401K could reach 1 million this year?

Nope. But thanks for making me feel poor.
 
boingyman said:
Are you able to do mega backdoor roth? That's a lot to invest year after year!
Click to expand...
No, don't have that option. Wife and I both have access to 401a's and 457's, so we can put in around $150k pre-tax dollars each year. I do a regular backdoor roth ira for both of us. It's only $12k a year, but a little tax-free money in retirement is better than none I guess.
 
Thinly veiled bragging thread. I'm not doing poorly either, but to those in more dire financial straits: this thread is biased toward those doing well, as they're more likely to post.
 
i'll be there in 8 years if the markets hold steady. the good thing is i'm in no rush to retire; so i have maybe 20 years of work left in me. the good thing for me is a civil service employee with 20 years in, so by the time i retire, i'll have a pension to hold me over in retirement, in addition to my 401k.
 
Thats great TS.

FYI. Any one on sherdog can be a millionaire if they start putting 10-15 percent of their pay check into a retirement account when theyre in their 20's that mirrors the S&P 500.

Mathematically Ill be in a millionaire by 50. And I'm an idiot.
 
What's the point when the Yellowstone Supervolcano is set to erupt within the next 5 years?
 
Oceanmachine said:
The rich need to be humbled.

Communism would solve this inequality my friend.
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How many on your ignore/block list these days, Are u up to 30 yet?
Please add me.
 
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Lubaolong said:
No, don't have that option. Wife and I both have access to 401a's and 457's, so we can put in around $150k pre-tax dollars each year. I do a regular backdoor roth ira for both of us. It's only $12k a year, but a little tax-free money in retirement is better than none I guess.
Click to expand...
How do you get around the maximum contribution caps?
 
Both portfolios (retirement & 2nd) doing well in this market.
Business is holding up & have investment properties & rentals (a couple of which share with siblings) that took a bit of a hit during covid, but back on track.

I should be allright for a comfy retirement when it’s time.
 
This scrub is barely in the 2 comma club and we let him in? What is happening to sherdog? Is he even 6'4"?
 
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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They aren’t just bored. Their wives probably drive them up the wall.
 
It's kinda silly to include your personal residence in your net worth if this is gonna be a humble brag thread.
It's not an investment that you can liquidate. Where you gonna live if you did?
 
If yo
Lubaolong said:
No, don't have that option. Wife and I both have access to 401a's and 457's, so we can put in around $150k pre-tax dollars each year. I do a regular backdoor roth ira for both of us. It's only $12k a year, but a little tax-free money in retirement is better than none I guess.
Click to expand...

If you have that much pre-tax income, above and beyond your living costs, you should look into real estate, specifically limited partnerships/ syndications on larger investments with accelerated depreciation. Can create paper losses that wipe out a large income along with better then market rate returns. No need then to defer taxes
 
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