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There's no way to have $300k in a 401k in 2 years. There's an annual limit much lower than that. I'm assuming you have a typo somewhere.
by cableshaft 3y ago
There's no way to have $300k in a 401k in 2 years. There's an annual limit much lower than that. I'm assuming you have a typo somewhere.
- sokoloff 3y agoThat's the point. If someone who is a high-earner started saving at age 38 and by age 40 has $13K in their 401(k), it is still true that they "should have" had $300-400K in their account by that point.
- bluGill 3y agoHe was not a high earner, so the $300k is more reasonable for him. For a high earning turning 40 today $500k is probably about right to have saved up. If you are a high earner turning 25 today, you will probably need in the range of $800k by 40 - but I have no idea what inflation will do so that is just a guess to get attention and not a real number.