Posted on 04/25/2015 8:04:12 AM PDT by TurboZamboni
Got $1 million in your 401(k)? Some savers might be surprised how feasible that savings goal is if they put their mind — and their money — to it. Of course, if you don’t have $1 million saved, you’re definitely not alone. Just 0.42 percent of all 401(k) participants in the Employee Benefit Research Institute’s database had $1 million or more in their account at the end of 2013. EBRI’s data covers 26.4 million savers. Similarly, just a tad more than 72,000 retirement savers, or 0.56 percent of the 13 million plan participants in its database, had $1 million or more in their 401(k) account at the end of 2014, according to Fidelity Investments’ analysis of the plans it manages. Then there is the very worrisome data on the other side of the coin: ⦁ About 31 percent of Americans have no retirement savings and no pension, according to a recent study by Center for American Progress, citing data from the Board of Governors of the Federal Reserve System. ⦁ Most people who’ve saved some money haven’t saved much: Among households aged 55 to 65 who have retirement accounts, the median account balance was $104,000, according to the ⦁ Center’s report. But this story is aimed at those who have a comfortable salary — those who may not realize that a little focus on their retirement savings could get them to $1 million without too much trouble.
(Excerpt) Read more at dailyworth.com ...
Start with 2 million?
Gosh. One of the good things about the Great Recession (er, Depression II, cough) was that we didn’t have to read drivel like this.
“If you can get a 7 percent annual return on your money”
Yeah right. Good luck on doing that 30 years in a row.
http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html
Not a new idea, but well thought out income redistribution. Google the name of the lead “economist” (because “ecommunist” isn’t a word yet), her organization, bona fides, who she’s associated with.
It’s coming folks.
LOL. and elect a Democrat Congress.
If you put in the maximum amount, it would take over 50 years to put in $1 million. The only way to have a million in a 401 is to put it in equities and hope there isn’t a long slump in the market along the way, or in real estate.
Or start maxing out on the contribution at 20, and still be pumping in at 75, with no periods of unemployment and no financial emergencies.
Want to make $1M dollars in the dairy bidness? Start with $10M
You have to consider the employer's match, and the rule of 72. It really isn't that hard to get a $1 million over the 45+/- year work span.
I thought that we could get there but 2008 came and wiped out 60% of what was there. I have since recovered but have been moving to cash a little at a time since Dow 12500. Cash is only making 1.78 %, so we will never be millionaires
I remember the SNL commercials about money. Need to buy something? Go to your bank and get some! Also the ones about the company so interested and devoted to “Change”. “We can give you 4 quarters, or three quarters, to dimes and a nickel - there are infinite possibilities!” “It’s what we do.”
Seriously, perhaps you remember this b!tch:
In the very early 90s she as a Clinton Administration Socialist functionary was going around proposing either taking of or heavy assessment of all retirement accounts.
This goal is not gone. It’s name has morphed and altered via things like ObamaCare, taxes and other means, but the desire for complete taking and redistribution is still there.
Frankly, if I were a young man today, I’d put my retirement money somewhere it wasn’t accessible by government. I think I’d opt for the First National Bank of Simmons Mattress Company or most any large scale accumulation of high quality guns and ammo, myself.
It definitely is coming.
Ones on a time a million dollars was a tidy sum of money
Did they figure in a 3 to 4 percent inflation rate. Probably much more considering how much money dear leader is spending.
You’ll need a couple of million in 30 years when a loaf of bread to 20-30 dollars.
1) Assumes you work for an employer that matches and
2) Have you looked at returns on ‘safe’ investments over the Bush-Obama years?
Investing in the stock market requires thinking like a fire fighter.
When everyone is rushing out the building, you rush in.
Until you are in your mid 50's, you shouldn't be in "safe" investments. Heck, even an index funds over the course of my lifetime have averaged 10%. That means your money doubles every 7.2 years. It isn't tough to get a million bucks. THE KEY: Start early, and put as much away as you can. By the time you are 40 you'll be in great shape.
Take Hillary Clinton’s course of how to invest $1,000 in cattle futures and turn it into $100,000. Then run for office as a Democrat, win election, and sell access and favors to foreign companies for big bucks.
Nah. Just buy a super low cost index fund, reinvest the dividends and leave it alone other than adding to it. Market timing is a fool’s game.
I bought some (not nearly enough with 20/20 hindsight) right after the 2008 crash.
Is it really smart to compare 401(k)s? With the number of times people change jobs it is not surprising that very few have a million dollars in a single employer account. Most people who keep their money in retirement accounts roll them over to individual IRAs or leave them at their old employers. I only know one person who regularly rolls his 401(k) from one employer to the next.
I’ve news ... one million is nothing. One million used to be something but now for starters, plan on 10X10
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