how rich will my 401k and pension make me?
my work puts in 5$hr in my pension, 40rhs wk and i put 10% of 50,000$ annual in my 401k and i am 20 years old and am able to retire at 50 how much will i see if i stay this consistant im really new to this but i plan on staying with this company till i retire at 50
Public Comments
- In addition to the 401k, I would save even more money and buy real estate. Forget the fancy car to impress your friends. Live beneath your means and save to buy real estate.
- It may not make you rich but hopefully it will allow you to retire and live a comfortable life.
- well....if you assume 7% return on your money you'll accumulate about 2 million dollars. That will allow you to pull out about 80,000 / year. Seems pretty good but by the time you're 50 you'll be earning about 90/k a year (2% inflation rate). If you wait until you're 55 to retire then you'll be able to retire making more than if you were working. A much better scenario for you. Plus you'll be able to access your money without having to pay a 10% penalty while still leaving it in the 401k.
