401K could reach 1 million this year?

I've been putting into my 401k since August 2001 and I also have pension via Local 501 Operating Engineers Union. I'm already vetted in. My mortgage is paid off, my mom left me her home when she passed away. That one is also paid off and I'm renting it out. I have a sizeable savings account my mom opened for me when I wad 10. And my fiancee is an eye surgeon.

You gotta be smart with money.
 
method115 said:
Yep was just talking to my wife about this. She was horrible with money when we meet. I helped her consolidate all her debt so she could bring the payments way down and actually have a chance of paying off her CC debt. Once she's done paying that off I told her she needs to start putting money into her 401k ASAP and if she's lucky she'll have saved up just enough to retire. Not comfortably exactly but she'll make it.
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She's lucky to have you.
 
I
Kitafuji said:
View attachment 848568

I own my house outright now and it is worth 450K and my wife also has a 401k that is doing about the same as mine. Any other millionaires on sherdog?
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Good Job, work and discipline pays off! Although one piece of advice I like to give is to never tell people how much money you have wether it’s a little or a lot.
 
IloveTHIS said:
Two older guys I work with are technically millionaires and still keep working just cause they got bored after like 1 month of retirement

I'm only 29 and no where close
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no matter how much or little you make always pay yourself first. 10% is ideal.
 
Congrats Sherbro. Gotta remain disciplined when it comes to saving. I'm in my late 30s, have a pension, and a Roth. I've got nowhere near a million, but I'm sitting pretty good compared to my peers. Still got a lot of working years to go to get there.
 
Killer Whale said:
I

Good Job, work and discipline pays off! Although one piece of advice I like to give is to never tell people how much money you have wether it’s a little or a lot.
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Yeah but we're just random sherdoggers. He can tell us.

But yes, never tell anyone else. Everyone suddenly believes you should help them because you were so lucky to wind up with that money. Nobody every recognizes the sacrifices you made for years to get there. And they didn't make those sacrifices and now they want a piece of your pie.

Even people you trust wiki start to have that "you can afford it" mentality. It's human nature
 
IloveTHIS said:
Two older guys I work with are technically millionaires and still keep working just cause they got bored after like 1 month of retirement

I'm only 29 and no where close
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Depends how many millions they have. $1 million isn't that much to live on in certain parts of hte country, and certainly not enough to just retire and quit working IMO.


I have like $650k in my retirement (43 years old). I'm gonna need a few million by the time I'm 65 though. I'm assuming there will be nothing coming from social security when I retire. Though I'm also diversifying into crypto and other areas in case the dollar loses a ton of value or something goes nuts!

I'd recommend people look into alternatives vs "the stock market always comes back". Real Estate. I need real estate in my portfolio. A finite resource vs a growing population.
 
I can't wait til President Harris redistributes some off you guy's wealth to me, you white privilege fucks.
 
Omegaboy13 said:
Congrats Sherbro. Gotta remain disciplined when it comes to saving. I'm in my late 30s, have a pension, and a Roth. I've got nowhere near a million, but I'm sitting pretty good compared to my peers. Still got a lot of working years to go to get there.
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I never purchased a new car or had a car payment. Never had debt (other than my house).
Keep it up, it will pay off.
 
Kitafuji said:
I own my house outright now and it is worth 450K and my wife also has a 401k that is doing about the same as mine. Any other millionaires on sherdog?
View attachment 848582
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I guess so depending on how you want to calculate it.

I own property presently valued at approximately one million dollars (assuming that I could get market rate). I inherited a house and partially own an apartment building complex with my brother. I have another $500k in stocks and cash, but no RRSP and a relatively small pension (I only started receiving a company matched pension when I got tenured. When I was on contract, there was no pension matching).

I would say about 70% of my net worth I inherited when my father passed - I do a decent job saving and make a reasonably good salary. The only drawback is that if I decide to buy a decent house in Toronto, I would be forced to sell my existing house and rental properties. Property values are insane and I don't understand how a younger person can afford to buy a house in the GTA.
 
Hit the 2 comma club a few years ago. Never made a big salary either...just been maxing out my 401k for a while now and also do the roth IRA every year. Have a 6 years left on the mortgage..could pay it off but it's 3% interest. I'd rather use that money to work for me.

BTW, all the experts are now suggesting 15% towards retirement, not 10% anymore.
 
electroman187 said:
BTW, all the experts are now suggesting 15% towards retirement, not 10% anymore.
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Depends when you start and what your goals are. People who are in school a long time or start late may have to save a higher percentage.
 
I ended up investing about $225k this past year, most going into tax deferred accounts. I’ll probably keep investing the same percent of my income until retirement.
 
If you combine all our retirement funds we are close to 7 figures. Net worth is over 7 figures though. It won't be for a while that any of our single retirement fund hits $1 mil. Probably not in the next 14-15 years assuming we average a high single percentage ror. If my wife could have transferred her 457 to her TSP then maybe $1 mil in 10-11 years. Ultimately 8 figures combined between our TSP x2, old 457, old 401k, roth IRA x2, taxable investments in less than 25 years, but be able to live off our pension, social security, rental income alone.
 
Lubaolong said:
I ended up investing about $225k this past year, most going into tax deferred accounts. I’ll probably keep investing the same percent of my income until retirement.
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Are you able to do mega backdoor roth? That's a lot to invest year after year!
 
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