How Much You NEED Saved in Your 401(K) by Age

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⌚️Timestamps:
00:00 Start here
00:13 What is a 401K?
01:07 The 2 Types of 401Ks
03:54 Are you on track?
04:08 401k savings for age below 25
07:22 401k savings for age 25-34
08:39 401k savings for ages 35-44
10:42 401k savings for ages 45-54
12:38 401k savings for ages 55-64
14:04 What you should invest in with your 401K
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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.

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[tatianastarcic]

Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.

[alexsteven.m]

Really enjoyed this video. I'm considering your advice, because thousands of dollars have been disappearing from my 401k due to soaring inflation, and my concern is where to safeguard and grow remaining cash about $500k+ for the next 2-3 years at no risk. I'd love to retire early and afford a life after retirement.

[Benjaminarmstrong]

Your videos were great!! I am one of your viewers and have been watching your videos lately. I would like to invest, but I still can't find the right investment to commit to. I will appreciate any help here.

[artemaeus]

No joke eating well, exercising, and staying on top of your medical appointments is excellent advice for future planning.

[freedomisEexpensive-]

I need to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K from my cash savings.

[alexl]

$500k in retirement and taxable accounts at age 33. I’m not going to expect anything from social security in 30 years.

[garrickhunter-oe]

I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?

[Chazyfizzlez]

38 checking in. With employer match, my 401k is currently sitting at $517k.

[ecidragon]

I don't even have a 401k, but I got 50k in my roth, and about 1.3 million in equity in properties I own. I am 49.

[dmavs]

I’m 33. My 401k balance is $145, 000. Started mine at 21 years old and have been investing in it that entire time. In real life though I feel like I’m living paycheck to paycheck. I need to get my every day finances in check.

[yruflef]

This is a nice video, I have 165k in my 401k at 34, and I still feel behind but this makes me realize I am doing way, way way better than a lot of people and maybe I don't have to worry so much about it.

[TaggeGust]

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charlotte Miller.

[Pipper]

Hubby and I have been investing in his 401k (he makes more than me) maxing out his employer contribution since we were 27 and now we are almost 50 with a million dollars. The money I made was our spending money and I even got to stay home for 7 years to raise our kids until they started school. We were frugal but spent on important things like family vacations and weekend activities with the kids. So it definitely is important to start young and max out the employer match amount.

[marcelrodriguez]

Dude im 32 and just got a job that has a 401k got $500 on my 401k lmao

[MarcusDiana]

*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*

[Virtues]

Categorizing saving by age is ludicrous ___ There are many nuances and factors that make saving amount different for different people!

[katondragonrider]

Just got to a salary of 66k and just turned 32. We are starting late but I'll get there

[MOMOHEARTS]

I'm in my late 20s, I found out that not every employer have a 401k. My dad had work at this restaurant for over 20 yrs he went from waiter to cook and when he retired he had no 401k from them but luckily, not really, he as also working with UPS just as long and he planning on retiring with them in a few years. So out of two jobs he worked he only getting a retirement fund from one job which is crazy. Out of all my jobs I work non had a 401k. I'm currently a groomer and planning on leaving corporate world to focus on my dream to be a writer and artist. I barely have anything saved up as I've been working on getting rid of debts. Luckily I barely have any other then car, school, and a credit card (just paid off). My dream is to have at least a 700 credit and not have many useless debts. So far its working I'm in the high 600s in credit.

[LinderRyan]

The real question for traditional vs roth should be: will the government steal a higher percentage now or then. Looking at the deficits and projected unsustainable debt levels and it's obvious.

[Motivatd]

Can’t wait to get my Nissan GTR when I’m like 65 😅 jk
Currently 32 years old with 40k in 401k and 3k in roth ira. Glad I’m learning about this stuff early.