How much did you have saved up for retirement at age 30?

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NaOH
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Re: How much did you have saved up for retirement at age 30?

Post by NaOH » Tue Feb 24, 2015 8:20 pm

About $23k in a 401k (all in my employer's stock, yikes). This was about 4 years ago.

Was around $43k when I rolled it to a Vanguard IRA last year.
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tylerdurden
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Re: How much did you have saved up for retirement at age 30?

Post by tylerdurden » Tue Feb 24, 2015 8:34 pm

If we're talking specifically about retirement accounts, I only had about $15K saved at age 30. I was not very well-versed in the advantage of tax-deferred accounts. I had about $200K in taxable accounts plus $50K in home equity.

I became a "Boglehead" soon after my 30th birthday.
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prudent
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Re: How much did you have saved up for retirement at age 30?

Post by prudent » Tue Feb 24, 2015 8:47 pm

For retirement? Nothing. My total net worth was probably less than $5K at age 30.

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walletless
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Re: How much did you have saved up for retirement at age 30?

Post by walletless » Tue Feb 24, 2015 8:50 pm

Age 30? I can't remember, but I think around $30k. I was very naive financially - I had an excellent 401k offering from my them employer, but I contributed barely enough to get the employer match and kept everything else in cash earning a paltry 0.5% or so... In hindsight, if I had maxed out my 401K then and contributed to backdoor roth, I would have had a much bigger cushion now.. But as the saying goes, better late than never :-)

Regarding the 2nd part of your question (was it enough) - I don't know. I am still quite far from retirement and tracking fine so far.. barring unforeseen circumstances, I should hopefully have a decent nest egg in retirement..

sharpjm
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Re: How much did you have saved up for retirement at age 30?

Post by sharpjm » Tue Feb 24, 2015 9:31 pm

I turn 30 in 4 months and I currently have 61k saved. Most is in my employer's 403B, and a tiny amount in a roth IRA.

I've made a couple of un-wise financial decisions since graduating college. Namely, I've bought 2 new $35k cars - one of which is now essentially a street legal racecar... its my toy. The first one had a 7.5% loan rate long before I ever put any thought into my long term finances :oops:

Even considering these things, I feel like I'm not too far behind the curve. From this point forward, every dime associated with a raise goes straight to retirement.

masteraleph
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Re: How much did you have saved up for retirement at age 30?

Post by masteraleph » Tue Feb 24, 2015 9:46 pm

Currently about 30.5 (wife is 28). Together, we have a little over $280k in a combination of Roth IRAs, 401k, 403b, and HSA (the HSA amount is minimal at the moment- a little under $4k- but we're doing the whole save-the-receipts things, so I'm including it).

There's also additional money in non-retirement accounts, but I tend to presume that will be used at whatever point we need a downpayment for a house and need to buy a car, so I'm not including it.

NET1
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Re: How much did you have saved up for retirement at age 30?

Post by NET1 » Tue Feb 24, 2015 10:16 pm

28 here. DW and I have 195k socked away. Shooting for 350k by age 30 and 364 days. Expecting to contribute about 100-125k over that timeframe (30 months).

Caduceus
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Re: How much did you have saved up for retirement at age 30?

Post by Caduceus » Tue Feb 24, 2015 11:01 pm

Don't worry about your progress at age 30. If you want to get rich, you will if you put your mind to it. Most important thing is to not over-consume housing if you want to build wealth fast. You have to have a clear vision of what you want. Building net worth quickly entails difficult, intentional choices. Think of it like a game.
Last edited by Caduceus on Sat Sep 12, 2015 3:41 pm, edited 1 time in total.

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Re: How much did you have saved up for retirement at age 30?

Post by madbrain » Wed Feb 25, 2015 6:53 am

I had over $200k at age 30, all in my 401k . Then 2008 happened right after.
The 401k is still 6 figures. It should break the half million bar this year.
But it's no longer my only retirement asset.

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ofcmetz
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Re: How much did you have saved up for retirement at age 30?

Post by ofcmetz » Wed Feb 25, 2015 8:51 am

I just checked the old spread sheet. Looks like we had a $75K portfolio and a $217K net worth when I turned 30 in the year 2009. This was a his and hers number combined so you could divide those numbers in half I suppose. We all will have our own numbers and the important thing is to be living below your means and investing the difference.
Never underestimate the power of the force of low cost index funds.

dbltrbl
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Re: How much did you have saved up for retirement at age 30?

Post by dbltrbl » Wed Feb 25, 2015 8:55 am

ZERO. Was still in College.

hrc84
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Re: How much did you have saved up for retirement at age 30?

Post by hrc84 » Wed Feb 25, 2015 9:19 am

My wife is 29 and I am 30 and we have managed to save 325k in Tranditional and Roth retirement accounts. This has been done through high(er) savings rates of 25-35% annually and decent market returns ~10% annualized returns starting in 2007. We will be transitioning to one income this next month, but expect to maintain our base savings rate of about ~35000k per year on low to mid 100k yearly income. We hope to have saved enough in 20 years that we are financially independent.

PatrickA5
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Re: How much did you have saved up for retirement at age 30?

Post by PatrickA5 » Wed Feb 25, 2015 9:24 am

At 30, we had almost nothing in savings and a significant negative net worth. We spent way too much in our 20's - even though we both had decent jobs. Live and learn. It wasn't until my mid-late 30's that we got serious about saving money. But, by then we had 3 kids - so expenses increased drastically. The vast majority of our savings came during ages 40-55. Now, (age 56) we're semi-retired with a nice nest egg.

wfrobinette
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Re: How much did you have saved up for retirement at age 30?

Post by wfrobinette » Wed Feb 25, 2015 9:42 am

In 2000, my wife and I had about 25k in today's dollars. My wife hasn't worked since 2005 so she can raise our child. Now I have an after tax net worth of 729k.

Anyone have any ideas on how I can get her back into the workforce?

BW1985
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Re: How much did you have saved up for retirement at age 30?

Post by BW1985 » Wed Feb 25, 2015 9:46 am

Bogle101 wrote:I am about 30 1/2.

I have 200k in taxable.

I have 225k in retirement accounts.
Very impressive! Just curious, what is your profession?
"Squirrels figured out how to save eons ago. They buried acorns. Some, they dug up, for food. Others, they let to sprout, in new oak trees. We could learn from squirrels." -john94549

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gasdoc
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Re: How much did you have saved up for retirement at age 30?

Post by gasdoc » Wed Feb 25, 2015 10:10 am

$100,000 in debt.

jmuc85
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Re: How much did you have saved up for retirement at age 30?

Post by jmuc85 » Wed Feb 25, 2015 10:23 am

I will be 30 in August, and have $81k between my 401k and roth ira. With additional contributions between now and then, I will have $95k by the time I hit 30 if there was no movement in the stock market. I also have an additional $10k in taxable that is long term savings.

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siamond
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Re: How much did you have saved up for retirement at age 30?

Post by siamond » Wed Feb 25, 2015 10:24 am

How much did I save at age 30? Er, not much I'm afraid... At least, I was not in debt...

scrabbler1
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Re: How much did you have saved up for retirement at age 30?

Post by scrabbler1 » Wed Feb 25, 2015 10:45 am

Even though my eventual early retirement at age 45 wasn't quite yet on my radar, I will still include both my 401k and taxable account balances combined. In 2015 dollars, I had about $116k at age 30 (1993), nearly evenly split between those two types of accounts. I use the approximate midpoint of the year of my age.

My overall balance, in 2015 dollars, began zooming upward for the next few years, thanks to the booming stock market of the late 1990s, a change in my AA to capture it, and some good salary raises in those years. Just 3 years later, it grew to $288k.

beasy44
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Re: How much did you have saved up for retirement at age 30?

Post by beasy44 » Wed Feb 25, 2015 10:52 am

DW and I are 25 and we only have 25K but our goal is to have 125k by the time we hit 30 years of age.
1. Hope we can stick to the plan
2. Hope this plan is a good enough start

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Re: How much did you have saved up for retirement at age 30?

Post by bungalow10 » Wed Feb 25, 2015 11:03 am

I turned 30 in December 2008 - which as many of you probably remember was right as the markets came crashing down.

I had $125,000 2008 dollar, or $137,000 adjusteed for inflation.

Six months prior (June 2008), I had $54,000 more than that - $179,000.

DH and I are now 36 and recently passed the $500k mark in our retirement accounts.
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Coinsinthefountain
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Re: How much did you have saved up for retirement at age 30?

Post by Coinsinthefountain » Wed Feb 25, 2015 12:30 pm

$36,000. It was 1978. The wife and I were making together $310 a week.

punkin
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Re: How much did you have saved up for retirement at age 30?

Post by punkin » Wed Feb 25, 2015 1:22 pm

I had zero. College, exchange student, Peace Corp and a few low paying jobs didn't get me very far. Spent most of my 30s getting a PhD...that didn't get me very far either. :oops: Started saving in earnest in late 30s.

MGBGTV8
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Re: How much did you have saved up for retirement at age 30?

Post by MGBGTV8 » Wed Feb 25, 2015 1:25 pm

It was 10 years ago- I had about 1 year's salary saved, and my salary was about the SSA wage ceiling. Salary has hovered around the same level, but now I have about 5X salary. Maxing contributions for 7 of the 10 years.

grog
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Re: How much did you have saved up for retirement at age 30?

Post by grog » Wed Feb 25, 2015 1:52 pm

I am currently 30. This has been my trajectory:

End of 2011: $500 (ha)
End of 2012: $7K
End of 2013: $25K (Found Bogleheads mid-year)
End of 2014: $60K

That is my 401K+IRA. No taxable yet. I would like to hit about 90K by the end of this year, but I'm not overly concerned with balances at this point since market valuations can always change. My top priorities are developing by career, keeping my expenses down, and taking advantage of my retirement accounts.

vested1
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Re: How much did you have saved up for retirement at age 30?

Post by vested1 » Wed Feb 25, 2015 5:39 pm

At 30 years of age I had...zero saved for retirement. Inflation adjusted that would be...zero. Same for age 40. Same for age 50. What happened? Two divorces, alimony and child support, but I never begrudged the child support. Started saving seriously at age 50, no inheritance, no windfall other than a lump sum on initial retirement at age 57 of 394k, but also no more alimony or child support, just the ongoing support that any parent would give. Almost 63 and nearly 2 commas in retirement savings. Who knows what it would have been if I would have started at 30 or younger.

When is the best time to start saving? Yesterday, or perhaps 33 years ago in my case. 43 years ago would have been even better. Still, I'm happy to somewhat contradict those defeatists who claim that if you start saving late in life you will never accomplish your goals. I guess it depends on what your goals are, as well as your dedication to a plan.

stoptothink
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Re: How much did you have saved up for retirement at age 30?

Post by stoptothink » Wed Feb 25, 2015 5:59 pm

Was right around $100k. A divorce, as well as paying out of pocket for my graduate education (and that of my, by then, ex-wife), and the real estate crash had set me back. At 24, right when I had gotten married and before I decided to go back to grad school (and pay for my ex's dental school), I was already ahead of where I am at now.

Now at 33, we are close to cracking $200k. The saving is about to significantly slow down as my wife will be staying home with out daughter and (soon-to-be) son starting in April. If I could skip my late 20's altogether, we would be in great shape. At least I learned my lessons early.

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Bustoff
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Re: How much did you have saved up for retirement at age 30?

Post by Bustoff » Wed Feb 25, 2015 6:41 pm

Zero. And it got worse because I went back to school and into debt.

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obgyn65
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Re: How much did you have saved up for retirement at age 30?

Post by obgyn65 » Wed Feb 25, 2015 6:52 pm

Between 50k and 100k, hard to say.
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likegarden
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Re: How much did you have saved up for retirement at age 30?

Post by likegarden » Wed Feb 25, 2015 6:55 pm

Perhaps $2,000. I had finished college with a MSME at 26, then lived 2 years in Munich which was expensive in relation to my low pay. At 30 I was 2 years in the US, owned a fully paid car and some furniture in an apartment. 1 year later I married my US wife, and then started saving and with me 34 we bought a house. When I started after college I had nothing, had only a small student loan and had to buy everything, good for those who can save substantially for retirement in those early years, or get a big payment from their family!

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avenger
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Re: How much did you have saved up for retirement at age 30?

Post by avenger » Wed Feb 25, 2015 7:18 pm

I had $0 at age 30 and a mountain of debt.

I have about $350k at age 35 and a rapidly decreasing pile of debt.

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cheers ... -Mark | "Our life is frittered away with detail. Simplify. Simplify." -Henry David Thoreau | [3 fund portfolio: VTI, VXUS, SV fund (yield 3.01%)]

tallgirl1204
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Re: How much did you have saved up for retirement at age 30?

Post by tallgirl1204 » Wed Feb 25, 2015 7:28 pm

Zero. Zilch. Nada. I was a public school teacher --- the good news is I also had zero debt.

In retrospect I wish I had diverted at least 10% to retirement-- but that was not an payroll deduction option in those days. I'm pretty sure I frittered away that much or more on unneeded clothes and restaurants.

Later I switched to civil service and all is fine. I will retire slightly early, at 60, and will be just fine.

hq38sq43
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Re: How much did you have saved up for retirement at age 30?

Post by hq38sq43 » Wed Feb 25, 2015 8:41 pm

$9,000 (Oppenheimer Fund installment contract w/8.5 front end load sold by neighbor who somehow learned of my 1965 FSO commissioning). Seemed a good step at the time. As DW and I learned and earned more, we met our goal of ending each year at least somewhat better off financially, if only through increased equity in our home, while seeing son and daughter through college w/o student loans or other financial aid. They did what they could, as did we. Now in our sixth year contentedly retired in Florida. Life is good.

Best wishes,
Harry at Bradenton

JVT
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Re: How much did you have saved up for retirement at age 30?

Post by JVT » Wed Feb 25, 2015 8:54 pm

~400k In IRA/401k between DW and I at a few months to 28. DINK with stem masters degrees, both got scholarships to grad school/interned while in school so no student debt to get in the way of savings, both contributing to retirement accounts by 19.

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black jack
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Re: How much did you have saved up for retirement at age 30?

Post by black jack » Wed Feb 25, 2015 9:20 pm

At 30 I had several thousand dollars (don't remember exactly, let alone to convert to current value) in an IRA which I then used when I quite my job and spent a year traveling the world.

I then went back to grad school to start a new career.

I didn't start saving seriously until I was 40. Fortunately I was always Bogleheadish (frugal, averse to debt), as is my wife. We're in good shape now, and will have more than enough in retirement. I intended to be an academic, and was more interested in doing what interested me than in making money, so am pleasantly surprised to have ended up doing something that interests me and making a reasonable income.

My congratulations to those who have already saved $50k or more by age 30 - but that is definitely a different personality/outlook than I had at that age. It reminds me of my college classmate who told me, with complete sincerity and un-self-consciousness, that his ambition was to become an actuary. The world needs actuaries, and being an actuary is a good gig, but no 18-year-old should be looking forward to being one.
We cannot absolutely prove [that they are wrong who say] that we have seen our best days. But so said all who came before us, and with just as much apparent reason. | -T. B. Macaulay (1800-1859)

Ybsybs
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Re: How much did you have saved up for retirement at age 30?

Post by Ybsybs » Wed Feb 25, 2015 10:31 pm

At 30 we had (converted to 2015 dollars) ~ $295k in retirement accounts and $309k in taxable intended for retirement. I suppose that means we had $604k. Now it is more. I think it will be plenty for our needs.

johncunningham
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Re: How much did you have saved up for retirement at age 30?

Post by johncunningham » Wed Feb 25, 2015 10:32 pm

I turned 30 in 2006. My personal net worth was ~negative 140k. ~35k in 401k, 175k loan balance.
My wife at that time, age 29 had ~100k in retirement savings. Sadly our combined net worth was still negative.
Since then she has switched jobs, had three kids and gone very part time at work.
I finished medical residency at 31. Her salary went down, mine went up. The saving have compounded nicely.
We were very fortunate to start regular 401k contributions at age 25 for her and age 27 for me. Time in the market...
John

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sans souliers
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Re: How much did you have saved up for retirement at age 30?

Post by sans souliers » Wed Feb 25, 2015 10:49 pm

At age 30, my net worth was a negative number.
At age 31, I started my 401k retirement fund in a factory job. Along the way, read about Jack Bogle's project.
At age 60, I started my retirement with a Vanguard Flagship IRA rollover account.
I'll admit it was a quietly boring (for the most part) and informative 29-year education that continues today.
Sometimes pessimism leaves me pretty well prepared for when things don't go my way, and pleasantly surprised when they do.

mortal
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Re: How much did you have saved up for retirement at age 30?

Post by mortal » Wed Feb 25, 2015 11:03 pm

Well, I was 30 only a couple years back.

I'm still single, and I graduated college when I was 25, so a bit of a late start...

I'm kinda surprised at folks naming exact dollar figures for their networth here. Lets just say that at 30 I was 1/3 of the way towards being financially independent (@ 3% SWR). Hopefully I'll be well north of 100% there by 40.

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pennstater2005
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Re: How much did you have saved up for retirement at age 30?

Post by pennstater2005 » Wed Feb 25, 2015 11:17 pm

Not much. Still not much at 36 (wife 28). But, we're paying down debt and investing what we can consistently. Slowly building up the emergency fund and paying off those high interest student loans are high priority.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

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Re: How much did you have saved up for retirement at age 30?

Post by 22twain » Thu Feb 26, 2015 1:13 am

I started my first retirement account at age 30. At this point I had been college teaching for one year after finishing graduate school, and became eligible for my first employer's TIAA-CREF plan. So at age 30 I didn't have anything saved up specifically for retirement, although I did have a couple thousand dollars in a money market account which was earning a lot of interest in the Paul Volcker inflation-busting days of the early 1980s.
My investing princiPLEs do not include absolutely preserving princiPAL.

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wander
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Re: How much did you have saved up for retirement at age 30?

Post by wander » Thu Feb 26, 2015 7:09 am

At age 30, I had about $50k in 401k, no taxable.

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Boomer01
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Re: How much did you have saved up for retirement at age 30?

Post by Boomer01 » Thu Feb 26, 2015 9:41 am

wander wrote:At age 30, I had about $50k in 401k, no taxable.
Same here.

bogleburger
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Re: How much did you have saved up for retirement at age 30?

Post by bogleburger » Thu Feb 26, 2015 10:16 am

I am 29, my DH 27.

I've made some dumb mistakes which I will note below, but we've started on our path. I guess I'm happy I made them at this age versus later on.

Traditional IRA: $36,253
Roth: $885.85 - Schwab
403b: $4,500 - Vanguard
Old 401k: $3,000 - Paychex still
Total: $44,638

Biggest mistakes:
Rolling my company 401k to a traditional IRA from Fidelity to Primerica (the FA put me into 5% load American Funds and I went with it, unfortunately)
Later that year, I moved away from Primerica to another bank and now have my Traditional IRA managed at a 1% fee. The FA has the bulk of the money in SPY. I should be managing this myself. The FA is my client and I earn more from him through his business and the referrals he sends me, so I'm somewhat reluctant to move the money.

I should have rolled everything to a Vanguard account. Still learning.

I think my best move was waiting until I was vested in my 401k to leave my corporate job. I walked out with about $9,000 for that. The silly thing is I didn't even know there was vesting until after I left the job, so it was just good fortune. What a goofball....

Yeti
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Re: How much did you have saved up for retirement at age 30?

Post by Yeti » Thu Feb 26, 2015 10:32 am

NeutrinoPerson wrote:See title.

1. By the time you were age 30, how much did you have saved up in your retirement accounts (in today's terms http://www.usinflationcalculator.com )? 401k, Roth IRA, etc?

2. Was it not enough? Just right? More than enough? Why?
The Mrs. and I (ages 30 and 29) w/ two kids ages 2 and 4 just passed $450k ($200k in taxable and $250k in tax advantaged). Net worth just north of ~$750k. Found bogleheads back in 2007 (?) and didn't make too many expensive investing mistakes before then.

I believe we are on the track to success but we do spend a significant amount of money each month (so it seems in my eyes).

Yeti

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SC Hoosier
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Re: How much did you have saved up for retirement at age 30?

Post by SC Hoosier » Thu Feb 26, 2015 10:49 am

Mongoose wrote:
bogledogle wrote:
Mongoose wrote:1) In 3 years I will be 30 and I am projecting to have ~1.25mil in combined accounts* (this was done soley by high savings rates/low expenses- no windfalls, inheritances, business sales, etc). I also found bogleheads when I was 16 or 17 so that helped a lot.
2) This amount is just enough for my early retirement plans. Will let you know how it works out if I make it to 85ish with money left over.

Edit- *I include taxable in this because it is part of my retirement savings.

How in hell do you get to 1.25mil under 30 with no windfalls and inheritance ..... Can I borrow some brain cells from you to implant in my head :happy
Sure! I took most of everything from the Bogleheads anyway. Also got a big "oh wow!" moment from this post -> http://www.mrmoneymustache.com/2012/01/ ... etirement/
As far as income goes (one of the biggest parts of the formula), I always refused to stay at the same salary even at an early age. First job was at 15 making $10/hr mowing lawns. Next year I figured out how much my boss was making off of me and got $15/hr. A year later I went to work for a hotel and was hustling $20/hr before graduating high school (and playing full time year round sports and maintaining a high GPA- no time for the ladies or parties unfortunately). My first internship I asked for $25/hr from an engineering firm (freshman in college) and each year after that I just made sure I got a raise before returning to work the next summer. I just always made sure to ASK for a raise - ask and you shall recieve sayeth the Lord :happy. I think ended up making a little over $30/hr without even having my degree (short periods of time though and <30hrs/wk). Most of this money was used to prevent any student loans and the rest was used to max the ROTH IRA since 16 years old. After college things just exploded with "insert large oil company here and get a relocation package every 2 years" and then a few years ago with "insert larger oil company here and take an expat assignment".

Main keys for me were to ALWAYS give to charity, max ROTH, 401k, and have some taxable investment savings (some years it was minimal- the year I got married...25k but worth it....and bought a brand new car for 25k...biggest financial mistake.... in the same year. This meant that whatever was left over was all we had to spend (not the other way around). We just lived like we were "poor" and now we are at the point that passive income is nearing salary we can finally start to "waste"- although I really don't get much satisfaction out of buying "things" we do like to spend on "experiences". I also feel very uncomfortable having ANY debt. I HATED having a morgage- just a peace of mind thing for me. DEBT = the worst possible thing you can imagine+1 (I know that's not true but to just to drive home the point).

So, nothing special to my formula just make money, give back some money, save most of money, don't loose all of your money in the market, repeat. Some aspect of luck too as you will notice my largest earnings/savings years have been during golden times post 2008 meltdown. Setting short, medium, and long term goals are key (not just financial but with everything-family, health, travel, exit strategies).

I will also note that I really don't like- scratch that- hate- my jobs since college. This is the reason why I have been so driven to save enough to become financially independent early on- my muse you would say- I am reminded of it EVERY SINGLE DAY I have to wake up for work. It is bad now as the end is so close in sight- I don't know how I will make it the next few years. So some sacrifice has been made for this goal. Good thing is 30 leaves me enough hiking and mountain biking time with the family and dogs to make up for it. I may still work past 30 but at least I will have the option to always say NO to my boss and call him out on being wrong the majority of the time and negotiate short work weeks.
I just read this post to my teens. Your work ethic is an inspiration. I hope it inspires my kids.
I live in No Payment Land. It is wonderful, and I'd love for you to live here too.

singern
Posts: 84
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Re: How much did you have saved up for retirement at age 30?

Post by singern » Thu Feb 26, 2015 11:25 am

SC Hoosier wrote:
Mongoose wrote:
bogledogle wrote:
Mongoose wrote:1) In 3 years I will be 30 and I am projecting to have ~1.25mil in combined accounts* (this was done soley by high savings rates/low expenses- no windfalls, inheritances, business sales, etc). I also found bogleheads when I was 16 or 17 so that helped a lot.
2) This amount is just enough for my early retirement plans. Will let you know how it works out if I make it to 85ish with money left over.

Edit- *I include taxable in this because it is part of my retirement savings.

How in hell do you get to 1.25mil under 30 with no windfalls and inheritance ..... Can I borrow some brain cells from you to implant in my head :happy
Sure! I took most of everything from the Bogleheads anyway. Also got a big "oh wow!" moment from this post -> http://www.mrmoneymustache.com/2012/01/ ... etirement/
As far as income goes (one of the biggest parts of the formula), I always refused to stay at the same salary even at an early age. First job was at 15 making $10/hr mowing lawns. Next year I figured out how much my boss was making off of me and got $15/hr. A year later I went to work for a hotel and was hustling $20/hr before graduating high school (and playing full time year round sports and maintaining a high GPA- no time for the ladies or parties unfortunately). My first internship I asked for $25/hr from an engineering firm (freshman in college) and each year after that I just made sure I got a raise before returning to work the next summer. I just always made sure to ASK for a raise - ask and you shall recieve sayeth the Lord :happy. I think ended up making a little over $30/hr without even having my degree (short periods of time though and <30hrs/wk). Most of this money was used to prevent any student loans and the rest was used to max the ROTH IRA since 16 years old. After college things just exploded with "insert large oil company here and get a relocation package every 2 years" and then a few years ago with "insert larger oil company here and take an expat assignment".

Main keys for me were to ALWAYS give to charity, max ROTH, 401k, and have some taxable investment savings (some years it was minimal- the year I got married...25k but worth it....and bought a brand new car for 25k...biggest financial mistake.... in the same year. This meant that whatever was left over was all we had to spend (not the other way around). We just lived like we were "poor" and now we are at the point that passive income is nearing salary we can finally start to "waste"- although I really don't get much satisfaction out of buying "things" we do like to spend on "experiences". I also feel very uncomfortable having ANY debt. I HATED having a morgage- just a peace of mind thing for me. DEBT = the worst possible thing you can imagine+1 (I know that's not true but to just to drive home the point).

So, nothing special to my formula just make money, give back some money, save most of money, don't loose all of your money in the market, repeat. Some aspect of luck too as you will notice my largest earnings/savings years have been during golden times post 2008 meltdown. Setting short, medium, and long term goals are key (not just financial but with everything-family, health, travel, exit strategies).

I will also note that I really don't like- scratch that- hate- my jobs since college. This is the reason why I have been so driven to save enough to become financially independent early on- my muse you would say- I am reminded of it EVERY SINGLE DAY I have to wake up for work. It is bad now as the end is so close in sight- I don't know how I will make it the next few years. So some sacrifice has been made for this goal. Good thing is 30 leaves me enough hiking and mountain biking time with the family and dogs to make up for it. I may still work past 30 but at least I will have the option to always say NO to my boss and call him out on being wrong the majority of the time and negotiate short work weeks.
I just read this post to my teens. Your work ethic is an inspiration. I hope it inspires my kids.

Holy Financial Freedom Batman

As a 23 Year old with less than 10k invested I feel like I have a hell of a lot of catching up to do! Thank you for setting the bar so high! :sharebeer
I haven't "needed the money" since I took Archie's milk money in the third grade.... but I like it - The Departed, 2006.

acejacksingh
Posts: 307
Joined: Thu Dec 04, 2014 11:15 am

Re: How much did you have saved up for retirement at age 30?

Post by acejacksingh » Fri Feb 27, 2015 10:24 am

Mongoose wrote:
bogledogle wrote:
Mongoose wrote:1) In 3 years I will be 30 and I am projecting to have ~1.25mil in combined accounts* (this was done soley by high savings rates/low expenses- no windfalls, inheritances, business sales, etc). I also found bogleheads when I was 16 or 17 so that helped a lot.
2) This amount is just enough for my early retirement plans. Will let you know how it works out if I make it to 85ish with money left over.

Edit- *I include taxable in this because it is part of my retirement savings.

How in hell do you get to 1.25mil under 30 with no windfalls and inheritance ..... Can I borrow some brain cells from you to implant in my head :happy
Sure! I took most of everything from the Bogleheads anyway. Also got a big "oh wow!" moment from this post -> http://www.mrmoneymustache.com/2012/01/ ... etirement/
As far as income goes (one of the biggest parts of the formula), I always refused to stay at the same salary even at an early age. First job was at 15 making $10/hr mowing lawns. Next year I figured out how much my boss was making off of me and got $15/hr. A year later I went to work for a hotel and was hustling $20/hr before graduating high school (and playing full time year round sports and maintaining a high GPA- no time for the ladies or parties unfortunately). My first internship I asked for $25/hr from an engineering firm (freshman in college) and each year after that I just made sure I got a raise before returning to work the next summer. I just always made sure to ASK for a raise - ask and you shall recieve sayeth the Lord :happy. I think ended up making a little over $30/hr without even having my degree (short periods of time though and <30hrs/wk). Most of this money was used to prevent any student loans and the rest was used to max the ROTH IRA since 16 years old. After college things just exploded with "insert large oil company here and get a relocation package every 2 years" and then a few years ago with "insert larger oil company here and take an expat assignment".

Main keys for me were to ALWAYS give to charity, max ROTH, 401k, and have some taxable investment savings (some years it was minimal- the year I got married...25k but worth it....and bought a brand new car for 25k...biggest financial mistake.... in the same year. This meant that whatever was left over was all we had to spend (not the other way around). We just lived like we were "poor" and now we are at the point that passive income is nearing salary we can finally start to "waste"- although I really don't get much satisfaction out of buying "things" we do like to spend on "experiences". I also feel very uncomfortable having ANY debt. I HATED having a morgage- just a peace of mind thing for me. DEBT = the worst possible thing you can imagine+1 (I know that's not true but to just to drive home the point).

So, nothing special to my formula just make money, give back some money, save most of money, don't loose all of your money in the market, repeat. Some aspect of luck too as you will notice my largest earnings/savings years have been during golden times post 2008 meltdown. Setting short, medium, and long term goals are key (not just financial but with everything-family, health, travel, exit strategies).

I will also note that I really don't like- scratch that- hate- my jobs since college. This is the reason why I have been so driven to save enough to become financially independent early on- my muse you would say- I am reminded of it EVERY SINGLE DAY I have to wake up for work. It is bad now as the end is so close in sight- I don't know how I will make it the next few years. So some sacrifice has been made for this goal. Good thing is 30 leaves me enough hiking and mountain biking time with the family and dogs to make up for it. I may still work past 30 but at least I will have the option to always say NO to my boss and call him out on being wrong the majority of the time and negotiate short work weeks.
I feel so worthless after reading that. Wow congrats on saving that much by 30!!

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Meg77
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Re: How much did you have saved up for retirement at age 30?

Post by Meg77 » Fri Feb 27, 2015 10:34 am

I'm 31 and a year ago I had $201K in retirement accounts. No idea whether it is or will be "enough," but I'm happy with my savings efforts and results so far!
"An investment in knowledge pays the best interest." - Benjamin Franklin

Dulocracy
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Re: How much did you have saved up for retirement at age 30?

Post by Dulocracy » Fri Feb 27, 2015 10:38 am

At 30? Sadly, $0.00 saved for retirement. Honestly, I had no idea what I was doing. I was re-investing every penny in the business I was building, which has turned out well. However, I wish that I also set aside a little bit towards my retirement. Now, at 37, I am maxing the 401k and backdoor Roth, and I am covering all of the household bills so that my wife can do the same. Even setting aside 15% of my income when I was younger would have put me on a much better course. Now, I try so very hard to let college kids know about how to build wealth. (I am still somewhat active in my debate society from college). Sadly, even the more intelligent crowd that you will find that voluntarily join a society that revolves around debate seem completely uninterested in the advice given by an obviously successful alumnus.
I'm not a financial professional. Post is info only & not legal advice. No attorney-client relationship exists with reader. Scrutinize my ideas as if you spoke with a guy at a bar. I may be wrong.

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