I remember giving her my first savings $20000 and she opened a brokerage account for me it turned out to be the best thing that ever happened to me.
My outlook on money changed when I realized someone making $200K can retire broke & someone making $80K can retire a millionaire. With the current market movement.
You're correct!! I make a lot of money without relying on the government.
Investing in stocks and digital currencies is beneficial at this moment.
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
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.
One thing to consider is looking at retirement savings/investing as a whole. I’m 50 with a $1.5M 401k, but I don’t have any other investments. I’m looking into Roth IRA’s now and will probably do some Roth conversions. But looking at all investments instead of just one type is definitely important.
I'm favoured, $27K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.
Really 😮how?
It's Mrs Sonia Duke of course
I have heard a lot of wonderful things about Sonia Duke on the news but didn't believe it until now. I'm definitely trying her out
Started with 5,000$ and Withdrew profits
89,000$
I'm glad to write her tay I do hope she will help handle my paycheck properly☺️☺️☺️
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 Kerrie’s 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....
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 done🎉🎉
I am very fortunate and feel very encouraged by your videos. Our best advice we got out of school were two things: Don’t 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 😅 (plus one corgi puppy) focusing on our health and relationships. We can’t feel more grown up than this!😂
Keep on Humphrey ❤
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 it’s worth about 550k. I owe 245k on it so I have just around 300k equity.
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 🤣
Lots of people save for retirement. Not the majority (yet) but plenty. Look into Ramsey Solutions or the FIRE community.
What I don’t like about these studies is it doesn’t take into account what’s been rolled over to an IRA and what’s been saved in the IRA. I rolled over a 6-figure 401K when I left my last job and now my 401K is not as high.
You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
she's mostly on Instagrams, using the user name
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.
Generally, aiming for 10-15% of your income is a good starting point. By retirement, you should have about 8-10 times your annual salary saved.
That sounds like a lot. Is it really necessary?
Yes, it's crucial for maintaining your lifestyle in retirement.
What if I start saving late?
Increase your contributions and consider consulting a financial expert like Nelson Maynard Fisher.
Who is that?
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.
Based on the figures for ages 25-34 I’m double! Well that’s feels reassuring.
lets go!
Are your expenses also double?😮
I started around 3 years ago and have made 16k in total towards my ROTH 401k. Now 28 and starting a Full Time Job and looking to give more towards it. Thanks for the info Humphrey!
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.
I'm 57 and have a about 640K in the 401k, 80-90K is cash and my house will be paid off by the end of the year. At that time, I plan to raise my contribution from combined 18% to either 25 or 30%. My goal is to have 1.5 million in my retirement accounts when I finally decide to start my permanent vacation!
I'm 34 this year. For a long time, I always put on average 15-16% towards 401K - I didn't even need to cut out any of my treats either, I just reduce the frequency of it. I still eat out and enjoy a nice cup of coffee outside, but significantly less than when I was in my 20s. And if your company offers bonuses, I highly recommend putting 50% of those bonuses to retirement, you get taxed a lot less.
Currently 24 with $5,200 in my balance. Will be around $7,300 after my loan is repaid
Great!
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
👌🏼👌🏼
Im 22, i have about 3k in a roth 401k. I have it set to 80% S&P500 20% bonds. I contribute 6% of my salary with no match. I also get a pension that puts in $13 for every hour i work until retirement. I also DCA into a brokerage account weekly. $20 into Voo, $10 into schd, and $10 into schg. I also DCA a dollar a day into BTC and ETH. I dont allow crypto to go over 10% of my portfolio. When it does i sell some and buy into VOO. I also save $50 weekly in a HYSA, with about 3 months of expenses saved. 0 debt besides a car at a 3.45% interest rate.
At your age, why don't you go full send into the S&P 500? You only want bonds to hedge against temporary downturns, but since you won't even draw from these accounts for nearly 40 years, you don't give a hoot about downturns. The market will even out over the long haul. All you're doing at this point is ensuring 20% of your holdings don't do as well as the rest.
PS: Schwab does have options for investing in the S&P 500, but it's a mutual fund. Same expense ratio as their commission free ETFs, though, so if you were just using SCHD and SCHG because they're reasonably well performing commission free ETFs, then SWPPX is the name of their mutual fund that tracks to the S&P 500.
@@bvoyelr100% correct! When young,it’s rock roll time!
Lot of comments from people with a lot of money. Just let yall know I started last August at age 24 after living paycheck to paycheck my whole life. I just hit 10k savings and no debt. Keep in mind I live in a camper so no house yet but I still feel like I’m doing pretty well. Keep y’all’s heads up, I’m starting to learn it is a slow process and there isn’t a whole lot you can do to speed it up except increase income or decrease expenses
48 - 505k in 401k, 100k in Roth IRA, 50k in brokerage acct, 50k in HYSA.
Damn it feels good to be a gangster.
Do you live in California?
I’m 56 with a 403b balance of
$ 1.23million. Put away a 30k per year in 403b plus 8k in Roth . Also brokerage investment of 279k plus 125k in cash. All the same as the spouse. No debt whatsoever. Plan to retire in 3-4 years
My employer matches half of my 401k contributions, but there is no cap other than the 23k limit set by the government.
Wow! I am 53 years old and I have 360,000 in my 401k but I am saving 45 percent of my income!
Looks like most Americans aren’t saving enough for retirement unfortunately!
I am above average for my age range 😊
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 it’s clearly not. He’s simulating an 8% return, which is a sensible nominal assumption but a very optimistic real assumption
Mine just activated last week! $160/mo will be going in, plus employer match of $120
Hallelujah!!! I’m blessed and favored with $60,000 every week! Now I can afford anything and support the work of God and the church. For Your glory, LORD! HALLELUJAH!
That’s fascinating! I’m always keen to learn about people’s successes. I’d love to hear more about your achievements.
This is what Ana Graciela Blackwelder does, she has changed my life.
After raising up to 60k trading with her, I bought a new house and car here in the US and also paid for my son’s (Oscar) surgery. Glory to God.shalom.
I know Ana Graciela Blackwelder, and I have also had success...
Absolutely! I have heard stories of people who started with little or no knowledge but managed to emerge victorious thanks to Ana Graciela Blackwelder.
I only contribute 9% (with a 7% match) because I would rather max the HSA and Roth IRAs first after the match. That's probably skewing the rate to be lower than actual retirement savings rates are
Stats: 26 yo. 33k in 401k. 23k in Roth IRA, 12k in HSA.
How about people who went for further education and didn’t start working until 30s? Is there a timeline for this group of people?
Ideally if you had further education till your 30s, you are earning more than the average person and should be able to catch up no problem. This study encapsulated millions of accounts so im sure there were some people in there in your boat.
Hopefully you're earning about 150k out the gate
@@humphrey I’m just trying to figure out because I haven’t found many resources providing guidance for people who started working late 😞
@@sw33tm3 I hope you have a high enough salary, to catch up in your 401K savings. If you max it out at 30K (23 from 401, 7 from Roth IRA) every year from hence forth, I think you should be perfectly in line with what is expected in your 40's.
To have 4x your salary by the time you are 44 (which I would assume is around 10 years), you would need to put in 32% of your salary into your investment account (I assumed a conservative 5% return rate, because for catch up, you should always use a conservative estimate).
Since you are a late starter, instead of using a percentage of salary, I would say a flat amount every year is better. And once you caught up, switch to a % of salary.
The contribution cap each year of 30K might be a big ask for most people early in their career.
Im definitely behind because I was freelancing for 10 years and didn’t know about IRAs. Now I have a real job with a 401k!
love this guy ❤
ty
In my age range at the middle of the range I am at, I have about 1.9X more than median and about 70% of the average number. Regarding my other retirement accounts, I have almost $100K in Roth IRA, stocks, & pension balance at my job. In the past two years, my retirement total invested has nearly doubled thanks to maxing ira amounts and putting in at least $1000/month into 401Ks.
This video is blaaa, if you follow this, at retirement, you will be NOT retired!!
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.
41 years old - 165k in 401k, 42k Roth IRA, two rental homes / one paid off. I try to max both my 401k and Roth each year. Love your videos!
$156,000 in the 401K at age 37. Im above the average in my age group but still feel way behind. I slacked some in my 20s, not taking the full advantage of the match. Currently at a 20 percent savings rate now between me and my employer.
I’m still pretty shocked my employer offers a 50% 401k match. I just started my 401k this year since I’m 22, and I should be maxing it out even though I’m only working for half the year which is great (love living with parents and saving on rent). Should have 34k in there without counting for gains end of 2024!
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
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.
31yo, 34k in my 401k, 15k in HYSA, wife has 12k in an IRA. Pandemic really hit us hard and basically had to restart our careers in 2023. We were almost penniless. Saved up for a house and hoping that really helps us over time. We are in a relatively LCOL area. We should be paying off student loans in the next couple of years, and youngest will be out of daycare in a couple. We're just scrapping for anything we can get our hands on right now.
I'd be happy to even have a chance to retire by the time I'm 80 at this point. We lost at least 4 years of solid investing due to the state economy we left in 2023/24. We were on track to have over 100k in saving by the time we were 28. Had to make a lot of sacrifices to make ends meet.
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 who’s interest didn’t 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 😅 but 1000% best decision I could have made. I’ll 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).
I'm 53 and have $1M in retirement between 401k and pension. Live in Ohio and salary is $140k, started contributing 15% to 401k about 22 years ago. I am planning to retire at the end of 2025 as the mortgage will be paid off by that summer, I'm tired of the rat race!
If I reach FI I'd walk into the office and act like I'm the boss just to see how long it takes for people to call me out. Afterall, that's when you can be as bold as you want because it won't affect your finances.
The theoretical amount you should have saved per age group sounds unreasonably high. I have seen examples of people that have hit the 401k yearly contribution max($23k/$30.5k) and they still are nowhere near 10x their salary in retirement savings. Those numbers just sound like unreasonable goals. The best savers I know can’t hit those numbers and yet they are going to retire quite comfortably.
Just turned 33, I have $150k in equity in my second house and $80k in a 401k, my car is paid off and I don’t have any debt other than my mortgage at 3.5%.
Always been a saver and have been quite fortunate with my benefit options. 43 with ~1.1M bw 401k and IRAs
Humphrey, can you do a video or a short on calculating employer match and why it’s best not to contribute too much too early in the year if your employer doesn’t offer a true up match?
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 I’m 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
The grocery store sushi had me cracking up because that is so me! Living life on the edge the last Friday of every month. 🛒🍱 🍣🤣
35 years old. at 33 I was making about 70k per year contributing 12%, now I'm making 300k and contributing 25%. 401k went from 21k in 2022 to 120k now.
I’m a 28yo immigrant that just came in about 1.5years ago, your videos have helped me find a footing and I definitely know I can catch up
Currently 27 with ~60k in my 401k, been contributing company match of 6%, we also get an extra 3% from the company each year, which ramps up to 4.5% and then 6% extra based on age and service years. Just upped my contributions to 17% of my salary, and planning on ramping up to maxing it out (~22%) as finances allow. Already maxing out my Roth IRA
21 just got out of the military 3 months ago and have 140k with 52k in my 401k (TSP). Trying to hit 2MM before 30, just landed a killer job and will be making 135k a year only working 3 days and 4 days a week rotating.
These numbers are all fine and dandy but nobody is talking about the negative return years. These returns lately have been astronomical and you always see a bunch of happy investors in bull markets. Everyone always mentions an average return from index funds and blah blah, but most investors do not have the stomach to endure through 3 or 4 bad years which 100 percent are coming, and they will sell and never return again.
I’m not a financial advisor or anything but this is exactly what I’ve been doing. It’s 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 I’m flat out retiring. The difference in pension at 55 compared to 60 is 3.5k a month.
Will be at 45k at 29 in 401k and a bit over 60k aggregated across tax advantaged accounts. Finished education and got my first white collar job recently. Now sustainably maxing 401k with goal of being 3x income by 40 and retiring by 55.
I think you are missing a big aspect of why that 10% number hovers at that range for so long. As people enter their mid 30s to mid 40s other major expenses become a reality. Specifically, the purchase of a home, college and weddings. All of which require massive amounts of liquid cash. I am of the opinion that in the US, if you live in a modest suburb, drive modest cars and live in a standard 4 bedroom suburban home with 2 kids, if your gross household income is 150k, there just isn't enough left over after mortgage, cars, kids, groceries, college and weddings to be contributing the max....at least not until you get a solid base in those accounts to feel more comfortable that you are going to hit your mark 15-20 years down the road.
I am 44 and have maxed out both pretax and post tax contributions for 12 years, plus 7% 5 years before that. I'm still only at 400K with an aggressive model. I'm tempted to go back to employer match and buy rental properties.
I’m 33 and watching this video makes me extremely happy with how I’m doing on my retirement. With social security going away for my generation, I’m extremely surprised people aren’t taking saving for retirement more seriously. They really trying to work until they drop dead, won’t be me!