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How many years did it take for your 401k to hit 1 million ?
03-26-2019, 04:53 PM
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#1
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Recycles dryer sheets
Join Date: Mar 2016
Location: SoCal
Posts: 353
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How many years did it take for your 401k to hit 1 million ?
After 24 years of MAXING out my 401K with company matching .20 per $1.00 I finally reached over $1,000,000. I am just curious to see how long it took you guys with 401k to hit 1 million dollars. I think the average is around 21 years if you max out every year.
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03-26-2019, 05:14 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,737
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OK. I'll play.
I don't have exact numbers, but it looks like I hit $1 million in 2008, so about 20 years.
Of course, with the recession, it lost a chunk, and I probably hit it again in 2012.
Now it is double that, and I have been retired 3 years!
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
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03-26-2019, 05:18 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 1,889
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Never did.
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03-26-2019, 05:21 PM
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#4
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe
Posts: 18,050
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 Quote:
Originally Posted by Spock
Never did.
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Me neither. 
__________________
*********Go Texans!*********
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03-26-2019, 05:23 PM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2014
Posts: 6,821
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Ditto on never.
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03-26-2019, 05:27 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jul 2014
Location: Undisclosed
Posts: 1,184
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Never did. Even with them combined with my IRAs, I have not hit $1M.
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03-26-2019, 05:27 PM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 10,890
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Not me either just for the 401k and being retired will never happen.
__________________
TGIM
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03-26-2019, 05:28 PM
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#8
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Recycles dryer sheets
Join Date: Mar 2016
Location: SoCal
Posts: 353
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Quote:
Originally Posted by Spock
Never did.
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Quote:
Originally Posted by Teacher Terry
Ditto on never.
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Did you guys max out ?
so far, 22 years is the average between Cardsfan and me.
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03-26-2019, 05:29 PM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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None here, but combined with 401Ks and IRAs for DW and me, we're around $1.1M total.
I started contributing to my 401k plan in 1989, 10% already at age 23. (That made a huge difference, of course.). I think we first hit $1M in retirement account investments in 2014.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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03-26-2019, 05:32 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 1,889
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Quote:
Originally Posted by vipertom1970
Did you guys max out ?
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Yup. Last few years I even went to 80% of salary to hit the max as early in the year as possible.
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03-26-2019, 05:38 PM
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#11
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe
Posts: 18,050
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Quote:
Originally Posted by vipertom1970
Did you guys max out ?
so far, 22 years is the average between Cardsfan and me.
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Never had a 401K available where I worked in the first half of my career. Second half I was self employed and used a different savings vehicle, although I did open a Solo 401K late in my work life but it never got anywhere near $1M.
__________________
*********Go Texans!*********
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03-26-2019, 05:41 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,737
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Quote:
Originally Posted by CardsFan
OK. I'll play.
I don't have exact numbers, but it looks like I hit $1 million in 2008, so about 20 years.
Of course, with the recession, it lost a chunk, and I probably hit it again in 2012.
Now it is double that, and I have been retired 3 years!
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For clarification, my company was spun off from MegaCorp in 2005. Converted 401k to IRA and then started a new 401k. So I have combined the two.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
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03-26-2019, 05:43 PM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2014
Posts: 6,821
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Due to being a sSAHM for awhile and then 3 college degrees I didn’t start my career until 40. Then a divorce at 44 and ex hid 90% of our money. I am grateful for my pension. We had a 457 through the state and I contributed to that also.
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03-26-2019, 05:44 PM
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#14
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Recycles dryer sheets
Join Date: May 2015
Posts: 129
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31 years to reach $1M
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03-26-2019, 05:54 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Jan 2017
Location: Hog Mountian
Posts: 2,077
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Another member of the Not Me club. I did not have a 401K option until late 30's. Didn't start maxing out until my 50's. DW was SAHM, so income and portfolio was always solo (or maybe acapella?). 
That's okay. Put my (career) feet up at 60. Our "stash," a couple of modest pensions, and decent retiree health insurance makes us golden (by our yardstick). YMMV!
__________________
Never let yesterday use up too much of today.
W. Rogers
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03-26-2019, 05:54 PM
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#16
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2016
Posts: 8,891
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Mine never did.
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03-26-2019, 06:02 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 1,889
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For those with big 401ks (or tax deferred balances in general), be sure to at least look at your after tax savings. It makes a big difference if you can't reach the $ until 59.5
but your boss says you're out at 55. And then there is the tax torpedo issue.
Play with some spreadsheets... if you're in a the middle or upper ranges of a wide tax bracket, do you really think you'll be in a lower tax bracket when you pull from the 401k? (rhetorical question)
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03-26-2019, 06:26 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Jan 2005
Posts: 3,482
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We never did either. DH's was much higher than mine. Government never contributed a penny to mine, since I chose to stay in CSRS.
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03-26-2019, 06:28 PM
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#19
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Recycles dryer sheets
Join Date: Jun 2018
Posts: 410
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20 years for me and that was 4 years ago so nice run since. Grateful for strong company match.
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03-26-2019, 06:29 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Aug 2005
Location: Crownsville
Posts: 3,528
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I started investing in a 401k the last two weeks of 1997, so I'm at a little over 21 years. I've switched companies a few times, so I now have three rollover IRAs and a 401k. Combined, they're around $645K. However, I didn't start putting in the maximum amount until 2005.
I'm about to turn 49, and probably won't touch them until I'm 59.5, so with another few years of additions, until I retire, and then some more compounding, their combined value should easily hit $1M.
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