I work at a bank and blows my mind how soo many co-workers have 0 retirement savings or cashed out of whatever they had saved in retirement accounts to buy real estate recently.
I’m currently in my mid-30’s and have 100,000+ in my 401K. I have maxed out yearly contribution limits to it the past 5 years taking full advantage of my companies matching. I still get scarred I won’t have enough down the road to survive when I’m in my retirement years.
I’m investing right now with a mindset that I will receive 0 social security. If I do get any, it will be a little extra each month. There is no fricken way you will be able to live off of social security and nothing else.
You have more than my wife and I had in our 30s. Keep saving and investing, you’ll do fine.
You will be fine, no need to be worried.
One rule of thumb I’ve seen is that if you’ve accumulated 2 years gross salary in your 401k by your early 40s, you will have enough to basically maintain your standard of living with that money alone at the normal retirement age of 65.
If your income permits might I also suggest a Roth, where you can save for retirement, or anything else. All contributions can be accessed for any reason, and earnings can be used for higher education or first-time home buying.
I’m planning on utilizing the substantially equal periodic payments exception to access my retirement accounts without penalty, hopefully in my early 50s (but I’ll settle for mid-50s when I’ll only have one child left still in college.) C’mon son, get that scholarship! LOL
Only contribute to your 401k up to the point of matching - not beyond.
For the remainder, invest in other venues. There are more profitable ventures than a 401 once company matching is out of the equation.