Comments on: Compare Our 401k Balances With Others In America

By: Plain Joe

Plain Joe — Mon, 09 Jan 2012 21:25:46 +0000

“I’m 45 years old and have over 2 million dollars in my 401K.” is almost a mission impossible based on my personal experience. I have worked 21 years and always contributed max. My company matches 7% on average. The return is about 6% over the years. I even avoided the financial meltdown 2008 with the luck. But I can only come up with 3 quarters million in 401K.

It will be very interesting knowing the story behind the statement above.

By: Cynthia

Cynthia — Tue, 05 Apr 2011 20:29:47 +0000

I have been at ExxonMobil for 20 years. I rarely put the maximum percent contribution in my 401k, I just didn’t think I could afford to with four children.(now I know better) But, anyway, I have $400,000 in my 401k. I still have not recovered totally from the bank/insurance induced meltdown in 2008. I noticed no one is including the company lump sum pension amount. When I retire in two years, in addition to my 401k balance I will be getting a lump sum payment for my pension of approx. $350,000. So, even though I will have $800,000, give or take, I will still be far short of the recommended amounts for a “comfortable” retirement. I will make do.

By: Alejandro

Alejandro — Thu, 24 Feb 2011 00:02:05 +0000

“I’m 45 years old and have over 2 million dollars in my 401K.” I don’t believe this. This guys is not telling us something. This person would have had to put away way more money then the government would have allowed.

By: Hey XOM

Hey XOM — Mon, 21 Feb 2011 18:47:40 +0000

Not everyone works for Exxon Mobil. Ever heard of Enron. If you worked there, you would be broke with your un-diversified investments. You got lucky. And you really know nothing if you want to push for privatizing social security after the recent bubble.

By: P. Cossu

P. Cossu — Sun, 13 Feb 2011 14:45:29 +0000

Pat.

I would agree that long-term investment in 401K is a must for anyone working and has a plan with their company, especially if the employer matches. I am an example of making my 401K a success for 25 years prior to converting it into an IRA. I started low at only 4% and gradually worked my way to 8% with my company matching from 1% of salary to ultimately 3%. I never saved more than 8%. I had a few bad years, couple flat years and the rest were very good yielding years. Almost 1/2 of the good years I had net growth above 20%; for an 25 year average, including losses, of 14+ percent net growth.

I am definitely not a financial person and claim to have much knowledge in business affair but I do know if you spend a little less than you make every year and put it aside, after 40 years of earning, you are more than likely to be a millionaire. I was hoping, from the onset, to become one at 65, meaning I now have a 7 digits number in my IRA at retirement account. Well it turn out that I did it in 27 years and was able to retire at 58.

There was nothing special about me I just spent 92 cents for every dollar I made for 27 year and on pennies I became reasonably comfortable. I have my company pension and will eventually get SS, then I will or should be at 110+% of my last year salary. I often try to encourage my son to do the same and recently read the millionaire next door and do have many of the characteristics mention in that book.

Some people have asked how I mange so well, I don’t feel I did well and wish I had 5 times what I have now so I could buy my dream sailing yacht, but my answer is one day at the time the very same one gets into debt. So I suggest that one read and learn to discipline oneself to spend a little less than they make and save that part and with the rest live and enjoy life. I do I ski, have motorcycle, travel extensively, eat well, have a glass of wine everyday with dinner and have a comfortable home to live in.

Thank you for your time and for you site.

By: Darren

Darren — Wed, 12 Jan 2011 05:31:27 +0000

I would imagine they have high balances because they continued to invest while the market was down the last few yrs and got allot more shares for there money when the prices were lower. As the market recovers they have more shares making them money rather than less and it is inflating there balances.

By: Jason

Jason — Mon, 03 Jan 2011 02:01:27 +0000

I also came here to see what the average values were for people in my age group. I am 44, and I have $613,000.00 in my 401-K plan. The problem is that the company I am working for will most likely close down in early 2011. I have never touched the funds in my plan, and I have seperate savings and investments totaling about $230,000.00. I do NOT own a home, but rather lease a condo in Los Angeles. I am thinking I may want to start my own business, using my NON 401-K plan funds to get it up and running, and using my 401-K funds (up to 75,000) as a fall back if I need additional funds to live off of. I was just wondering where others are, and where I need to be. I have never had an employer match, and my average has been around 13.50%, and I was in cash in all of 2008 and early 2009.

By: Kyle

Kyle — Thu, 14 Oct 2010 15:17:07 +0000

Thank you for the constructive criticism Rick.. I will be sure to use Kind of and spell advice correctly from here on out.

By: Rick

Rick — Mon, 11 Oct 2010 20:20:36 +0000

Apparently your investments fared better than your grammar check.

By: Dan

Dan — Wed, 29 Sep 2010 17:17:44 +0000

True because since the early 1990′s the Dow has grown 10-fold, there is no way in our life you can get 10% counting that in.