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Re: 401k

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but lets assume there was an employer match for the sake of argument?  what would it be then assuming it was an approximate?  rsvp. 

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Re: 401k

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@GailL1 

 

I think the "how old is he" question is answered in here:

http://www.early-retirement.org/forums/f28/retirement-late-in-life-96873.html

 

(second page, he's 39 and has a very very very rich uncle and he's the only heir)

 

He's posted in a Canadian financial forum as well.

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Re: 401k

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There are all kinds of 401k calculators out there. It depends on several factors. Do you contribute all the money, or is their employee matching, for instance?  This website has a calculator.

 

401(k) Savings & Planning Calculator - AARP

 
I took a very basic scenario, very conservative. No employer match. You would contribute 5% a year of a $40,000 salary over 50 years  getting an average of 5% a year on your investment. You would have invested $100,000 of your own money. After 50 years, it would be worth $441,000. You can go into the calculator and look at the number themselves.
 
  The key to having a large accumulation of money at retirement is regular investing (every paycheck) over a long period of time. Most people fail at doing that, and try to get into investing by their 50's. Without the power of time behind you, it's difficult to save much when you're that close to retirement.

"...Why is everyone a victim? Take personal responsibility for your life..."
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@WilliamS541265 

I don't think you understand the different types of retirement accounts - there are many - some before tax, some after, some have employer match, some don't - some matcch up to a certain amount but the employee can always put in more.  Each has a different maximum that can be applied per the IRS in whatever year.  For those that are "before tax" the money has to stay in the account and not be used because then there is a BIG tax penalty if you do.

 

THE ONLY THING THAT THEY ALL HAVE IN COMMON IS YOU HAVE TO COMMIT TO SAVING.

 

How Old are you?

* * * * It's Always Something . . . Roseanne Roseannadanna
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Check out the history of the 401K plans. I don't think they've been around for 50 years.

 

You'll probably also find the historical maximum amount per year (don't forget to add in the spiff for those over-50).

 

With this information you can pop this into a Microsoft Excel spreadsheet, or a (free) Google Sheet (spreadsheet) as a table, set up a column with the assumed rate of return for each year and the resulting year end balance (which is the beginning balance for the next year...then add the new contribution, add the earnings). Voila! You'll have your answer!

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401k

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if someone started working at 20 and retired at 70, how big would their 401k be if they maxed it out? for 50 years they put as much money as the law would allow. each year for 50 years they made about 50k annually working as a bricklayer. they never had kids and never got married. how big would their 401k be after 50 years if they decided to max it out? i think that uncle sam puts a limit per year which i think is like 18 or 20k annually or something like that. would their 401k be like 3 million approximately or more? can someone please help me here? thanks.
 
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