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Rickls | 401k Question? |
I'm 27 years old. Several of my friends are just a few years older and have almost $100,000 in their 401k's by now... I have a little over a quarter of that in mine (around 25K)... I take 10% of every paycheck and invest it. Am I doing something wrong?? Is it normal to have that much already invest at this age??? |
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qu1ck80
 |
Moneyguy had a very good answer.
You just have to figure that you probably started contributing to your 401K during the 2000-2002 bear market, just like I did. Just about everyone lost money in these markets, so don't feel bad!
Also, do you have a lot of company stock in your portfolio? If you work for a different company than your friends, they'll have different company stock in their 401K accounts. If you work for Citigroup, for example, and are putting a lot of your 401K contributions into that single stock, then you're account wouldn't have gone very far the last 5 years, and then it probably would have lost quite a bit this year as Citi has decliened about 25% or so. You should check where your contributions are going. I wouldn't put much more than 5-10% of your contributions in company stock, put the rest in diversified mutual funds. |
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moneyguy
 |
While it is normal to look up at the people who have managed to save more than you, keep in mind there are many more who have saved less! To know how well your investing decisions have been, it would help to know how much 10% of your salary actually is, and how long you've been working. Your friends might just make more money than you, or started a little earlier. You are young, and you have many years of investing ahead of you. Just be proud to have what you do have. Too many people put off saving for retirement until it is too late. |
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ChaoticChild
 |
It depends on the following
salary
contribution rate
company matching program
return of the investment
You are doing good by putting away 10% |
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njyogibear
|
1. what percentage of their pay do your friends put in?
2. do they make more money than you?
3. how much does your company match, and how much do your friends' companies match? some companies put in a lot, others put in zilch.
4. maybe your friends get company stock and it's grown a lot in value, like if they work for Apple Computer or an oil company
5. are your investments at least keeping up with the market?
6. how long have you been contributing, and how long have the other guys been contributing? |
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The Shadow
|
Nope, you're probably not doing anything wrong. In fact, it sounds like you're doing things very well. Having 25k at your age is excellent. It's really unusual for a person in their 20's to have 100k. Your friends must have jobs that pay very well.
If 10% is what you can afford, keep doing it. If you can afford to save more, consider it. I assume that you have most or all of it in stock funds since you have 40 years until retirement. If not, that's one way to boost your returns. If you are in stock funds, then stay the course! You're on your way to a secure and comfortable retirement. |
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v b
 |
Some people started before you did.
Some of it could be as simple as 15% vs 10%.
Plus the employer match varies by company.
Some companies also profit share 4-5%.
And what kind of investments do you have? Fixed investments or stockmarket? |
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northnode3g
|
I'm 31 and have about the same amount. Yes we can compare to others but that doesn't do too much because some people have more and other have less in their accounts.
If you want to contibute more to your 401(k) you may want to adjust your W-2 so you dont have as much money withheld and put the extra money into your 401(k).
This year I've given the Fed what I estimate will be tax liability which allowed me to contribute 13% of my pay into my 401(k) |
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hollyhood_joe
 |
That is very odd to have that much in your 401k already. You would have to be making about $75,000 to $100,000 a year to do that. I'm not calling you a liar, but its odd. |
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