There are fed employees on reddit with $1M+ 401K balances at 42
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Poast new message in this thread
Date: May 5th, 2024 11:25 AM Author: navy heaven
Wouldn't it be hard to max 401k in your 20s/30s if you're a lowly Fed? Even GS-13s are around 100-120k today and most feds make less than that. And they still have to save for a down, have kids and all that.
Don't doubt that even putting aside 10k in the market every year for the last 20 years accumulates a great deal. But suspect there's extenuating factors allowing these lowly Feds to max retirement from an early age.
(http://www.autoadmit.com/thread.php?thread_id=5525325&forum_id=2#47636932) |
Date: May 5th, 2024 11:56 AM Author: glittery know-it-all personal credit line
Using a basic calculator https://www.bankrate.com/banking/savings/simple-savings-calculator/
An initial 1k deposit plus another 1k per month for 20 years you need 12.7% to hit 1M. Hard to do but not impossible.
(http://www.autoadmit.com/thread.php?thread_id=5525325&forum_id=2#47637005) |
Date: May 5th, 2024 3:22 PM Author: blue provocative principal's office
Means almost nothing.
$1 million today is the equivalent to $500k in the 90s and $100k in the 60s.
(http://www.autoadmit.com/thread.php?thread_id=5525325&forum_id=2#47637519) |
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Date: May 5th, 2024 4:42 PM Author: citrine theater
"a rural ARE country"
smart!
no you dont shithead you're still stuck in zogbot hell
enjoy!
(http://www.autoadmit.com/thread.php?thread_id=5525325&forum_id=2#47637783) |
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Date: May 5th, 2024 4:19 PM Author: blue provocative principal's office
I did the math and someone who started working in 2003 would have about $1.2 million if they contributed the max each year and invested in SPY. This is assuming a worst case scenario of contributing everything at the very end of each calendar year (realistically, most workers front load so the actual total would be higher).
year, contribution, SPY return, portfolio total
2003 12000 0 $12,000.00
2004 13000 10.7 $26,284.00
2005 14000 4.83 $41,553.52
2006 15000 15.85 $63,139.75
2007 15500 5.14 $81,885.13
2008 15500 -36.81 $67,243.22
2009 16500 26.37 $101,475.25
2010 16500 15.06 $133,257.42
2011 16500 1.89 $152,275.99
2012 17000 15.99 $193,624.92
2013 17500 32.31 $273,685.13
2014 17500 13.46 $328,023.15
2015 18000 1.25 $350,123.44
2016 18000 12 $410,138.25
2017 18000 21.7 $517,138.25
2018 18500 -4.56 $512,056.75
2019 19000 31.22 $690,920.87
2020 19500 18.37 $837,343.03
2021 19500 28.75 $1,097,579.15
2022 20500 -18.19 $918,429.50
2023 22500 26.1 $1,180,639.60
(http://www.autoadmit.com/thread.php?thread_id=5525325&forum_id=2#47637705) |
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