How Much You Should Save In Your 401K By Age

How Much You Should Save In Your 401K By Age

My PO Box:
Andrei Jikh
4132 S. Rainbow Blvd # 270
Las Vegas, NV 89103

SOURCES:

MUSIC CREDIT:
Game: Super Mario Bros. (Nintendo, 1985, NES)
• ReMixer(s): MkVaff
• Composer(s): Koji Kondo
• Song(s): 'Overworld BGM'
• Posted: 2000-09-28, evaluated by djpretzel

• Game: Donkey Kong Country (Nintendo, 1994, SNES)
• ReMixer(s): Waveformer
• Composer(s): David Wise, Eveline Novakovic, Robin Beanland
• Song(s): 'Aquatic Ambiance'
• Posted: 2012-04-30, evaluated by the judges

*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

[AndreiJikh]

How many magic tricks did you spot? There's a few!

[geraldantonio]

40 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.

[suryadihardjagilbert]

I like that this channel is going back to its root of focusing on investing for regular people

[karimelmoutawakil]

Glad you are supporting your parents. I love people that don't forget to give back to their parents that worked hard to raise you

[-HoneyBadger]

Started 401k at 18 and reached first million 23yrs later. I was always at 15% and my top salary was $67k in retail. Key is start as soon as you can by paying yourself first. I started putting away because my family and I were homeless as a child. Now, I just wish I had learned to earn income in the market as a day trader a lot earlier in life. At least now, my retirement acct will keep growing in the millions on it's own regardless of my next step in the next few months when I quit my job.

[leblanc]

Can you do a video explaining how you live off your 401k in retirement? Dividends, selling shares ect. Id love to hear your explanation. Great content! Liked and followed.

[MJLGEE]

I’m in my 70’s and watch your channel regularly - love it!

[BPiperDude]

I always have a huge problem with the X times your annual salary. Say for instance your scraping by with a nice salary of 100K a year. You've saved up 9x by the time your 60. Then you get a huge promotion or change jobs and now your salary is 200K. Instantly now according to the X time matrix your in trouble because you only have 4.5x your salary at Age 60. Are you really in trouble though and that answer is no and not even close UNLESS you changed your spending habits. It "should" be a multiple of not your earnings but your expenses. Same thing goes if you make 100K a year but only have 300K saved. You lose your job and start working at a fast food store making 30K a year. WOW you've saved 10X amount of money you can retire in comfort. Um no...
However if you make 100K a year which is about 60K after taxes but your expenses re 30K. You saving 2x your take home pay. Your expenses at the end of the year aren't 80% of the 100K but 80 to 90% of your expenses. That multiplier should be a multiple of your spending habits not your earnings.

[aamaya]

"We can all be sad together" 😂really enjoyed your straightforward explanation and the humor!

[xlasveganx]

My last day of employment was this past Thursday. No mortgage or a car payment. I have a chunk in savings but I don’t see myself dipping into it because my burn rate is below my streams of income from rentals, 401k, interest from savings and pensions. My only advice is to payoff everything before you retire and carry no obligations.

[seaofsolace]

Loved the humor and the card tricks in this video!! 😂
Because I do watch your videos for the magic because it is better than realizing I am really behind on saving for my retirement!!

[FernandoLarez]

This has got to be the best video from Andrei yet. Very entertaining and educational. Killer

[arielrglaze]

I get it. One day, not too far away, we may not be able to keep working and we have to retire. That said, a ton of people also die never being able to use their hard earned cash. Rather than focusing on building wealth for the future, people should focus on living within their means and finding ways to enjoy life in the present. You will never save enough money to feel like you have enough money unless you live within your means.

[pennguino]

A lot of fun under the big tent, but not a lot of money in it. I think that was my biggest fear/motivation for grinding and saving. Not to become a burden on my kids. Good luck to you and your parents.

[bklynman]

Best part of this video was hearing you talk about taking care of your parents… Andrei, you really are a good guy. I watch a lot of your videos and learned a lot. I’m 34, with 320k in my 401k and 457b accounts (combined), and it’s eye opening to see what the average is for all the ages. I really wish that kids were taught these things in high school, theres nothing worse than seeing people in their 60’s with no retirements or savings

[CoveredCallETFInvesting]

Solid data, like button smashed!! Interesting subject to cover, I now need to go into the weekend and find the Canada data equivalent for if I don’t. DAS not good 😂

[mikem]

Wow, i'm 50 and only have 42k in my roth ira. Maybe if i quit eating, live in my car and work 12hr shifts for the next 20 years with 1 day off a week i'll be able to retire when i'm 70. What a joke😂

[alextostenson]

Worth noting that according to Investopedia, Roth 401k contributions from employee are post-tax dollars but the matched dollars are pre-tax dollars and are put in a traditional 401k.

[eatnplaytoday]

I’m very behind y’all. At this rate I’ll work till I’m dead

[jamiehora]

The trick they dont want you to know. Have more money! 🤯 I just found this channel and was cracking up. Great video and great info.