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Author Topic: Ridiculous 401k  (Read 3811 times)

cashstasherat23

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Ridiculous 401k
« on: January 28, 2015, 09:37:22 AM »
Was checking in on my 401k this morning and saw this gem:



Apparently when I retire, I will be spending $4,761 a month, and it will run out when I hit 110 years old! Unless they have figured out a way to make people live forever, I think I am still on the right track :)

Not sure where they got these numbers, as I have only been contributing to my 401K for less than a year (23 yrs old), and don't even have $4K in there yet, but it sure gave me a good laugh!
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slugline

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Re: Ridiculous 401k
« Reply #1 on: January 28, 2015, 09:41:37 AM »
That's pretty funny. What firm is administering your 401K? Is it one of the big names like Vanguard, Fidelity, etc.?
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cashstasherat23

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Re: Ridiculous 401k
« Reply #2 on: January 28, 2015, 09:50:20 AM »
It's with Principal, although I am trying to learn more about Vanguard and looking into investing some of the savings I have in a Vanguard account.
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frugalnacho

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Re: Ridiculous 401k
« Reply #3 on: January 28, 2015, 10:12:32 AM »
I'm guessing they are thinking you will keep contributing at the current rate for another 42 years until normal retirement age of 65? 
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trailrated

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Re: Ridiculous 401k
« Reply #4 on: January 28, 2015, 10:31:48 AM »
Hate to break it to you, but you will never be able to retire... $312 short per month is nothing to laugh about ;)
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cashstasherat23

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Re: Ridiculous 401k
« Reply #5 on: January 28, 2015, 10:48:59 AM »
Quote from: trailrated on January 28, 2015, 10:31:48 AM
Hate to break it to you, but you will never be able to retire... $312 short per month is nothing to laugh about ;)

Might as well just give up now and go buy a new SUV! :)
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Breck

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Re: Ridiculous 401k
« Reply #6 on: January 28, 2015, 11:07:08 AM »
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Gone Fishing

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Re: Ridiculous 401k
« Reply #7 on: January 28, 2015, 12:23:24 PM »
If you are 23 now you might just make it to 110!  At one point my 401(k) statement estimated I would have $28 million at 65!  Hope it is all true! 
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Pooperman

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Re: Ridiculous 401k
« Reply #8 on: January 28, 2015, 02:54:05 PM »
Mine (through Transamerica) is configurable. I input my other savings with a goal of $30k/yr (in today's dollars). Based on what I'm contributing now, it (through monte carlo simulations) says I will make my goal to retire by 40.
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