401k account reached 25K

[gekkoplus]

Not a big deal, but I feel like I reached phase 1 of retirement plan. Still a big mountain to climb and long way to go..

I started contributing into 401K in Oct 2007 and my current balance shows $25K. It can go down or up tomorrow, but I am feeling good right now. I see people in similar age groups (28-30 years) have six figure balances in their 401K already. I started late but hoping to reach this milestone in next 5 years.

[dardhel]

Congratz... I am 30 and that is about where I am with my retirement accounts. I definitely consider myself on track. Keep it up!

D

[red92s]

Originally Posted by gekkoplus

I see people in similar age groups (28-30 years) have six figure balances in their 401K already. I started late but hoping to reach this milestone in next 5 years.

I'm curious as to how a 28 year old gets over 6 figures into a401(K).

They would have needed some $140k or more at the beginning of last year (at age 27) to have $100k now. The annual contribution limit is around $15k. About the only way I see the numbers working out is if graduated at age 22 into a career that allowed you to max out a 401(K) from year one with a very favorable employer match . . . which is definitley not a typical situation, so don't beat yourself up about it!

[unsecuredmoneygroup]

Originally Posted by red92s

The annual contribution limit is around $15k. About the only way I see the numbers working out is if graduated at age 22 into a career that allowed you to max out a 401(K) from year one with a very favorable employer match . . . which is definitley not a typical situation, so don't beat yourself up about it!

Seriously. You're doing well compared to quite a few people out there.

[fruitbowlk]

That amount is about right. I have been in my 401k since I was 22.

[croland]

Congrats that's awesome, don't worry about starting late. Some individuals never start. It's easy to push it to the bottom of the "I'll get to that later" list.