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Is your 401k up to this standard?
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 5577606" data-attributes="member: 12570"><p>Yeah.....right. Kids like to eat at least 3 times a day and wear clothes when they leave the house. They need braces and glasses. They play sports. They want a car when they turn 16. They go to college. </p><p></p><p>I had one former single co-worker who will retire with over $1M in his 401k. He is clearly the exception.</p><p></p><p>Keep in mind that the average NYST pension is $5,500/month. Having that in your back pocket takes some of the emphasis off of maxing out the 401k. Kick in $2-4K, depending on when you start drawing, of SS and that is a fairly healthy retirement.</p><p></p><p>RMDs start in the year you turn 72. $500K/25 years (average life expectancy after 72) equals $20K/year.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 5577606, member: 12570"] Yeah.....right. Kids like to eat at least 3 times a day and wear clothes when they leave the house. They need braces and glasses. They play sports. They want a car when they turn 16. They go to college. I had one former single co-worker who will retire with over $1M in his 401k. He is clearly the exception. Keep in mind that the average NYST pension is $5,500/month. Having that in your back pocket takes some of the emphasis off of maxing out the 401k. Kick in $2-4K, depending on when you start drawing, of SS and that is a fairly healthy retirement. RMDs start in the year you turn 72. $500K/25 years (average life expectancy after 72) equals $20K/year. [/QUOTE]
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Is your 401k up to this standard?
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