If you simply maxed out your 401k and did nothing else, u'd retire a millionaire

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Current Events » If you simply maxed out your 401k and did nothing else, u'd retire a millionaire
TheMaddenDude
02/26/2024
10:07 AM
#1
If you are mid 30s like me (34), and you maxed your 401k, you could retire at 65 with like 5 million and thats with like minimal match, also that assumes the max doesn't increase over time, and also assumes a 10% growth rate.

last month I actually took all my 401k money out of its default targeted fund and put it all in the S&P.

If you max your roth on top of your 401k, you'd retire with another ~1.5 million.

Thats nearly 7 million for doing no additional investing other than maxing 401 contributions and putting aside $500 for roth IRA.
Even if you do half of the max 401k and still do the $500/mo for roth IRA, you're retiring with like 5 million.

Whats stopping you??
supermichael11
02/26/2024
10:10 AM
#2
Lack of qualifications and degree.
http://www.neoseeker.com/forums/88/ dragon ball forum
https://gamefaqs.gamespot.com /boards/1514-dragon-ball-general-community-moderated (no space).
Irony
02/26/2024
10:11 AM
#3
https://youtu.be/IadMQFuxuZ8?si=bz4iFL9RFso9kCVE
See profile pic
Accolon
02/26/2024
10:11 AM
#4
But then how world I pay for food and rent and utilities and insurance and bills
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bnui_ransder
02/26/2024
10:12 AM
#5
Not making enough money to do that after bills is what's stopping me
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So much A R T
supermichael11
02/26/2024
10:12 AM
#6
Plus working with minimum wage.
http://www.neoseeker.com/forums/88/ dragon ball forum
https://gamefaqs.gamespot.com /boards/1514-dragon-ball-general-community-moderated (no space).
hereforemnant
02/26/2024
10:13 AM
#7
bnui_ransder posted...
Not making enough money to do that after bills is what's stopping me

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CARRRNE_ASADA
02/26/2024
10:13 AM
#8
If you can max out your 401k then money isnt a problem for you.
SEXY SEXY!
Dat_Cracka_Jax
02/26/2024
10:14 AM
#9
Dude, most people cannot max an IRA at 6.5k. you think they could do the 401k max of 17k?
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DarthAragorn
02/26/2024
10:16 AM
#10
Maxing your 401k is minimum $22.5k a year + a yearly increase each year so no shit if you can afford to do that you'll be set for retirement

Here's a protip, the vast majority of people cannot afford to do that
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TheMaddenDude
02/26/2024
10:20 AM
#11
Max 401k is 23k, and remember thats pre-tax.

But like I said, even if you do half of that and don't do any roth contributions, you'll still end up with like 3.5 mil at 65.

#12
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#13
Post #13 was unavailable or deleted.
UnsteadyOwl
02/26/2024
10:24 AM
#14
Obviously the best place to get financial advice is from a random message board user on a video game site.
"It is possible to commit no mistakes and still lose. That is not a weakness. That is life."
BunkerBoy
02/26/2024
10:24 AM
#15
Hypnospace posted...
How are you so desperate to shit up these boards that you'll keep getting banned and actually wait out the 50 days to come back

Who is that much of a loser to do that shit?
Don't forget larping as a fake doctor
TheMaddenDude
02/26/2024
10:26 AM
#16
If you live in california for example, minimum wage will get you like 65k per year. You will have to live in a less expensive area, but there are plenty of nice areas that are not stupidly expensive. So with that 65k if you simply put in 10k per year into retirement, and live off 55k gross salary, you'll retire a multimillionaire.

TheMaddenDude
02/26/2024
10:28 AM
#17
Captain_Qwark posted...
I have enough money to maybe put $250 into retirement funds each month

250 per month = 730k in 30 years at 10% growth.
If you can scrape together an additional $100 per month, you'll exceed 1 mil.
BunkerBoy
02/26/2024
10:29 AM
#18
TheMaddenDude posted...
If you live in california for example, minimum wage will get you like 65k per year. You will have to live in a less expensive area, but there are plenty of nice areas that are not stupidly expensive. So with that 65k if you simply put in 10k per year into retirement, and live off 55k gross salary, you'll retire a multimillionaire.
Fake doctor has no idea what he's talking about confirmed
2Pacavelli
02/26/2024
10:30 AM
#19
That's not true.

You'd have to account for a high enough salary and no gaps in employment. Also how long you'll be working for and how long you plan on enjoying retirement
TheMaddenDude
02/26/2024
10:30 AM
#20
I'm just trying to emphasize the power of compounding while you guys are young. We all have the most important attribute in making money - time. Most of us are in our 30s. We have decades of compounding ahead of us.
Torgo
02/26/2024
10:31 AM
#21
Accolon posted...
But then how world I pay for food and rent and utilities and insurance and bills

Your trust fund, of course. Duh!
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DarthAragorn
02/26/2024
10:31 AM
#22
No, the actual most important component in making money is money and most of us do not have that.
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TheMaddenDude
02/27/2024
12:12 AM
#23
Bump
sabin017
02/27/2024
12:21 AM
#24
Your 401k and IRAs can still be full of losers and you'd be at square 1.
https://i.imgur.com/TWsfIIj.gif
fire_bolt
02/27/2024
12:21 AM
#25
TheMaddenDude posted...
Max 401k is 23k, and remember thats pre-tax.


Lmao, this is the first year I've made over 23k in my life . Check your fucking privledge my dude. Not everyone lives in California. Minimum wage here is still $7.25/hour.
If it was about babies we'd have universal maternal care. There would be no charge no matter how complex the delivery. But its not about babies, is it?
BunkerBoy
02/27/2024
12:23 AM
#26
fire_bolt posted...
Lmao, this is the first year I've made over 23k in my life . Check your fucking privledge my dude.
TC pretends to be a doctor on a video game message board. I doubt he's doing much better than you, if at all
Jaguar34
02/27/2024
12:30 AM
#27
UnsteadyOwl posted...
Obviously the best place to get financial advice is from a random message board user on a video game site.
It definitely was the best for how to mod video games and how do I find AI chat bots

TC doesn't appear to be wrong, especially with the increase
sfcalimari
02/27/2024
12:49 AM
#28
TheMaddenDude posted...
If you live in california for example, minimum wage will get you like 65k per year.

LOL
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NoxObscuras
02/27/2024
01:00 AM
#29
TheMaddenDude posted...
If you live in california for example, minimum wage will get you like 65k per year. You will have to live in a less expensive area, but there are plenty of nice areas that are not stupidly expensive. So with that 65k if you simply put in 10k per year into retirement, and live off 55k gross salary, you'll retire a multimillionaire.
65k? Your numbers are way off. That's $30 an hour. Minimum wage right now is $16 and in April it goes up to $20 for fast food workers. At $20, they'd be looking at $2700-2800 take-home per month. I don't think many at that point could afford to put 30% of their income into savings.
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Arcanine2009
02/27/2024
01:11 AM
#30
I really need to consolidate all my 401ks together. Thanks for reminding me.
Less is more. Everything you want, isn't everything you need.
LeoRavus
02/27/2024
01:20 AM
#31
I've known people who do max then complain they're broke. I'd rather have enough to do extra stuff before I'm too old or dead before before cash out.
This is where cool people write stuff.
Current Events » If you simply maxed out your 401k and did nothing else, u'd retire a millionaire