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I’m 32 and I only have 7k in my 401k

Anonymous
Posted by Anonymous
  • 84 Replies
I’ve bern contributing for 2 years at 4%. My company had 6% matching but I need more of my paycheck. Is this bad? 7k seems low
Posted by Anonymous on Mar. 21, 2018 at 5:15 PM
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Replies (1-10):
vegaswife2011
by LMAO on Mar. 21, 2018 at 5:16 PM
Yes that’s bad.
Anonymous
by Anonymous 2 on Mar. 21, 2018 at 5:17 PM
3 moms liked this
I'm 30, and I have nothing, so....

To me, that's good.
Anonymous
by Anonymous 3 on Mar. 21, 2018 at 5:17 PM
It isn't good but if you can increase your investment over the years or find ways to increase income, you can get yourself in better shape. There are guidelines online thst can help you figure out how much to save and savings goals based on projected retirement age.
Anonymous
by Anonymous 4 on Mar. 21, 2018 at 5:17 PM
I don’t even have a 401k. My company doesn’t offer it. I’m also 32. My DH has a 401k that he’s contributed a good amount to but he is now self employed. I don’t know a ton about 401ks but 6% matching seems kind of low. Everywhere I’ve heard of matches a lot more. If you’re contributing what you can it doesn’t matter if it’s good or bad. It’s what you’re able to do.
Anonymous
by Anonymous 5 on Mar. 21, 2018 at 5:17 PM
It's better than nothing.
Anonymous
by Anonymous 6 on Mar. 21, 2018 at 5:17 PM
4 moms liked this
I'm 43. I've lost everything. You're doing better than me and many others. See a financial advisor to find out the best way to keep more of your money.
Saphira1207
by Platinum Member on Mar. 21, 2018 at 5:20 PM

lol  there are people who'd like to retire who have nothing, so i'd say you're doing alright!

Anonymous
by Anonymous 7 on Mar. 21, 2018 at 5:21 PM

I think it’s a good start.  Keep contributing to your 401K and try to max out the company’s contribution - it’s free money!  If you’re currently 30, you still have approximately 35 more years until retirement.  Your money will compound over time.

SommelierMom
by Sapphire Member on Mar. 21, 2018 at 5:22 PM
5 moms liked this
6% is a very high match, actually.

Quoting Anonymous 4: I don�t even have a 401k. My company doesn�t offer it. I�m also 32. My DH has a 401k that he�s contributed a good amount to but he is now self employed. I don�t know a ton about 401ks but 6% matching seems kind of low. Everywhere I�ve heard of matches a lot more. If you�re contributing what you can it doesn�t matter if it�s good or bad. It�s what you�re able to do.
Anonymous
by Anonymous 8 on Mar. 21, 2018 at 5:23 PM

You're doing better than DH and I.  He had a heart condition show up suddenly and long story short disability was a joke.  Our savings was destroyed and we're several grand in debt to his parents. 

You should talk to a financial planner and make sure you're covered as much as you can be.

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