I’m 30 and my only savings is $50k in my 401k. How much should I have now? Am I fucked?

50k by 30 puts you ahead of the large majority of normies who have much less. Unfortunately, it's not great. You won't start feeling comfy until you have at least 500k, and at the rate you've been going so far it seems another 450k is going to take you a while.

I'm 27 and have -8k. You're doing great user

If you don't go all in Bitcoin, Ethereum and EOS (7:2:1 ratio) this year then you really will be fucked.

This is your one opportunity, don't blow it.

I'm 24 and have ~20k.

My understanding is that you should aim for at least 1x your after tax income in saving's by 30.

That way if you find a nice roastie and you're both pulling median single adult income of ~40k you should be able to split on a 400k house w/ 20% down payment over 25 yr amortization with essentially zero risk.

You're only doing badly if that money isn't working for you.

this. You're ahead of the game, user. I'm an oldfag at 47. The best thing I did 15 years ago was find a rock star wealth management guy. I looked for a young, fired up and talented advisor. This guy has made himself and his clients millions of dollars. He's a guy who eats and sleeps wall street data. So find a good advisor. Not some old boomer who's gonna stick your money in a mutual fund and then go spend all day looking at retirement homes in between naps while your investment makes 5% or less a year.

I was a poor Eurofag when I was 30 was zero savings. Came to the Land of Opportunity @ 34. I am about to turn 45 in June. Now I have $370K in retirement savings in 401K, IRA and HSA and a paid off townhouse at ~$150K plus about $20K in crypto.

It's never too late in US user and you're doing fine. You just need to ramp it up.

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USAUSAUSA
this gives me hope.

I'm 29 and have 0

That is.. some of the best advise i have ever fucking heard, unironically.

>I looked for a young, fired up and talented advisor. This guy has made himself and his clients millions of dollars. He's a guy who eats and sleeps wall street data

Madoff was once young. Even co-founded NASDAQ. And he sure made his clients a lot of money. The richest of the rich were standing in line expecting to attain the privilege of investing with Madoff Securities. Until one day...

I just regurgitated what I'd read in Richest Man in Babylon, does Jow Forums really not talk about reinvestment and long term strategies much?
t. did his year of lurking on Jow Forums, am this big a newfag

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Retirement is a meme. You'll probably get cancer or die in a car accident before then anyway. Also, AI and automation is set to wipe out most of the human work force in our lifetime. Just spend that shit and enjoy life while you can.

New Yorker here. Can confirm I don't give a fuck about the rest of the country we could give California back to the Mexicans for all I care. The whole middle part of the country can eat shit too.

you should still hedge a little, an argument can be made human life will be extended significantly and you might not die for 100+ years. But yeah I wouldn't dump all your money for your 65yo self. Fuck that. Just make sure you do enough to be comfy.

Well, you dont have a whole lot since it's not accessible presumably for many years. Knock off about 15% for fees/taxes

29

9k savings

7.5k current account

2k credit card

200k TRX

I want to buy more crypto but I can't have anything like that in my statements for when I attempt to get a mortgage. Hoping 25k deposit is enough, with my basic salary of 65, I've done 99k this year with overtime though so hopefully that will help.

Hoping I have the mortgage sorted in time to still accumulate.

wealthyaccountant.com/2017/04/26/why-saving-half-your-gross-income-is-better-and-easier-than-saving-half-your-net-income/

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I see so many of you guys worrying needlessly about stuff like this. Where you are at is great and the fact that you are concerned about it so much means that you will most likely do whatever it takes to get to where you want to be financially.

We all start at different spots, keep at it regardless. So what if it takes you a few extra years to get to where you want to be? Most people do not even have enough saved for a few thousand dollar emergency, you are worrying if you will have 600k or 700k in your 401k when you retire. Relax a bit, but stay vigilant. We are all going to make it, and at least buy a few thousand in crypto, if it dies you lose a couple grand, but if it 50x your two thousand investment, that can be the springboard you need to becoming seriously wealthy and if it does die, you are young enough where it does not really matter losing a couple grand.

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I'm too small brained for this, user. I get taxed less if I slam away half my gross before taxes come up?

Could be worse; could be 50k in debt or more w/nothing saved.

Me, I'm 36. No debt (aside from house). My net worth is around 39k. I make shit. But I take full advantage of my employer 401k plan and other benefits. Whatever I have left over after reg expenses I save a big pile each month. I keep a few bucks back to get "whatever" during a month if I feel like it.

>He's a guy who eats and sleeps wall street data.
He also charges fees and is worse than random chance
> old boomer who's gonna stick your money in a mutual fund
Nobody charges to do that

damn another spaintard on biz
I live in galicia tho, people usually have negative savings here

I'm 31. I don't even know how much I have in my 401k. I think I set one up last year or the year before. I can't remember. I have about 500 dollars in my bank account. About a grand in shit coins.

I doubt I'll live to be old anyways.

You'll probably live to be 110 user and should get used to the idea of eating dogfood for 40-50 years.

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How am I in the low end savers at $15k at 24? I thought I was doing well. This is unsettling.

15k is literally minimum wage.

You are saying people who make minimum wage save 15k in their 401k? If so you are delusional.

A literal high school dropout who lives with his parents and spends 1 year flipping patties can get ahead of you. How can you possibly think you are doing well?

>A literal high school dropout who lives with his parents and spends 1 year flipping patties can get ahead of you.

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Currently 25 and most of my saving is in after-tax accounts. Get fucked 401k fags.

Also, Roth laddering is goat, especially when you're a temp neet

What situation? Our president has recently enabled millions of new jobs during his term via incredible trade deals. Most people are thriving right now

yes.
if you make 100k/y and put nothing into 401k/IRA's then you will get taxed at around 30% so:
100k gross - 30k taxes = 70k net

if you make 100k and put 50% in no taxable 401k/IRA's then you will only get taxed on the remaining 50k gross at a lower percantage rate, around 25%.

so 100kgross - 50k non-taxable accounts = 50k gross. 50k - 25% in taxes = 37.5k net with 50k in savings.
so without using the accounts you will retain 70k a year and with using them you will retain 77.5k/y

its honestly not a bad way to save money. the downside is halving your net income halved just to save 7% of your gross.

So much bad math, what is max contribution?

Go back to ponzi coins

here is the simple safe advice.

1) absolutely put whatever % in is required to get the max company match.

2) if you can - raise your contribution so you will contribute (combined with company match) the max amount per year. I think it is 18k.

3) if you can - contribuate max to an IRA. I think it is 6k?

4) save up enough cash so you could cover your expenses for 6 months.

5) save for your 20% down payment on mortgage.

6) enjoy / invest the rest as you see fit.

It's actually worse in the US, most people have debt. In Europoor they at least have 0 rather than negative wealth.

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Do I need 5 million to make it?

I hope 9/11 part 2 happens to you